KANSAS CITY, MO (KCTV) — There’s a new economic initiative happening Tuesday to help narrow the racial wealth gap.
Across the nation, there’s a big focus on equity and justice, and the Blackout Day 2020 initiative is an economic boycott. Organizers are asking people not to spend any money unless it’s at a Black-owned business.
“Well, what I hope is that it starts a trend. I hope that it puts Black businesses on your radar. So for example, anytime you think of a white-owned or Asian-owned hair store, you can think about Ozzie’s on 67th and Prospect instead,” said Talib Muwwakkil, National Black United Front Kansas City
So why do advocates say this is important?
Locally, Black median net worth is a little more than $17,000, that’s compared to the white median net worth of more than $171,000.
Nationwide looking at median income, Black households are at $51,000 compared to white households at $84,000.
To help narrow this gap, advocates ask people to make a conscious effort to support businesses Black-owned businesses.
“If we’re a part of this country, you can’t just say we’re a part of this country when you want and not support us in other areas. It’s very important that the counterparts support each other,” Muwwakkil said.
Economics experts say Black-owned businesses are more likely to hire Black people which impacts the employment rate and the median income. And, securing the economic viability of Black-owned businesses will directly impact communities.
The latest Neilsen data shows Black people spend $1.3 trillion every year and make up 14 percent of the population.
<a href=”http://Buyblackkc.org” target=”_blank”>BuyblackKC.org</a> will connect you with Black-owned businesses you can support in our community.
Economics experts say committing 10-15% of your yearly income to spending at Black-owned businesses can help narrow the racial wealth and entrepreneurship gap.