Monday, January 22, 2024
Your Celebratory Quote
Theme of the Week
This week we are fighting systemic barriers that drive the wealth gap.
FEATURED
Economic Justice Matters: Confronting the Wealth Gap
Attacking systemic barriers to close the wealth gap as a woman, person of color, lgbtq+, and/or disabled person often feels daunting. The ultimate solutions are policy driven and require a sustained coalition at local, national, and global levels. Many days that feels far off at best and impossible at worst.
But don’t let the system gaslight you. Yes, the odds are stacked and that has been statistically proven. But we can fight back and not just through big picture advocacy or being educated voters, we can educate ourselves to be self-advocates and build empowered communities.
Systemic barrier #1: Homeownership
Homeownership is the primary driver of the wealth gap in America.
Leah Binkovitz of Rice University’s Kinder Institute of Urban Research sat down with Dr. Elizabeth Korver-Glenn who did an extensive study in the Houston Metro area. Dr. Korver-Glenn’s 2018 study found systemic discrimination in all stages of the home buying process.
Perspectives Media researched several studies and distilled 5 things you can look for as you fight systemic discrimination in the housing market:
- Find an agent openly committed to housing justice (bonus for an agent of color)
- Apply to lenders that use race and gender-blind evaluation methods
- Get to know the local and federal fair housing laws
- Ask if professionals throughout your process are trained in fair housing law and policy
- If you’re selling, ensure your appraiser is trained in fair housing law and policy
There are several tools to get to know the law and the data around housing to prepare yourself:
- National Fair Housing Association website
- National Fair Housing 2023 Annual Study
- Brookings institute study on racist home price devaluation
- Follow racial inequality expert Dr. Keeanga-Yamhatta Taylor who wrote the groundbreaking book, “Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership"
- Has your realtor done the NAR fair housing training?
Systemic Barrier #2: Income Disparity & Wage Discrimination
You can’t buy a house if your income won’t let you. Income disparities is one of the primary sustainers of economic apartheid in the United States. Throughout US history from slavery, to reconstruction, to the industrial revolution, we see systemic racism evolve to pay women, people of color, and those with disabilities less than their white male counterparts.
So what works in the fight for systemic equity at work and in your income?
- Just Capital’s Aleksandra Radeva found that working at one of the 23% of companies that analyzes its gender and race pay gap will reduce your income gap
- You might think a company that publishes income data would be another indicator of equity, but Harvard Business Review’s Avery Forman wrote about why this is not the case
Systemic barrier #3: Investment in Entrepreneurship, Assets, and Savings
Taking control of the systems of employment through entrepreneurship and investment is another important way women, people of color, and those with disabilities are fighting system barriers to closing the wealth gap.
- Yahoo finance is reporting that growth in the number women business owners is outpacing the growth in entrepreneurs more generally—entrepreneurship closes the wealth gap
- A startup accelerator is partnering with an apprenticeship program to support startup founders with disabilities
- Know where your retirement funds and assets are invested like Ruth Satchan of Invesment Monitor said, “No diversity, no investment”
- Choose a local bank for some of your funds that is a Community Development Financial Institutions (CDFI)
ARTICLES
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318 Anti-Trans & Anti-LGBTQ Bills
It is difficult to think about fighting systemic barriers when you are experiencing physical and policy violence at the hands of the State. According to ACLU data, 70% of US states have introduced, advanced, or passed anti-lgbtq bills.
Get smart & take action:
- LGBTQ+ people of all backgrounds experience the wage gap according to HRC
- Volunteer with the ACLU
- Follow Chase Strangio of the ACLU on Instagram
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$14 Million an Hour
OxFam’s latest report, Inequality Incorporated, found the worlds 5 richest men make $14 million an hour while only 0.4% of corporations commit to paying living wages to everyday workers.
- There were no promises aligning with Dr. Kings economic vision last week on King Day but that didn’t stop the Center for Economic Inclusion of reminding us about his vision for the Service Sector
- Brookings Institute finds that Black wealth follows the capitalist boom and bust cycle. The gap with white counterparts never closes.
- Globally, women of color get a double helping of inequity—gender & race. Their pay gap terrifies around the world.
- Did you know disabled people can legally be paid below market rates in the US?
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Good Work is Happening Around the World
- South Korea’s gender pay gap is an appalling 70%. But it is slowly improving due to concerted policy focus including a Gender Minister and national policy proposals.
- Equity forward is building a broad University partnership in California to coordinate efforts to close the equity gap through education
- Government-run baby bond trust funds proposed in the Massachusetts state legislator could help close the wealth gap for babies of color in the state
SHOUT OUTS
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Shout out to Poor People’s Campaign
Add March 2nd to your calendar. The Poor People’s Campaign is doing a national Day of Organizing. You can see which march will be nearest you.
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