The failure of American decisionmakers to address higher-than-average black unemployment is now reaching a crescendo as black unemployment hit 11.4 percent in September, with all signs pointing to higher rates in months to come.
In Trouble in the Air: State of Black Business, Fifth Edition, we noted that a series of shock had left this community of workers vulnerable, but also that their vulnerability was a warning sign for the larger economy.
That has come to pass, but everyone has lined up for a bailout except those who need it the most.
Just like the years after the American Revolution and the Civil War, African-Americans will need to lean on their own resources to lead the climb back. It was the mutual aid societies that emerged in both eras which gave a safety net when society turned its back.
We now have such tools as the Internet to build linkages across borders. As an analyst of economic trends, I would reiterate my advice of 2002, to become much more proactive about your financial affairs, creating alternative sources of income through leveraging the power of other people.
Our book Blackmoney: Advanced Strategies for Maximizing the $1 Trillion Blacks Receive Worldwide Yearly has a set of principles and timely strategies for using your own economy energy to fuel your household and your future.
If you thought just getting by was an effective strategy, this downturn will definitely test your resilience. By all means, do not ignore the gravity of the problem. If it means cutting back on expenses or taking some new classes, do it while you have the opportunity and the options.