Quid Pro Quo
During the early years of legalized slavery in the United States, so-called Blacks were subjected to a excess of injustices including laws that were passed against them that prohibited them from creating community and legally conducting business with one another.
Although these unjust laws have been overturned, for the most part Blacks have developed a hardwired habit of not creating community with one another and not buying from or supporting Black-owned business. When I observe other people groups, especially Asian groups such as Koreans and Vietnamese, I see many people from these groups creating highly structured communities and thriving businesses where they successfully trade with and sell to one another. Other non-black ethnic groups operate in a similar quid pro quo manner that not only works for their communities and economy; it is something that is expected from the members of the group. Unfortunately, for many Blacks, quid pro quo is non-existent.
According to the Multicultural Economy Report put out by the University of Georgia, Blacks collectively spend approximately $1.3 trillion on consumer goods per year. When considering the strong spending power of Blacks in contrast to the significantly lower number of Black-owned businesses and jobs for Blacks, it becomes obvious that peers in other ethnic groups are seriously outperforming Blacks because they support each other’s businesses.
But what would happen if a sizable percentage of that $1.3 trillion in spending was re-directed at Black-owned businesses? Could there potentially be a game changing shift in the Black community that could dramatically change their overall economic landscape?
Let’s say for instance that 50% of the $1.3 trillion in spending power was re-directed at Blacks spending it with Black-owned businesses. That would mean that every year, approximately $650 billion in revenues would flow into Black-owned businesses.
In the “Platinum Plan” that former President Donald Trump rolled out during his 2020 presidential campaign, he promised that if re-elected, his administration would create 3 million jobs for the Black community, 500,000 black-owned businesses, committed to increase home ownership opportunities for Blacks and promised almost $500 billion in a total spend on Blacks. Had he been elected it is debatable whether or not any of these promises would have been fulfilled.
But if $650 billion dollars were flowing into Black-owned businesses solely based on Black people’s spending habits, Blacks would not have to concern themselves with this so-called Platinum Plan or any other political promises. Black people would have more than enough money to create well more than 3 million jobs and would be in a position to create entire industries and infrastructure with that kind of money. And this reflects what would happen if only 50% of Blacks began spending within their community and supporting Black-owned businesses.
My question to Black people is this: what are you waiting for???