Americans are facing some of the toughest economic challenges in recent years as inflation has many struggling to make ends meet. Silicon Valley Bank shutting down in March 2023 only added to recession fears. Now big banks are making billions. What does this mean for us?
Many experts believe the economy is looking up but a “credit crunch,” where banks evaluate their loan habits, could push the economy into a recession. Banks control much of where the economy could go.
The most important thing for us to remember is that the state of the economy is not our fault. Much of this is beyond our control. Government and financial institutions are making these decisions on behalf of us.
The best we can do is what we always have, endure and survive. From slavery, Reconstruction, the Great Depression, and the financial crisis of 2008, Black people have always survived economic challenges. There is no doubt we can do it again.
The nature of capitalist economies is the unpredictability of markets. We can’t take the words of the system at face value when the reality is that many are struggling. Regardless of the outcome, we must lean into our community and care for each other.