The fastest way to improve the economy? Investing in Black women. In the 1980s and 1990s, there was a surge in more accessible and better paying jobs for Black women – but recently, this progress has stalled. And it’s seemingly affecting everyone.
The wage gap between Black and white women has increased dramatically since 2000. Black women are paid 38% less than white men and 21% less than white women. These harmful gaps are impacting every characteristic of Black life. 55% of Black women live in rent burdened homes – spending over 30% of their income just on rent! But a recent study by Goldman Sachs has found solutions that could benefit us all.
Reducing the earnings gap and investing in Black women could create over one million jobs in the US and add about $450 billion to the economy! But how is it possible to close these blockades that have been standing tall for years?
These systemic hurdles could be destroyed if we invest in Black communities, increase financial education and access to financial literacy, and reduce barriers to college education. This would improve the well being of many Black people – but that’s not all.
Racial equity in income makes a fairer and richer society for everyone! Implementing the bridging of this gap is imperative – our lives depend on it!