The mythical Black economy

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(NNPA)—Although the dictionary calls it archaic, the “management of a household” is one of the definitions listed for the word “economy.” Another definition is “a saving or attempt to reduce expenditures.” Yet another is “a system of interacting elements, especially when seen as being harmonious.” And still another definition for economy has to do with “the production and consumption of goods and services of a community regarded as a whole.” As I look at those descriptions of an economy, only the last one partially applies to Black Americans collectively, and that’s the “consumption” part.
Every five years, the U.S. Census does a survey to determine how many businesses there are in this country, who owns them, how many persons they employ, and what their annual revenues are. The figures for 2007, while lauded for the increase in the number of Black-owned businesses, revealed decreasing revenues for Black businesses, relatively few employees, a vast majority of them in the service industry.

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