Blackonomics…The delusion of U.S. economic progress

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(NNPA)—Imagine the U.S. dollar being worthless. Picture millionaires and billionaires becoming “thousand-aires” overnight. Think about the possibility of 200 million U.S. citizens being unable to eat unless the government provides food for them. Fathom a day when you check out your 401-k or your bank account and find nothing there. What would happen to Social Security and Medicare if the dollar was devalued to the point of being virtually worthless? The short answer to these scenarios: We would be in a world of hurt and misery.

As the recent National Urban League report stated, despite our current fiscal situation, Blacks are “optimistic” about our economic future. So it naturally follows that we seldom, if ever, give a thought to the possibility of an economic collapse in this country. After all, we are the world’s “top economy” the “biggest, strongest, and the ‘baddest’ nation on earth.” Our dollar is the reserve standard for the world; oil is traded in what we call “petrodollars,” which assures that our economy will always rule because everybody needs energy, right?  We are the “breadbasket” of the world, and everybody needs to eat, right? We are indeed “all that” aren’t we?

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