Dr. Ball shares evidence to disrupt wide-spread myth that Black people & other 99%ers possess “buying power”

Black spending power
Source: imixwhatilike.org

I Mix What I Like shares a compendium of studies, articles and other resources to prove the case that Black “(and by extension all other)” buying power is a myth:

…“power” is not derived from consumption. Instead, “power” as was once famously said, is derived from controlling the “means of production.” (Reports that say differently) pervert economic reality and the very structural, predetermined nature of poverty.

Dr. Jared Ball shows the fallacies in the myths that the big boys are ready to give up their land claims to individual homeowners; that buying on credit is equivalent to owning anything other than debt; and that 99% community members prefer to squander our money on “trinkets” rather than make significant purchases. Dr. Ball shares evidence from credible sources showing that none of this is true.

…it is sadly laughable that too many of us are fooled into thinking our power is squandered by poor purchasing habits, again, since this is all to which we have access anyway. The idea that land and stock is there waiting but we’d rather go to the mall for trinkets results from mass capitalist, white supremacist propaganda which too many of us have imbibed. So, in fact, the suggestion in 2006 that homeownership represents “a possible opportunity for market expansion” was a precursor to the damage and pain most are seeing only now; predatory lending, sub-prime scandals, mortgage and home foreclosure and what United for a Fair Economy (UFE) recently reported as “the greatest loss of wealth for people of color in U.S. history… {upwards of} $200 billion.”

Black people, like most others, are an exploited, colonized population whose wealth-generating capabilities are, just as these reports really say, for an elite who have nothing to do with Black people. Black wealth resides in elite white enclaves here and abroad while African America devolves economically, politically and in terms of healthcare, education (quality of and access to), police brutality and mass incarceration. And even within Black (and Latin) America 25% of the households have 90% of the wealth demonstrating a great divide within communities where Black median net worth is already a pathetic and dangerously low $5,988 and $7,932 for Latin America compared to $88, 651 for whites. Black people have no money. We spend on credit and loans (none of which is considered for either of these studies) so as to project a “power” that we in fact are far from having. Rarely does anyone have in their pocket or account the $20,000 for a car or $30,000 (and way up) for one year of college. We take loans for these and other purchases which then count towards our “spending power.” The debt we fall into this way and others (i.e. credit cards) is counted as a “positive” by those to whom our pockets are perpetually emptied. But this is not and can never be “power.”

Long but good read containing important information. Hat tip to Bilal Hakeem for the share.

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