Black Media and the Absence of Black Wealth in America

According to 2013 data from a paper by the progressive think tank Institute for Policy Studies, they found that it would take 228 years for the average wealth held by African Americans to catch up. Additionally, from the Road to Zero Wealth Report by ProsperityNow and the Institute for Policy Studies. “By 2053, Black households will have a median wealth of ZERO.“

For me, it was alarming enough to write to acclaimed Linkedin articles about Black Men: the Death and Rebirth of the Financial Role Model, and What Every Millennial Black Woman needs to know about Money.

Only 17% of Black men have a bachelor’s degree. African American males, ages 16 to 64 have a lower participation rate in the labor force. Most won’t break a salary income of $40,000 per year. While new black matriarchs carry the majority of student loan and credit card debts.

Median wealth from 1983 to 2016 (adjusting for inflation), black families saw their wealth decrease by more than half, while white families saw theirs rise by 33 percent. While white families have a median wealth of $171,000, black families have a median wealth of just $17,600.

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With those startling facts, where is the Black Media Coverage? Where are the correction/solutions based articles?

Besides the rare article, such as American Wealth Is Broken, sadly absentee. While it is important to note that I’m not a journalist and I have no big issue with any of these websites, I’m merely going through them and highlighting that if Black media stands idle in its role in educating Black people than really, what chance do we have?

*These are screenshots as of 10.9.19. Try looking them up today.

The Grio.com

An American website with news, opinion, entertainment, and video content geared toward African Americans. Originally launched in June 2009 as a division of NBC News, it became a division of MSNBC in 2013. Buried under the layer of celebrity and convoluted race-bait centric post for the online foot traffic.

One new series with Antonio Moore, who co-coined the term #ADOS. Solutions, generally absent from the dialogue.

Beyond that, go Fish.

You will have to go fishing for this stuff through layers. Even the Entrepreneur section is loose. A segment that should be striving to help black entrepreneurs scale up their businesses. If you want the race-baiting clickbait, the Grio is the griot (Haitian savory fried pork) on the plate of paranoid folks.

The Root.com

An African American oriented online magazine, launched on January 28, 2008, by Henry Louis Gates Jr. and Donald E. Graham. The former known for the infamous Beergate, Obama’s first true foray into the racial divide in America. Long story short, Gates was arrested trying to get into his own home. Neighbors called in, “a suspicious guy (code for a Black guy) was trying to get in…” his own home!

How’s the coverage of Black wealth and money management there? Lacking.

One of their highlights is the Very Smart Brothas (VSB) segment which is gear to more one-liner and zingers than can be stuffed in a one-liner zinger. The creativity is impressive. If you strip it all back, it’s just pettiness.

If you want great documentaries, follow Henry Louis Gates under the PBS moniker. It’s riveting stuff. If you want high brow intellectual millennial reporters, here’s the Root.

The Shade Room (I know tons of people who follow them)

With so many Black viewers on social media. It is a shame to include them but they are here none the less. 16.6 Million Followers. <– that’s a lot of people. Long gone are the Family Matters’ Harriets, The French Prince (black/light-skinned) Aunt Viv, or the Phylicia Rashad’s… Long live Tasha from Power, and every other dysfunctional and faux rich girl bosses. The guys are reduced to #WithSomeonesSon. If you have a beard, you are in. The image of the Black family is forever altered by the trivial

“I want to be the chips” between @angelasimmons thighs. A fascinating dialogue laced with intrigue which is sure to age well.

“African American adults ages 18-34 are fans of the Love & Hip-Hop franchise on VH1, with its spin-offs occupying four of the top five most-watched spots for that age group. Love & Hip-Hop Atlanta was awarded Reality Royalty for the best reality TV show at the 2019 MTV Movie & TV Awards over other, more established reality TV franchises, including Jersey Shore”, Nielsen Report 2019.

We are fans of messy media over substance. Minority youth, ages 8-18 consume on average 4.5 more hours of media a day than White youth do. Most of which falls to Instagram, Snapchat, and Whats’app. The substance has been reduced to a picture and whatever comment comes to mind.

Next Up, Black Enterprise

A black-owned multimedia company dating back to the 1970s. Black Enterprise magazine has covered African-American businesses with a readership of 3.7 million.

Good but Limited, great if you want credit card tips

The company was founded in 1970 by Earl G. Graves Sr. A limited site but very crucial in regards to Black business and highlighting of Black Enterprise.

It’s the Shade Room for really important stuff minus the messy parts. Where it lacks is that it focuses on the affluent black middle class and the C-suite sexy corporate stuff. Think Starz’s Power and USA’s Suits. It looks great but ignores everyone else.

Years of media competition, BE is trying to hold strong. To survive, it often falls back to celebrity worship when needed to generate the buzz ie what did Beyonce, Jayz, the Obamas, Rihanna, Lebron, and maybe Serena do lately.

Conclusion, so far…

Black Media and specifically Black viewership needs a renaissance and tone shift in order to repair the wealth gap. Well, I’m not gullible to think that we can solve all issues at once with a Reparation, Baby Bonds, or some global policy change; I’m certain that we can repair and prepare each other for greater success.

It isn’t a “plot against us” or “conspiracy” if we refuse to read and learn financial literacy. It’s not a plot against us if we don’t demand that our media cover issues that can help us.

To me, it’s not about the macro herculean effort instead it’s about the micro everyday fundamentals. How do we help people balance their lifestyle? Secondly, how can we help teach financial literacy? How can we balance the books and keep food on the plate? The narrative suffers from the “Single Story”, the idea that Blacks in America are dysfunctional faux affluent celebrities (likely two paychecks away from poverty).

Tune in for the 2nd part where I’ll highlight Podcasters, Bloggers, and Youtubers who are actively closing the wealth/knowledge gap. Until then check out my recent podcast interview about creating your own path for success no matter the process @AskLovely