Magazine article Black Enterprise

Let Our Economic Recovery Begin with Us

Magazine article Black Enterprise

Let Our Economic Recovery Begin with Us

Article excerpt

The long, grueling, and historic 2008 presidential election has drawn to a close and we are on the threshold of a new administration. However, the hopes and expectations of our future cannot be realized without dealing with the difficult realities of our present. The bottom line: Too many Americans are in trouble, especially the besieged middle class and those struggling to gain access to it. The subprime mortgage mess has fueled a credit crisis that has battered our economy, roiled stock markets both domestic and abroad, and transformed talk of recession to fears of a new Great Depression--threatening the wealth-building capacity of African Americans struggling to hold on to hard-won gains made in homeownership rates, business ownership, and investment wealth.

Of course, BLACK ENTERPRISE'S mission remains to help you hold on to your wealth and to build more of it from generation to generation, and we are as committed to that calling today as we were when we first published our magazine more than 38 years ago. And while the debate remains over what we can expect from our government in the way of bailouts and economic stimuli; who should get help; how much it should cost; and who should pay for it, I submit to you that our most immediate source of economic relief lies not in what might be done for us, but in what we are willing to do for each other. My challenge to you is to think of what you can do to help others who are struggling, especially in the spirit of the holiday season.

A critical yet largely overlooked area of our suffering economy is charities and nonprofits, especially those committed to serving African Americans. Many of these entities are facing their own budget crises as the corporations they depend on for large contributions are forced to slash their budgets, or go out of business entirely. …

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