Atlanta Wealth Building Initiative Proposes Measures to Boost Black Prosperity
The latest report by the Atlanta Wealth Building Initiative (AWBI) provides an alarming snapshot of economic disparity in the city. The ‘Beloved Economy’ report illustrates the severity of the city’s income inequality and economic injustice, emphasizing the need for urgent solutions to close these gaps.
A Glimpse into Atlanta’s Wealth Disparity
As per the AWBI report, over a third of Atlanta’s households have zero or negative net worth. On average, the wealth of white households in Atlanta is 46 times higher than that of black households. This stark economic disproportion contradicts Atlanta’s reputation as the ‘Black Mecca’, a city where African Americans are supposedly thriving financially.
In 2017, the AWBI released a report that outlined strategies to support the growth of black-owned businesses in Atlanta. Over the years, they have continued to work towards implementing these strategies and exploring methodologies for measuring racial wealth disparities at the city level.
The Beloved Economy Report
Co-authored by Alex Camardelle, Ph.D., Vice President of Policy and Research at AWBI, the Beloved Economy report not only reflects the economic status of Black residents but also presents a blueprint for future success.
According to the report, wealth enables certain freedoms for an individual, such as the freedom to engage in markets without constraints and the freedom to seek healthcare when needed. Besides, the report stresses the aspect of creating wealth for not just overcoming poverty but also for seeing more equitable outcomes.
Key Recommendations
The report outlines several recommendations for fostering a black economy in Atlanta. These steps include the establishment of a guaranteed income program, more rigorous enforcement of the Community Reinvestment Act, free access to checking accounts at trusted banks, and an initiative to address predatory lending at a city level.
The AWBI also suggests the elimination of wealth-based punishments, increasing transparency in procurement for black-owned businesses, investing in community land trusts, and the creation of the Office of Community Wealth Building. These propositions are race-specific but not limited to only one racial group. The enhancement of black wealth is seen as a stepping stone toward eliminating wealth disparities among all marginalized groups.
Overcoming Challenges
The key challenge to implementing the aforementioned proposals is the city’s persistent reputation of racial wealth equality, as per Camardelle. Another hurdle relates to the political headwinds and pushbacks anticipated due to these bold recommendations. Thus, it remains crucial to back these proposals with quantifiable data to make a convincing case for change.
Current Status and Future Outlook
Despite the somber projections, the AWBI remains optimistic about the future. Projects are underway that are expected to reduce the racial wealth gap and create more equitable economic conditions. For instance, a Baby Bonds program is being proposed in line with the report’s first recommendation, expected to be reintroduced in the next legislative assembly.
Closing the racial wealth gap will benefit not just the black community but all Americans, ultimately leading to broader societal and economic fruits. As efforts are being made to realize the recommendations of the AWBI report, only time will tell how the city’s racial wealth divide fares and whether Atlanta truly becomes ‘too busy to hate.’
