This is a clip collage from African History Network Blog talk radio show on Thursdays 8pm ET. Rarely or for most never heard quotes of MLK in regards to economics in the Black community.
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By Creator — 4 years ago
By Elliot Booker — 3 years ago
AFRICANGLOBE – The wage gap between Black and white workers in the US has increased significantly since 1979, all while productivity has gone up by nearly 63 percent overall, according to a new report.
Racial wage discrimination, racial disparities in “unobserved or unmeasured skills,” overall rising unemployment, weakened labor unions, and insignificant minimum-wage increases have led to a widening of the Black-white wage gap over the last 30 years, according to the Economic Policy Institute (EPI).
In 2015, Black men made 22 percent less, and Black women made 34.2 percent less, in average hourly wages compared to white men with the same education, work experience, region of residence, and metro status, the EPI found, while Black women made 11.7 percent less than white women with the same characteristics. In 1979, Black men and women who shared the same characteristics as their white peers made 16.9 percent less and 4.5 percent less, respectively.
Overall average hourly wage gaps have widened as well. Black men’s average hourly wages had fallen to 31 percent lower than those of white men by 2015, compared to 22.2 percent lower in 1979. Black women’s average hourly wages had decreased to 19 percent lower than white women in 2015, as opposed to 6 percent lower in 1979.
The EPI began its analysis with 1979 wage data given that’s when US wage growth began to diverge from productivity growth.
“People should be troubled and really question why we would observe this pattern through 2015,” said Valerie Wilson, director of EPI’s Program on Race, Ethnicity and the Economy and co-author of the report, according to the Huffington Post. “Is the American dream really obtainable ― equally obtainable for all people?”
Though the racial wage gap has grown over the last 36 years, it has not increased every single year since 1979. From 1996 to 2000, the adjusted Black-white wage gap fell from 23 percent to 20 percent for men and 10 percent to 7 percent for women. Sustained decreases in the adjusted wage gap have not occurred since 2000.
Wage-growth inequality is also stark among the top 5 percent of income recipients and everyone else, the report says. Since 1979, wages have been near-stagnant for most American workers compared with overall rising productivity while the top 5 percent have seen more increases in wage growth as productivity has risen. This also impacts Black-white disparities.
“One of the reasons that the average Black-white wage gap has continued to expand is the fact that very few African Americans earn wages that place them among the top 5 percent of all wage earners, where most growth has been concentrated,” EPI reported.
“Only 3 percent of all chief executives are African American, and a disproportionate number of them are employed in the public or private nonprofit sectors, where salaries are lower and more likely to be capped than they are in the private for-profit sector.”
Younger Black women, or those with 10 years of experience or less, have lost the most ground compared to their white peers since 2000. This category of Black women earned 4.1 percent less than young white women in 2000; in 2015, that gap has grown to 10.8 percent less.
The adjusted male Black-white wage gap has also increased based on experience and education levels. In 1979, the new-entrant wage gap was 11.2 percent, compared to 18.7 percent in 2015. Experienced Black men, meanwhile, had a 19.5 percent disadvantage in 1979, then a 23.5 percent gap in 2015.
Black men have been particularly disadvantaged by declining unionization in the US. Since 1983, when data on union membership by race became available, the Black-white wage gap has increased by 1.6 percent among male entrants and 3 percent among experienced male workers. One-fourth to one-fifth of this growth can be attributed to unionization decline, EPI said, regardless of experience.
“The fingerprints of several policy decisions and business practices, including eroded labor standards, weakened labor market institutions, and excessive executive pay growth, can be found in the history of wage growth in the past generation,” EPI wrote in the report.
“The disconnect between wage and productivity growth means that the majority of workers have reaped few of the economic rewards they helped to produce over the last 36 years because most of the benefits have gone to those at the very top of the wage scale.”Post Views: 182
By Elliot Booker — 1 year ago
By Steve Julal
More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs–home-based business people.
And, with technological advances in smartphones, tablets, and iPads as well as rising demand for “service-oriented” businesses, the opportunities seem to be endless.
Is a Home-Based Business Right for You?
Choosing a home business is like choosing a spouse or partner: Think carefully before starting the business. Instead of plunging right in, take the time to learn as much about the market for any product or service as you can. Before you invest any time, effort, or money take a few moments to answer the following questions:
- Can you describe in detail the business you plan on establishing?
- What will be your product or service?
- Is there a demand for your product or service?
- Can you identify the target market for your product or service?
- Do you have the talent and expertise needed to compete successfully?
Before you dive headfirst into a home-based business, it’s essential that you know why you are doing it and how you will do it. To achieve success your business must be based on something greater than a desire to be your own boss and involves an honest assessment of your own personality, an understanding of what’s involved, and a lot of hard work. You have to be willing to plan ahead and make improvements and adjustments along the way.
While there are no “best” or “right” reasons for starting a home-based business, it is vital to have a very clear idea of what you are getting into and why. Ask yourself these questions:
- Are you a self-starter?
- Can you stick to business if you’re working at home?
- Do you have the necessary self-discipline to maintain schedules?
- Can you deal with the isolation of working from home?
Working under the same roof that your family lives under may not prove to be as easy as it seems. It is important that you work in a professional environment. If at all possible, you should set up a separate office in your home. You must consider whether your home has space for a business and whether you can successfully run the business from your home. If so, you may qualify for a tax break called the home office deduction. For more information see the article, Do You Qualify for the Home Office Deduction? below.
Compliance with Laws and Regulations
A home-based business is subject to many of the same laws and regulations affecting other businesses, and you will be responsible for complying with them. There are some general areas to watch out for, but be sure to consult an attorney and your state department of labor to find out which laws and regulations will affect your business.
Be aware of your city’s zoning regulations. If your business operates in violation of them, you could be fined or closed down.
Restrictions on Certain Goods
Certain products may not be produced in the home. Most states outlaw home production of fireworks, drugs, poisons, sanitary or medical products, and toys. Some states also prohibit home-based businesses from making food, drink, or clothing.
Registration and Accounting Requirements
You may need the following:
- Work certificate or a license from the state (your business’s name may also need to be registered with the state)
- Sales tax number
- Separate business telephone
- Separate business bank account
If your business has employees, you are responsible for withholding income, social security, and Medicare taxes, as well as complying with minimum wage and employee health and safety laws.
Money fuels all businesses. With a little planning, you’ll find that you can avoid most financial difficulties. When drawing up a financial plan, don’t worry about using estimates. The process of thinking through these questions helps develop your business skills and leads to solid financial planning.
Estimating Start-Up Costs
To estimate your start-up costs include all initial expenses such as fees, licenses, permits, telephone deposit, tools, office equipment and promotional expenses.
In addition, business experts say you should not expect a profit for the first eight to ten months, so be sure to give yourself enough of a cushion if you need it.
Projecting Operating Expenses
Include salaries, utilities, office supplies, loan payments, taxes, legal services and insurance premiums, and don’t forget to include your normal living expenses. Your business must not only meet its own needs but make sure it meets yours as well.
It is essential that you know how to estimate your sales on a daily and monthly basis. From the sales estimates, you can develop projected income statements, break-even points, and cash-flow statements. Use your marketing research to estimate initial sales volume.
Determining Cash Flow
Working capital–not profits–pays your bills. Even though your assets may look great on the balance sheet, if your cash is tied up in receivables or equipment, your business is technically insolvent. In other words, you’re broke.
Make a list of all anticipated expenses and projected income for each week and month. If you see a cash-flow crisis developing, cut back on everything but the necessities.
If a home-based business is in your future, then a tax professional can help. Don’t hesitate to call if you need assistance setting up your business or making sure you have the proper documentation in place to satisfy the IRS.Post Views: 149