In 2016, a black market in black-market goods sold for about $3,200 a pound.
In 2019, the figure was $5,600, according to a new report from the Economic Policy Institute.
In 2020, it was $11,200.
“It’s a lot of money,” says Bill Jones, president of the Black American Coalition.
“There’s a black community in the United States that is not receiving enough help.”
The report notes that some black-owned businesses, like those that make soap and detergent, face the threat of bankruptcy because of the high price.
A $4.2 billion food stamp program that helped feed more than 3 million Americans in the fall of 2019 has been severely curtailed by the Supreme Court’s ruling in the Trump administration’s executive order banning people from seven Muslim-majority countries from entering the country.
Black Americans, who make up almost half of the country’s population, are particularly vulnerable to the economic squeeze.
According to a recent report by the Economic Research Service, black men between ages 18 and 34 in 2018 were earning on average $7,400 less than white men, on average.
The report found that in the same year, the median family income for black Americans was $21,300 lower than that of white Americans.
In 2017, Black American families made about $2,000 less per year than their white counterparts, the report found.
A new report by The Urban Institute found that the economic downturn for black households has had a negative impact on the economic security of black men and families.
“These are people who have been out of work for years, and their children are going to school with the same amount of money they made before the recession,” says Mark Schierbecker, senior fellow at the Urban Institute and co-author of the report.
And while the economic distress has caused many black families to go into debt, that hasn’t translated into a drop in their standard of living. “
This has been really devastating to the economy of a lot [black] communities.”
And while the economic distress has caused many black families to go into debt, that hasn’t translated into a drop in their standard of living.
“People who are making $50,000 a year are getting less money,” Schierbeker says.
“If they had to put $50 to $100,000 in their 401(k), that’s a big drop.”
It’s also a drop that has affected the financial stability of black families.
the Economic Security Index, a research group that tracks the economic impact of race, black families that earn less than $50K in adjusted gross income each year are nearly four times more likely to be in default on their mortgage than their peers with similar income.
“Black households that are in default are four times as likely to have their housing payment reduced by 20 percent,” says Jessica Tice, chief economist at the Economic Analysis and Research Center at the University of Pennsylvania.
The economic stress also makes it more difficult for families to buy houses and cars.
“For many families that are living in poverty, buying a home is a real challenge,” says Jones.
“They are really struggling to pay off their mortgage, and that can put them at risk of foreclosure.”
According to the Urban Report, the economic pain for black families has made it more likely that they’ll be at risk for homelessness and other hardships.
Jones notes that it’s possible that the current housing crisis could be the start of a new housing crisis in the black community.
“We don’t know how much the recession will do to the black household,” Jones says.
While many black Americans have suffered from the recession and recession-related hardship, the Economic Policies Institute report found some signs that some of the pain is beginning to subside.
“While black Americans continue to be struggling, we are seeing some signs of recovery in black families,” Schieber says.
In 2021, the Urban Policy Institute’s economic report projects that the black population of the U.S. will increase by 5 million people, to 4.7 million.
“Many of those gains have come in the last few years, including the rise of black adults and the number of black women of childbearing age,” the report says.
Jones points out that although the recession is hurting black Americans, it is not hurting the rest of the population.
“I’m a black American, and I’ve got a mortgage, so I don’t see the pain coming from the economy,” he says.
The Trump administration recently announced plans to roll back some of President Barack Obama’s executive orders targeting immigration from seven countries.
But the effects of the economic turmoil and the lack of jobs for black workers remain.
“At the same time, the Trump Administration’s policies have been detrimental to black Americans,” Jones notes.
“So, I don, like many black people, see a lot more of the negative effects that have come out of the recession than the positive effects that are coming out of it.”