As Vice President Kamala Harris and former President Donald Trump gear up for another historic election, many in Black America find themselves in a familiar predicament—pinning their hopes for progress on the political stage while underestimating the immense economic power already within their reach. Yet, if this financial power is effectively harnessed, it can pave the way for a future brimming with hope and optimism.
The numbers tell a compelling story: Black America wields $1.7 trillion in spending power – more than many nations’ GDPs. This power is evident in our daily choices, from the products we buy to the services we use. Our churches alone collect $11 billion in donations annually, a significant amount that could be channeled into community development. Yet, we continue to invest our hopes in political solutions while allowing this enormous economic leverage to flow away from our communities.
Nowhere is this political disillusionment more apparent than in the Democratic Party’s persistent failure to champion reparations as a significant policy initiative despite Black voters consistently being their most loyal voting bloc. Reparations have the potential to fundamentally transform Black economic stability by addressing the racial wealth gap at its root. This inspiring potential of reparations, through direct financial compensation, educational grants, and investments in Black neighborhoods, could provide the foundational wealth needed for Black Americans to invest in property, launch businesses, and build lasting intergenerational wealth. These aren’t just support payments but investments in community development and economic resilience.
The economic impact of reparations would extend far beyond Black communities, serving as a powerful stimulus for the entire nation. An ‘economic stimulus’ is a financial boost that can jumpstart economic activity. Installing capital directly into Black communities would energize local economies, bolster Black-owned businesses, create jobs, and increase consumer spending. This economic activity would create a multiplier effect, driving growth across housing, education, and retail sectors while fostering a more inclusive economy. By narrowing the racial wealth gap, reparations could generate increased tax revenues, reduce dependence on social services, and expand economic mobility for all Americans.
Ultimately, neither party’s policies fully address the structural issues limiting wealth-building opportunities for Black Americans. Transformative change in Black economic wealth likely requires policies explicitly designed to tackle these more profound, systemic barriers beyond income or education alone. However, waiting for such policies means remaining dependent on a political system that has historically failed to deliver fundamental change.
The cautionary tale of the Obama presidency looms large. Despite its undeniable historical significance, the racial wealth gap widened during those eight years. This wasn’t due to specific policy failures but instead illustrated an immutable truth: political representation, however meaningful, cannot substitute for economic power.
Consider the disconnect: We celebrate Black candidates winning office while remaining silent as Black-owned banks control less than 1% of banking industry assets. We mobilize millions for political campaigns but struggle to support Black-owned businesses in our neighborhoods. We debate political endorsements while our $1.7 trillion spending power enriches everyone except our communities.
The solution is straightforward, yet it demands a fundamental shift in thinking. If Black churches invested just a portion of their $11 billion annual collections into community development corporations and business incubators, we could create sustainable engines of Black wealth creation. If we redirected just 15% of our spending power toward Black-owned businesses, we would generate an economic stimulus larger than any government program in history.
Our religious institutions must evolve beyond their traditional roles. Black churches have historically been centers of both spiritual and social capital – now, they must become centers of economic development. This means moving beyond teaching financial literacy to actively creating economic opportunities and institutions.
The current political climate is marked by deep polarization and uncertainty, with many feeling disillusioned by traditional political institutions. This presents an opportunity. As trust in these institutions wanes, we can redirect our community’s energy and resources toward building independent economic power. Instead of pouring billions into political campaigns, we could fund community development, business creation, and educational initiatives that create lasting change.
Education must be reimagined with economic empowerment at its core. While college remains valuable, we must broaden our vision of success. Our community’s future depends on developing multiple pathways to prosperity. This means investing heavily in vocational training programs that equip young Black people with skilled trades and technical certifications – paths that can lead to business ownership or high-paying careers without the burden of college debt. Our schools should be incubators for the next generation of Black business leaders, skilled tradespeople, and economic innovators. The curriculum must extend beyond traditional academics to include financial literacy, entrepreneurship, and investment strategies. Whether a student is heading to college, trade school, or straight into business ownership, they need to understand money management, market analysis, and wealth-building principles. Technical skills and business acumen are as valuable as academic degrees in the modern economy. We must prepare our youth for all paths to economic independence, not just the conventional route through university education.
This isn’t about abandoning political engagement – it’s about putting it in proper perspective. History has shown us the way. The civil rights movement understood that economic power and political rights were inseparable; their economic boycotts of segregated businesses proved as influential as their protest marches. The Black Power movement furthers this understanding, emphasizing that true freedom required economic independence and self-determination. They recognized that political rights without economic power meant dependence on the systems we sought to change. Today’s voting rights remain crucial, but without the leverage of economic power behind them, they’re like a hammer without a nail – a tool without impact. When we combine political rights with economic strength, we create the foundation for lasting change.
As we face another “historic” election, we must remember that our most significant power has continuously resided in our ability to collaborate for our interests. The path forward isn’t through political messianism – whether embodied by Harris or Trump – but through the patient, determined work of building economic power.
The $1.7 trillion in spending power and $11 billion in church donations represent potential and responsibility. We don’t need political heroes. We need unity, strategy, and the courage to build our institutions. These elements are the key to our empowerment and unity and will shape the next chapter in Black American history.
That’s the kind of change that lasts beyond any election cycle.