Business and Finance
New report says Chicago’s economic policies are hurting minorities
A brand new report from The New School’s Institute on Race, Power, and Political Economy, produced in partnership with the Chicago Community Trust, finds that race and ethnicity have significant impacts on homeownership, access to financial tools and resources, incarceration rates, health care and education debt, and the impact of the COVID-19 pandemic in Chicago.
In line with the glaring economic disparities exist along racial and ethnic lines in Chicago. The Color of Wealth in Chicago Study Highlights median net value groups: white families ($210,000), black families ($0), U.S.-born Mexican families ($40,500), foreign-born Mexican families ($6,000), and Puerto Rican families ($24,000). The report also addresses Chicago’s history of discrimination against black people and other people of color through practices akin to redlining, race-based clauses, limited access to banking services akin to checking and savings accounts, and predatory lending services that trap borrowers in cycles of debt through high-interest, unsecured loans.
According to Darrick Hamilton, a number one economist and founding director of the Institute on Race, Power and Political Economy, wealth — or lack thereof — is a key consider determining success, not only in Chicago but across the American economy. Hamilton argues that wealth is a politically contingent variable, meaning it will possibly be modified or influenced through targeted policy.
“You have to design, manage and implement policies in a way that includes Black, Indigenous people because without that intentionality, the reasons we have this wealth inequality is because of the political economy that’s been built to exclude,” Hamilton said. “We know that the bootstrap narrative has never been true for any group. Our dominant framework is that if you just get a college degree, find a partner and stay out of trouble, that’s not only a path to social mobility, but also to the security that comes with wealth.”
Hamilton added within the report: “Now, there’s no question that two-parent education and no incarceration are associated with better outcomes. But in terms of wealth, the value for money of these activities for blacks is not a big gradient. The disparity persists and deepens at the higher social strata. And here’s another point that may be shocking: black families who do all the ‘right things’ tend to have less wealth than white families who end up at the lowest social strata, namely without a college degree.”
Hamilton also spoke about how white people are often the beneficiaries of targeted policies that contribute to the creation of wealth that’s passed on to subsequent generations.
“We know the policies that can create wealth,” Hamilton told . “We did it for white people, we created a middle class where a significant portion of them were able to generate wealth and pass it on from generation to generation. That group didn’t emerge on its own. Chicago is deep in the historical paths and in raising capital and then providing the infrastructure of homeownership to allow that capital to accumulate. So we know how to do that. The problem is we’ve excluded certain people.”
Business and Finance
Mary’s Pizza Shack Files for Bankruptcy Protection
A California pizza chain has filed for bankruptcy protection, nevertheless it’s not closing its doors. Mary’s Pizza Shack has been operating for 65 years, but notified its customers that the corporate had filed for bankruptcy.
The company assures customers that each one restaurants will remain open and won’t close within the near future.
Business and Finance
Boston’s Liquor License Law Will Benefit Black-Owned Restaurants
The City of Boston is on a mission to pass laws that Change the landscape of Black-owned restaurants in Black and Brown communities with a brand new liquor licensing law.
The bill, first introduced in April 2023, officially passed each chambers of the state House in late July. But since the bill has two different versions, its fate remains to be uncertain. Royal Smith, a member of the Boston Black Hospitality Coalition who’s pushing for the bill to turn into law, also operates District 7 Tavern in town’s Roxbury neighborhood. The Baystate Banner reports that he’s optimistic that lawmakers will do the proper thing by officially allowing restaurants to obtain a license to sell alcohol.
“I’m excited to see what form this takes,” he said. “It’s really, really going to grow the city. It’s going to provide neighborhoods that people want to walk to.”
Still, Smith is waiting for official approval from Gov. Maura Healey. If the Massachusetts governor signs the liquor license bill, “five restaurateurs in each of 13 predominantly Black and Brown ZIP codes each year for three years” in town could be eligible to get latest liquor licenses for his or her businesses. If the bill passes, about 200 latest liquor licenses could be available for establishments in those parts of town.
The following ZIP codes are affected: Charlestown, Dorchester, East Boston, Hyde Park, Jamaica Plain, Mattapan, Roslindale, Roxbury, South End and West Roxbury.
“No matter where you live in the city, you should be able to go downstairs or up the block and have a good meal and a drink if you want to,” said state Sen. Liz Miranda, the bill’s sponsor within the Senate. She also represents Suffolk’s 2nd District, which incorporates parts of nine ZIP codes that will be affected by the laws.
“It’s about dreams becoming reality and about economic equality, racial equality, geographic equality,” she continued. “I think sometimes people get stuck on the word alcohol, and if you don’t like alcohol, you think that’s going to cause a lot of problems in our community, but it doesn’t.”
The neighborhoods in query have seen a decline in access to sit-down restaurants. Business owners are finding it difficult to remain in business without the advantage of alcohol sales.
They are unable to take care of transferable alcohol licenses, which cost roughly $600,000 on the secondary market.
For Smith, crucial thing is bringing more opportunities to Black and Brown neighborhoods across Boston, which is home to 2.1 times more white residents than every other race or ethnicity, in accordance with the 2022 Census report.
“There will be more options in Boston beyond Irish bars,” Smith said. “We want to make sure that for everyone who is affected by this bill, we’re not just opening up and then closing down. We want sustainability.”
He added: “If we do this right, it will ultimately change the Boston skyline.”
Business and Finance
Bevel Announces $25K Business Grant to Double Dutch Aerobics Classes
Bevel, a Black-owned Atlanta-based personal care brand, has announced that he has presented Double Dutch Aerobics with $25,000 Business Grant.
Bevel was the official skincare partner of the 4th annual Invest Fest, held August 23-25 in Atlanta on the Georgia World Conference Center. The company’s CEO, Damon Frost, announced grant in a recent episode of the Market Monday podcast. Double Dutch Aerobicsalso based in Atlanta, was amongst greater than 300 vendors to take part in the annual festival and was chosen to receive a grant from Bevel.
The company was founded by Michelle Clark, Double Dutch World Champion, and Sean Clark, a Master Double Dutch aerobics instructor.
“At Bevel, we are committed to serving our customers with product solutions that meet their unique care needs, as well as charitable initiatives that we believe make a real difference in the community,” said Breann Davis, Bevel’s marketing leader, in a written statement. “We are grateful to Rashad, Troy and the entire Invest team for giving us the opportunity to partner with incredible companies like Double Dutch Aerobics and support the next generation of entrepreneurs who share our commitment to giving back to the community.”
The Clarks, originally from Brooklyn, New York, are a husband and wife team that owns the world’s first Double Dutch aerobics studio. They offer classes for each adults and kids. Certified DDA instructors have traveled the country, taking Double Dutch Aerobics to over 30 cities. During his travels, have successfully taught over 100,000 children and adults how to jump Double Dutch method.
Bevel was founded in 2013 by Tristan Walker and the corporate has revolutionized the standards expected within the grooming industry. Their products are created with the needs of Black and Brown men in mind, with products spanning the spectrum of hair, beard, shaving, skin and body care.
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