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Home » Building a bigger table to level the economic playing field – Daily Press
Economic

Building a bigger table to level the economic playing field – Daily Press

adminBy adminJuly 26, 2024No Comments4 Mins Read0 Views
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As the nation prepares to watch the Olympic Games, we wouldn’t let July go by without commemorating the 60th anniversary of the Civil Rights Act. This landmark law was the result of the civil rights movement led by the Rev. Martin Luther King Jr. in the 1950s and ’60s. It was signed into law by President Lyndon B. Johnson on July 2, 1964. Five months later, King was awarded the Nobel Peace Prize for his leadership and commitment to achieving racial justice through nonviolence.

Most people know that the Civil Rights Act prohibits discrimination on the basis of race, color, religion, sex, and national origin, but this historic law actually covers much more. The act has 11 sections, called titles. Each title was intended to provide access to provide an economic level playing field. The five most far-reaching titles prohibit discrimination in voter registration requirements, public accommodations (restaurants, theaters, hotels, etc.), access to public property and facilities, public schools and colleges, and employment.

Civil rights leaders hoped that the Civil Rights Act of 1964 would bring racial equality and fairness for Black, Indigenous, and People of Color (also known as BIPOC), and women. While progress has been made over the past 60 years, challenges remain, and a new generation is carrying on Dr. King’s fight for racial and economic justice.

BIPOC and women have made great strides in government, business, education, and religion. In 2020, Kamala Harris broke the glass ceiling by becoming the first woman and woman of color elected Vice President of the United States. She is now on her way to becoming the Democratic nominee for President of the United States.

Recently, Harvard University researchers looked at census and tax records for more than 50 million children across two generations and found that income mobility has increased among blacks.

But a huge wealth gap remains: Black people’s average income is significantly lower than white people’s. In their new book, 15 Cents on the Dollar: How Americans Created the Black-White Wealth Gap, co-authors Ebony Reed and Louise Story point out that income mobility hasn’t closed the wealth gap: “The wealth gap between blacks and whites remains the same at 15 cents on the dollar as it was in the 1950s.” The book blames this on economic discrimination built into the American financial system, dating back to slavery, Jim Crow-era redlining, unfair housing contracts, and racial and employment discrimination.

From an economic perspective, slavery was designed to perpetuate poverty for the slaves and their descendants while providing income and wealth to the slave owners, who then passed it on to their descendants. Old money and homes inherited from slavery still benefit some white people today.

But telling the truth, taking restorative action, and increasing diversity and equity in the workplace has the potential to level the economic playing field and heal racial wounds.

Laura D. Hill

In 2021, Lucy McCauley inherited her great-grandfather’s house in Wilmington, North Carolina. After learning that her great-grandfather’s actions led to the Wilmington Massacre in 1898, she sold the house and used the proceeds as reparations. She established a scholarship fund for African-American students.

In 2022, Donna Melcher began her journey to heal from racism, which led her to Williamsburg. Determined to face her family’s connection to slavery head-on, without hiding the unpleasant parts, Melcher stood in front of a crowd of more than 50 people, apologized for the damage her ancestors caused, and took concrete steps to make amends. “I want to be someone’s ancestor someday, an ancestor who walked the right path,” Melcher said.

In 2020, 56 years after the Civil Rights Act was passed, Citigroup Bank conducted a study to estimate the cost of racial discrimination over 20 years. The cost was a whopping $16 trillion. The good news from the study was that addressing wage disparities and promoting diversity in bank and corporate management could add $5 trillion to the U.S. economy over five years.

When we come together to build more diverse and equitable communities, we all win.

Laura D. Hill is executive director of the Virginia Institute for Racial Healing, which runs Coming to the Table-Historic Triangle. Learn more about her work at varacialhealinginstitute.org.

First published: July 26, 2024, 1:57 PM



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