Buzz with that Brother! Robert L. Johnson Calls For New Focus On Wealth Creation In The Black Community
Economic Buzz — In an address to the Conservative Black Forum hosted by Congressman Allen West (R-FL-22) focusing on the economic empowerment in the African American community, Robert L. Johnson, founder and chairman of The RLJ Companies, called for a renewed national discussion on the growing wealth gap which he referred to as a “wealth gap Tsunami threatening African Americans.”
Johnson cited a recent study conducted by the Pew Research Center, which concluded “The wealth gap between white and African American families has more than quadrupled over the course of a generation; the racial wealth gap increased by $75,000, from $20,000 to $95,000; the median wealth of white households is 20 times that of black households; and at least 35% of African Americans have no assets.”
In response to this compelling national crisis, Johnson stated that, “We must admit the harsh reality of a history of institutionalized racism and economic discrimination against African Americans is the primary cause of wealth disparity between Black and white Americans” and “we must be willing to talk about race recognition remedies at the highest levels of government as well as between Black and white Americans.”
“Something has to be done to recalibrate our economic system to address these problems. We need the political courage to propose race-based remedies based on the disparity caused by past and present race discrimination. In the next 25 to 30 years, the majority of Americans will be black and Hispanic. There is a compelling national interest in addressing racial disparity and if we are to be a successful nation and compete globally, we must ensure that all Americans are given an opportunity to fully participate in the U.S. economic system,” he concluded.
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The RLJ Companies, founded by Robert L. Johnson, is an innovative business network that provides strategic investments in a diverse portfolio of companies operating in a publicly traded hotel real estate investment trust; private equity; financial services; asset management; insurance services; automobile dealerships; sports and entertainment; and video lottery terminal (VLT) gaming.
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Buzzed by DryerBuzz June 27, 2012 · Browse More Stories Like This In The Buzz with that Brother .