FT News Briefing Can economic reform create a more level playing field for Black Americans?
May 25, 2021
Deutsche Bank is shifting 100 bankers from London as it seeks to restructure amid Brexit challenges. Meanwhile, President Macron grapples with balancing financial stability and political pressures while the French economy begins to recover. Despite overall economic improvements, unemployment remains disproportionately high among Black Americans. The discussion highlights historical wealth disparities and explores innovative solutions like a sustainable steel initiative aimed at fostering economic equality.
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Rising Black Unemployment
- Black unemployment rose after April's jobs report, while overall unemployment decreased.
- This raises concerns about whether the economic recovery will benefit Black Americans.
Unequal Recovery
- The economic recovery may not be different for Black Americans despite increased focus on systemic racism.
- Early indicators suggest white Americans, especially men, are returning to work first.
Lingering Effects of Slavery
- A Black Lives Matter organizer stated the Black community hasn't economically recovered from slavery.
- He highlighted the massive wealth gap and limited intergenerational wealth transfer among Black families.