Rev. Jesse Jackson and Black Leaders Discuss The Wealth Gap at the Wall Street Project Economic Summit

The Rainbow PUSH Coalition and Citizenship Education Fund’s 22nd Annual Wall Street Project Economic Summit kicked off with a bang on Wednesday, with moving speeches and remarks from a host of dynamic leaders. Rev. Jesse Jackson Sr., the founder of the Rainbow PUSH Wall Street Project, opened the three-day conference by addressing this year’s conference theme, “400 Years Later: Closing the Wealth Gap, Expanding Opportunity.” Although slavery was abolished 150 years ago, a stark disparity in wealth between black and white households continues to persist.

“African Americans have journeyed through four stages of a 400-year struggle,” said the civil rights leader. “Stage one – ending slavery after 246 years in bondage; Stage two – ending the Jim Crow era with its mass lynchings and terror campaigns; Stage three – securing the right to vote; and currently, Stage four – securing access to capital, industry, technology and deal flow in the U.S. economy.”

Closing The Gap

Day one of the summit commenced with the “400 Year Journey Roundtable” discussion, where Jackson was joined by Dr. Johnnetta Betsch Coles, Ph.D., the president of the National Council of Negro Women, and Dr. Ron Daniels, Ph.D., the president of the Institute of the Black World 21st Century, for a conversation on the progress of black Americans since Africans were first brought to the country as slaves.

racial wealth gap

Eugene Mitchell, Marc Morial, and Rev. Jesse Jackson (Photo credit: Gerald Peart)

After that session, Marc H. Morial, the president and CEO of the National Urban League, opened the “Wealth Gap Panel” with a brief history lesson on the origins of the wealth gap, which is rooted in U.S. laws and policies that created systemic barriers that prevented people of color from accumulating wealth. Morial went on to address the controversy around the #ADOS movement, a fringe group that stands for American Descendants of Slaves and advocates for reparations and reform policies that solely benefit African Americans. Some critics reportedly believe that Russian trolls have infiltrated the group and are using their philosophy to cause division among black voters.

“The internet is being used as a tool of manipulation,” Morial cautioned. “Our ability to impact the racial wealth gap depends on our ability to exercise and maximize our political power. We need to maximize our political power if we are going to address the racial gap.”

Wall Street Project Economic Summit

Alfred Edmond, Jr., SVP, Executive Editor-At-Large at Black Enterprise (Photo credit: Gerald Peart)

Morial’s comments were followed by a panel discussion between BLACK ENTERPRISE’s SVP/ Executive Editor-at-Large Alfred A. Edmond Jr. and Eugene Mitchell, the founder of the E. Mitchell Consulting Group and the author of The 7 Untold Rules for Creating Black Wealth: Let’s Come Together and Close the Wealth Gap!, moderated by Janice L. Mathis, the executive director of the National Council of Negro Women. Each panelist discussed tangible solutions to close the gap.

“Spend less than you make—whatever you make—and bank the difference,” said Edmond. “We must get into a situation where we are incrementally and steadily accumulating assets in the form of savings. And right now, when we make more money, we spend more money.”

Edmond, the host of the “Your Money, Your Life” personal finance podcast, also stressed the importance of using debt with the purpose of driving wealth. “We need to create wealth out of any career. Your net worth is what you own minus what you owe. Debt is only good if you are going to take that resource to make more money.”

Mitchell, a former corporate vice president at New York Life Insurance Co., discussed the importance of life insurance and estate planning as vehicles to create generational wealth in the black community. “We’re not doing what it takes to create wealth, to keep wealth, and to sustain wealth in the way of having proper estate planning,” he said.

Mathis also emphasized the intersection between political power and economic strength in the black community. “If we’re going to defeat these wealth gaps, we will do it by using the power of our votes because these systems are entrenched like barnacles onto capitalism that needs to be moderated by democratic principles and ideals.”

Other notable speakers scheduled to appear at the conference include Rep. Maxine Waters, Susan L. Taylor, Rev. Al Sharpton, hip-hop mogul Percy “Master P” Miller, and John W. Rogers Jr., CEO of Ariel Investments.

The post Rev. Jesse Jackson and Black Leaders Discuss The Wealth Gap at the Wall Street Project Economic Summit appeared first on Black Enterprise.

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A.I. Could Widen Economic Disparity Between Urban and Rural Areas, Brookings Report Warns

Among the key factors driving the economic divide in America is the rise of technology that has eliminated many jobs through automating manufacturing tasks. A new report from the Brookings Institution warns that, thanks to the rise of artificial intelligence, economic disparity between coastal cities and heartland regions is about to get even worse.

The 2016 Presidential election served as a wake-up call to the economic effect that the automation of many routine jobs is “massively rearranging the nation’s economic geography,” says the report, written by Brookings Senior Fellow Mark Muro.

“The 2016 election may go down as the first time society began to grasp the full implications of automation’s potential to transform the physical world,” Muro wrote. “As big, techy cities like New York, Washington, and the Bay Area seemed to increasingly inhabit a different world from the rest of America, the people and places that were ‘left behind’ revolted.”

Since then, the field of A.I. has made gains in developing machine-learning tools that could automate even more jobs. Brookings looked at the kinds of jobs that could be replaced by A.I. applications, namely, ones that involve more routine or repetitive work in manufacturing and service industries alike. The bottom line of jobs at risk of automation: They already pay some of the lowest wages today.

Jobs that were more vulnerable to automation were more likely to be found in rural towns like Kokomo, Ind., and Hickory, N.C., the report said, while those in coastal cities like San Jose and the District of Columbia were more likely to be safe.

“Less-educated heartland states and counties specialized in manufacturing and low-end service industries could be especially hard-hit by automation in the A.I. era, whereas well-educated states and counties along the Boston-Washington corridor and on the West Coast appear less exposed,” the report said. “In parallel fashion, smaller, less-educated communities will struggle relatively more with A.I.-phase automation, while larger, better-educated cities will experience less disruption.”

In response, Brookings urged government and industry leaders to focus on strategies such as expanding support for communities to cope with job automation and “future-proofing” workers by teaching skills that are more resilient to automation.

The report comes a few days after the Trump administration unveiled a vague A.I. initiative that will spend on artificial intelligence and train workers in computer science. Apple CEO Tim Cook and IBM CEO Ginni Rometty have joined Trump’s advisory board on A.I. and job automation.

Fortune

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Senator Warren launches 2020 campaign, sounds note of economic equality

U.S. Senator Elizabeth Warren, struggling to move past criticism over her claims of Native American heritage, aimed for a fresh start on Saturday with the formal launch of her 2020 presidential campaign, saying that she is fighting for all Americans.


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Six Millennials to Co-Chair Davos World Economic Forum Likely to Focus on Climate Change

The Swiss ski resort of Davos is about to become a refuge for politicians and executives seeking respite from a 2019 that’s mere weeks old and already proving turbulent–China slowing, Brexit unraveling, the U.S. government shuttering.

For those seeking the familiar, this week’s annual World Economic Forum will feature the usual itinerary of glittering Champagne receptions and marquee-name panelists.

Yet the organization is also looking for some upheaval this year. It’s recruited six young leaders, all millennials, as co-chairs to join Microsoft CEO Satya Nadella in shaping the discussion. The age of the co-chairs notwithstanding, the overall demography of the event still skews older. The average is 54 for men and 49 for women.

This Davos also marks the third year in a row that a majority of WEF co-chairs are women, a clear diversity commitment but one that hasn’t quite moved the needle for the event as a whole. The overall share of female attendees remains less than one in four.

Young or old, women or men, Davos attendees are all worried about extreme weather events. It’s the third year that such concerns topped the WEF’s annual global risk survey, followed by the related challenges of failed climate change mitigation and natural catastrophes. Technological risks are also keeping business and world leaders up at night, namely cyber attacks and data fraud or theft.

Climate change is particularly on the minds of some of the new leaders (and leaders in waiting) attending Davos this year. New Zealand Prime Minister Jacinda Ardern will discuss safeguarding the planet with TV naturalist David Attenborough and former U.S. Vice President Al Gore on Tuesday. Less of a fan of the topic: Newly elected Brazilian President Jair Bolsonaro, who had a hand in canceling plans for his country to host the 2019 United Nations Conference on climate change.

Due to the U.S. government shutdown, climate-change skeptic President Donald Trump isn’t attending this year and also pulled the government delegation. However, he’ll still be there in spirit, given the likely chatter about his ongoing trade disputes with China and other countries. After all, the title of this year’s WEF is Globalization 4.0.

Some 700 attendees at the event, nearly a quarter of the total, are from major trade partners with which the U.S. has trade deficits –which Trump often obsesses over. Still, even with the government representatives dropping out, the American contingent remains the biggest by far.

As the WEF annual meeting’s headcount has grown over the years to around 3,000, so has its money-making potential. In the last fiscal year, revenue amounted to 327 million Swiss francs ($ 337 million), up 15% from a year earlier. That’s primarily thanks to payments from partnerships: They account for almost 70% of revenue and have more than doubled in the last five years.

While such sums fall well short of what’s needed to solve the world’s climate crises, they suggest the WEF (and the Davos annual meeting) can comfortably ride out whatever geopolitical and economic upheaval the coming year has in store.

Fortune

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Economist Ed Lazear: The stock market is the best economic indicator and it’s signaling caution

"Given the volatility in the market," Lazear argues, "probably a few weeks worth of patience is not a terrible thing at this point" from the Fed on interest rates.
Economy

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Nexon founder to sell controlling stake in gaming company’s holding firm: Korea Economic Daily

The founder of South Korean gaming company Nexon is set to sell a controlling stake worth around $ 9 billion in Nexon’s holding firm NXC Corp, the Korea Economic Daily newspaper reported on Thursday.


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The first economic data from December is in and it shows trouble

The first survey of December's economic data came out on Wednesday with diminished results.
Economy

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Trump Economic Advisor Says Powell’s Job “100%” Safe

Members of President Donald Trump’s administration continue to downplay reports the president has privately discussed firing Federal Reserve Chairman Jerome Powell. White House Council of Economic Advisers Chairman Kevin Hassett told reporters Wednesday that Powell’s job is “100 percent” safe.
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Fed chair’s job is not in jeopardy, White House economic adviser says

The head of the U.S. Federal Reserve faces no risk of losing his job and President Donald Trump is happy with his Treasury secretary, a White House official said in an apparent attempt to calm Wall Street nerves frayed by Trump’s criticism of the Fed.


Reuters: Politics

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U.S. Leading Economic Index Unexpectedly Rises 0.2% In November

A report released by the Conference Board on Thursday showed a modest increase by leading U.S. economic indicators in the month of November. The Conference Board said its leading economic index rose by 0.2 percent in November after falling by a revised 0.3 percent in October.
RTT – Economic News

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UK condemns China after US ‘economic espionage’ charge

The UK has condemned Beijing as the US charged Chinese hackers accused of attempting to steal trade secrets and technologies in a bid to compromise government computers.
Tech News – Latest Technology and Gadget News | Sky News

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Economic growth will top 3% again next year, Trump advisor Hassett says

U.S. economic growth will defy expectations again in 2019 thanks to a business investment boom and President Donald Trump's trade strategy, White House economic advisor Kevin Hassett said Wednesday.
Economy

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Richard Fisher: ‘Horrifically bad’ education system biggest economic threat

Richard Fisher says America's "horrifically bad" primary and secondary education system is the biggest long-term threat to the U.S. economy – especially as other countries like China put an emphasis on education.
Economy

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Russia sends bombers to Venezuela amid country’s economic, humanitarian crisis

The Russian Ministry of Defense did not say why the bombers were sent or how long they would stay in the country.
ABC News: Top Stories

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Trade tariffs, higher interest rates are slowing global economic growth, OECD says

Amid prolonged trade disputes and rising interest rates, the global economy will continue to slow down next year, according to the OECD's latest forecasts. But the Paris-based group doesn't see a recession on the horizon. 
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Economic forum ends without joint communique

For the first time in its 25-year history, the Asia-Pacific Economic Cooperation summit ended with its leaders failing to agree on a formal joint statement. CNN’s Ivan Watson reports.


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RBS sets cash aside for economic uncertainty pre-Brexit

The Royal Bank of Scotland reported lower-than-expected results for the third quarter of this year on Friday.
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US Is World’s Most Competitive Economy: World Economic Forum

In its annual Global Competitiveness Report, the World Economic Forum has named the United States as the most competitive economy in the world.

Under the new framework for competitiveness, the U.S. economy is the closest to the “competitiveness frontier”, followed by Singapore, Germany, Switzerland, and Japan, says the closely-watched Report, which was published on Wednesday.

The U.S. is ranked
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Consumer sentiment falls shy of expectations, but confidence in economic policy is at a 15-year high

Consumer sentiment in October fell just short of expectations on Friday.
Economy

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Mexico says new U.S. trade deal won’t block other economic relations

Mexico’s Foreign Minister Luis Videgaray told his Chinese counterpart in a phone call on Saturday that Mexico’s new trade deal with the United States and Canada will not impede economic relations with other countries, according to a foreign ministry statement.


Reuters: Business News

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Kaiser Permanente Hawaii Awards $119,000 in Grants to Support Health Care Workforce and Economic Development

HONOLULU — Kaiser Permanente Hawaii has awarded $ 119,000 in community benefit grant funding to three nonprofits seeking to promote economic opportunity and support workforce development throughout the state.

“Kaiser Permanente is committed to addressing the shortage of health care workers and promoting economic opportunities in Hawaii,” said Dave Underriner, president of Kaiser Foundation Health Plan and Hospitals, Hawaii Region. “Supporting Hawaii’s health care sector, and helping small businesses grow and create jobs are among many ways we are committed to a thriving Hawaii.”

Hawaii Community College (via UH Foundation) was awarded $ 69,333 for the school’s nursing program to help address health care labor shortages on Hawaii Island. Ninety percent of the school’s nursing graduates — approximately 40 students per year — go on to work in health care positions on Hawaii Island, addressing a critical need for care providers in rural areas. The grant will be used to purchase a simulation mannequin that provides essential clinical education and hands-on skills learning to maintain accreditation for the nursing program.

Patsy T. Mink Center for Business and Leadership, in partnership with Mana Up (via YWCA Oahu), received $ 35,000 to promote economic opportunity, counseling and training for locally owned small businesses, with a specific focus on women’s leadership development. The nonprofits will offer a 10-month professional development course for 11 emerging women leaders, as well as a 12-week accelerator program for 20 local small businesses.

Hawaii Hospital Education and Research Foundation received $ 15,000 to expand scholarships for health care students in Hawaii. A shortage of providers in primary care, specialty care, mental health and oral health care, especially on neighbor islands, affects the health of the entire state. HHERF plans to offer scholarships ranging from $ 500 to $ 2,000 to 15 or more Hawaii health care students pursuing degrees in nursing, medicine, physical and occupational therapy, certified nursing assistant, medical assistant, pharmacy and health care IT.

About Kaiser Permanente
Kaiser Permanente is committed to helping shape the future of health care. We are recognized as one of America’s leading health care providers and not-for-profit health plans. Founded in 1945, Kaiser Permanente has a mission to provide high-quality, affordable health care services and to improve the health of our members and the communities we serve. We currently serve more than 12.2 million members in eight states and the District of Columbia. Care for members and patients is focused on their total health and guided by their personal Permanente Medical Group physicians, specialists and team of caregivers. Our expert and caring medical teams are empowered and supported by industry-leading technology advances and tools for health promotion, disease prevention, state-of-the-art care delivery and world-class chronic disease management. Kaiser Permanente is dedicated to care innovations, clinical research, health education and the support of community health. For more information, go to: kp.org/share.

The post Kaiser Permanente Hawaii Awards $ 119,000 in Grants to Support Health Care Workforce and Economic Development appeared first on Kaiser Permanente.

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