A Dollar Only Stays In The Black Community For 6 Hours

G.O.A.T Squad Spokesman

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Fixing this is the solution to 50% of our problems as a collective in America. To provide context, a dollar only circulates in the black community for 6 hours before it leaves to go to someone outside of our community.

In comparison, a dollar circulates 17 days before it leaves the white community, it circulates in the Jewish community for 20 days. The Jews have so much power as a collective due to their economic independence which leads to political influence.

As black folk we have to go out of our to buy black...even if it means spending more for the same product. Buy Master P's noodles if you eat them shyts, go to a black grocery or corner store even if you have to drive a few miles further to support it.

The more black businesses thrive, the more blacks can hire blacks thus becoming more financially independent from the oppressor therefore having more political power....which is tangible as opposed to begging the oppressor for anything.


I anticipate the Coli jokes to start in the replies after this since so many rather roast with fallacy than actually do the work :manny:
 
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Dad

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The issue I’ve been having recently is distribution (I think?).

For instance, last night I was looking for black owned beard products. I found 6 or so, on webuyblack.com . Out of the 6, I found 2 on amazon. I go on amazon cuz it’s 2020 and I’m not patient.

In the end I copped Scotch Porter :francis:. Cuz it’s black and accessible.

I just wanna easily get to it. Do my fact-check to see if they’re legit and help us all out in the end.
 
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G.O.A.T Squad Spokesman

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Luke Cage said:
Do you have link or did you perform a study yourself and come to this conclusion?
Click to expand...

In 2014, the young entrepreneur founded WeBuyBlack.com, an online marketplace for people to support black-owned businesses and a vehicle for black consumers to better circulate their dollars within their own communities.

"It was shocking to find that a dollar would circulate in the Asian American community for over 30 days, in the Jewish community for 20 days, in the white community for 17 days, but in the black community for only 6 hours,” Abdul-Malik explains.
Click to expand...
The Power of a Dollar and Rebuilding Black Wall Street
 
R

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Deflatedhoopdreams said:
Tell racist ass bank to give me a business loan
Click to expand...

Right! While this works for other races, I don't feel it's feasible for us. Businesses need paying customers, the race of that customer doesn't matter to me. I feel we'd be better off using our dollars to save and invest, so we can limit some of the racial barriers, like discriminatory loan practices, that keep us from starting, building and maintaining businesses. If I were a business owner, I'd strive for 95% of customer money to be from white or other races of people with 100% of the staff being black. :manny:
 
Luke Cage

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Rawtid said:
Right! While this works for other races, I don't feel it's feasible for us. Businesses need paying customers, the race of that customer doesn't matter to me. I feel we'd be better off using our dollars to save and invest, so we can limit some of the racial barriers, like discriminatory loan practices, that keep us from starting, building and maintaining businesses. If I were a business owner, I'd strive for 95% of customer money to be from white or other races of people with 100% of the staff being black. :manny:
Click to expand...
That's a good point. We need black businesses, but the clientale doesn't have to be black. Why not take money from other communities?
 
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By Brookie Madison

Two weeks ago, journalist Roland Martin, host of NewsOne Now, cited a figure that has often been used to show how little blacks spend in their neighborhoods compared to other racial and ethnic groups.

The lifespan of a dollar in the Asian community is 28 days, in the Jewish community the lifespan of a dollar is 19 days and the lifespan in the African-American community is approximately six hours, Martin said during his news talk show on the black-owned cable network TV One.

Maggie Anderson, a guest on the show and author of “Our Black Year: One Family’s Quest to Buy Black in America’s Racially Divided Economy,” which was published in 2012, nodded in agreement.

Anderson, a proponent of blacks spending more with black-owned business, has often used the “six hours” figure. In a series of talks around the country and in her book, she uses the figure to argue that African Americans need to do more to support black-owned businesses.

Anderson isn’t alone. The “six hours” circulation statistic is an often-cited figure by a wide variety of individuals, organizations and news outlets.

The figures have been attributed to various sources including the NAACP and the Selig Center for Economic Growth at the University of Georgia.

But does a dollar spent by black people really stay in the community for only six hours?

The Facts

To fact-check the statistic, TruthBeTold.news tried to track down the source of this widely cited figure.

Several federal government agencies produce data on black spending patterns.

The Federal Reserve Bank publishes a survey of consumer finance that contains information on consumer spending patterns, but it does not contain the level of detail that would show how often a dollar would circulate in a given community. The Bureau of Labor Statistics also produces reports on black spending patterns. But this data also does not show how often money circulates within a neighborhood.

Other agencies like the Small Business Administration keep track of black businesses. But the SBA also does not compile figures that would allow a comparison of how often money circulates within a community.

Private research organizations such as Nielsen and the Chicago-based Target Market News also track black spending patterns.

The available data shows that 43 million blacks in the United States have about $1.1 trillion in spending power. Additionally, the most recent government data shows there were 2.6 million black or African American-owned firms nationally in 2012, up from 1.9 million or 34.5 percent in 2007.

But TruthBeTold.news was unable to locate any agencies or private research firms with data that show how long money circulates within a community.

TruthBeTold.news also asked for the source of the six-hour timeframe mentioned on the NAACP website in an article posted on Sept. 24, 2012.

In an email, Nicole Kenney, the writer of the NAACP article, said she used several sources, including Maggie Anderson’s 2012 book and data from Nielsen and the Minority Business and Development Agency.

TruthBeTold.news also contacted the Selig Center about the figures attributed to the economic research unit: “Money circulates zero to one time within the black community, compared to the more than six times it circulates in the Latino community, nine times in the Asian community and unlimited amount of times within the white community.”

In an email, Jeffrey M. Humphreys, director of the center, said: “I’ve never heard that. It’s not from our center, and it does not sound accurate, but I’ve got no idea what the actual number are.”

Talking-Dollars-by-Brooke-Stephens.jpg
 
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