Don't Fall Off
5 months ago
Blacks need to act now to keep from going over the fiscal cliff
In “James Bond,” “Mission Impossible” and pretty much any action film, there are typically scenes that involve somebody going over a cliff. Normally, just as the person goes over, he or she is grabbed by someone else who sometimes manages to save the person from falling.
Yesterday, I attended a meeting at the White House focused on the impact of the impending fiscal cliff within the black community. A woman made mention that blacks have already gone over the cliff because of the recession, and wondered what the impact would really be for us.
If this fiscal cliff scenario were playing out in a movie, it would be more like one of those scenes referenced above. Blacks are often hit harder when it comes to any issues facing the country. There’s an adage that goes something like, “When America sneezes, black America catches a cold.” As we talk about the impact of the fiscal cliff on our country, the realization is that the impact is far greater for blacks. So as the country struggles to brace itself from going over the edge, blacks are struggling to get back up instead of hitting rock bottom.
[ALSO READ: Tax Standoff Hurts Young, Broke]
The fiscal cliff and its impact have been widely publicized with daily news stories, but the general understanding that the country could face another recession means little to so many minority families who never realized we were out of the first recession. Falling off the fiscal cliff would mean that the black community would be devastated and could be decimated economically. The black community has already lost significant wealth, due to the fact that black wealth is traditionally built through home ownership and many people lost homes, and now blacks could see cuts to programs that are increasingly vital in being able to keep their heads above water.