By Victor Ochieng
There is a powerful and timely discussion that was brought up on Tone Talks Dash-Radio, involving Antonio Moore and Pastor Kevin Cosby about the dissipation of Black wealth and its effect on the Black church.
According to statistics, as shared by Moore, Black Wealth is on a serious downward spiral and that’s why they thought it was wise to hold the discussion, to establish the relationship between Black Wealth and the Black Church and what can be done to avert such an eventuality.
The question they sought to answer was: “Does zero wealth held by the Black family mean the end of the Black church?”
Pastor Cosby, who was the chief guest on the show, also doubles up as the President of HBCU Simmons College and is among the people who are committed to raising the living standards of African-American people in Louisville. In fact, he employs a great number of Black Americans even without any government aid.
Cosby’s main focus was to shed light on what the decline in Black Wealth meant for the church.
So, let’s first look at what the situation is like. An article posted on Forbes online magazine indicated that the wealthiest Americans, basically white Americans, are growing wealthier by the day. The study also revealed that the economic imbalance in the country is getting worse, with the median Black and Latino wealth likely to hit zero by about the same time people of color will form a majority of the American population.
According to the study, which was released by non-profits Institute for Policy Studies and Prosperity Now (formerly CFED), American Black households will have a median wealth of zero by 2053, with Latino taking another two decades to hit the same level.
While many people have focused on inequality in income, not so many are taking wealth inequality seriously yet it’s equally crucial.
“That wealth becomes the head start in a race, like setting putting someone on the putative starting line and another, on the 90 meter mark in a 100-meter dash. By talking almost completely about income inequality, the country essentially pretends that a problem made over decades can be addressed on a single year’s scale. It can’t mathematically work,” read a quote in the Forbes article.
That said, what effect would zero median wealth for the Black Family have on the Black Church?
Pastor Cosby explained that the invisible Black church cannot be destroyed by the wealth decline, but the visible institution, the registered one, that owns property and provides sanctuary for people to come together and hear from the Lord is likely to die should the Black wealth hit rock bottom.
He specifically pointed out that the Black church plays a critical role in the society that anything that threatens it shouldn’t be entertained. Besides providing a spiritual haven, it also provides platform for business networks, family encouragements and more.