The idea of financial freedom has been a distant dream for people of color living in the financial prison built within the Oppression Economy. In 2017, nearly 25% of Black households and 17% of Latinx households reported falling behind on their bills. Furthermore, nearly 60% of Black and Latinx renters and nearly 40% of Black and Latinx homeowners spent more than 30% of their income on housing, which is most families’ largest expense. Even more damaging, nearly 20% of Black and Brown people reported forgoing doctor’s visits for fear of not being able to afford healthcare services. The cost of living and the insecurity it causes is driving many people of color further into debt, deeper into depression, and spiraling into despair with faint hope for the next generation.
All we as people of color want is to pay our bills, have some money left to choose our path in life, and to pass the rest on to our children. In one word, we want WEALTH. Technically, wealth is what you own minus what you owe, or net worth. However, wealth is so much more than a number. Wealth provides protection from sudden financial hardship. It provides a family the freedom to choose how and where to live. It provides parents with the ability to contribute to forming their children’s future, from the day that child is born to when they start their own family. In a Liberation Economy, all people of color will own the wealth to experience financial and political freedom. The ideas exist to make this possible, but we have to fight the elite institutions that threaten our freedom to make it a reality. Help us identify the right policies that will put us on that path. Here are some ideas we have identified so far: