NAACP Economic Department

TENNESSEE NAACP STATE CONFERENCE

SATURDAY, SEPTEMBER 20TH, 2014

DEDRICK ASANTE-MUHAMMAD

SENIOR DIRECTOR OF ECONOMIC  DEPARTMENT

NAACP FINANCIAL FREEDOM CENTER

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The Economic Foundation of the NAACP

Springfield, Illinois was a rapidly-growing industrial center at the turn of the century

Fierce job competition and the use of black workers as strike breakers during labor strikes caused increased tension

An attack by a white mob against the black section of Springfield spurred the creation of the NAACP

The Springfield Race Riot of 1908

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Economic Justice was the foundation of 1960’s Social Justice Movement

Goals of The Freedom Budget 1. Abolition of poverty

2. Full employment

3. Full production / high economic growth

4.Adequate minimum wage

5. Farm income parity

6. Guaranteed income for those who can’t work

7. Decent homes for all

8. Modern health services for all

9. Full educational opportunity for all

10. Better social security and welfare

11. Equitable tax and money policies

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EmploymentThis unemployment rate hides the larger number of African Americans not working full time or “marginally” attached to the workforce, this is normally about twice the unemployment rate.As many as 27% of African Americans between the ages of 20 and 24 are not employed or in school.

http://blogs.wsj.com/economics/2014/07/11/are-more-young-adults-falling-through-the-cracks/

For the last 50 years, in good times and bad, African Americans have had about twice the unemployment of whites.

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Little Advance in Income Equality

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What Happened? The Great Regression

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The Economics of America’s Promise

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Racial Income Inequality and the Great Recession

1977 to 2007 only about a 1% increase in Black / white income equity. 2007 to 2009 Black / white income inequality is increasing.

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The Great Recession & The Racial Wealth Divide

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The Wealth Divide in the United States

Top 20% Second 20%

Third 20% Fourth 20%

Bottom 20%

60% of America doesn’t even have 5% of the nations wealth while the wealthiest 20% has over 80% of the nations wealth.

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NAACP Economic Departme

ntEconomic Sustainability

A chance to live the American Dream for all.Every person will have an equal opportunity to

achieve economic success, sustainability, and security.

NAACP Economic Game Changer

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nt

Three Pillars:

Empower local communities with the necessary education, resources and partnerships to develop sustainable economic models that advance diversity and equity.

Ensure that government and industry are knowledgeable, and committed to bridging racial inequality particularly as it relates to employment, wealth, lending and business ownership.

Grow a movement of concerned citizens and organizations who work together to produce an inclusive and strong middle class economy for the 21st century.

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NAACP Economic

Department

Financial

Education

Fair Lending

Diversity &

Inclusion

Community &

Economic Developm

ent

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Economic Education

Facilitates events around the country to educate local and state conference NAACP units on financial education topicsProvides grants to individuals to perform financial education at the local level

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Fair Lending

Monitors state and federal policy related to mortgage, auto, payday, and small dollar bank lending Performs analysis of Home Mortgage Disclosure Act (HMDA) for evidence of discrimination at the lender level Meets with bank partners around fair lending issues, products, and initiatives to reduce the un- and under-banked population Researches and evaluates data and reports to determine impact on racial inequality

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COMMUNITY ECONOMIC DEVELOPMENT

The Community and Economic Development Program establishes asset development infrastructure in communities of color leveraging the NAACP network and resources.

Wealth Creation

Strengthening Community

Assets

Job Development

Diversity and Inclusion

1. Opportunity and Diversity Report Cards grade industries based on the strength of their workforce and supplier diversity.

2. NAACP and Dunkin Brands have partnered to strengthen diversity in franchising

3. The Professional Development Network (PDN) powers the NAACP JobFinder

4. NAACP works with the United Negro College Fund (UNCF) to provide paid summer internships to students attending HBCU’s at Wall Street investment banks.

7NAACP ECONOMIC DEPARTMENT

NAACP ECONOMIC DEPARTMENT

NAACP Job Resources: Job Finder

www.NAACPJOBFINDER.COM to find the next job fair or the opportunities posted on the website.

How can you help?

•Spread the word about the NAACP Job Finder Website.

•If a Job fair is happening in your city participate by setting up a NAACP booth.

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Financial Freedom Campaign Media Presence

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Economic Opportunity Website: NAACP.org/econ

The Economic Opportunity homepage includes information and resources on our economic programs. www.NAACP.org/econ

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NAACP Economic Partnerships

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State Economic Chair Presentation

Information on 2014-2015 micro-grant award.Proposed projects for 2014-2015.Interaction with local units:

◦What economic issues have you seen occurring in your area?

◦What plans do you have to address these issues?

State Conference and Local Unit

Brainstorming Session

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STAY IN TOUCH WITH THE NAACP ECONOMIC DEPARTMENT

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Visit NAACP.org/econ and sign up for The Angle newsletter Apply to become a Financial Freedom Campaign Micro-Grantee

(State Conferences) Like us at Financial Freedom Campaign on Facebook Follow us @NAACPEcon on Twitter Text Econ to 62227 for Mobile Updates Read The Crisis at thecrisismagazine.com Email the Economic Department at econprograms@naacpnet.org Call us at 202-478-6400

Thank You,Questions?DEDRICK ASANTE-MUAHMMADSENIOR DIRECTOR OF THE ECONOMIC DEPARTMENTHTTP://WWW.NAACP.ORG/ECONFINANCIAL FREEDOM CAMPAIGN ON FACEBOOK