![]() They’ll cling to the meritocratic myth that they’re paid what they’re “worth” in the market and that the obstacles they face are of their own making rather than an unjust system. They’re less likely to notice that the market is rigged against them all. The rich know that as long as racial animosity exists, white and black Americans are less likely to look upward and see where the wealth and power really has gone. ![]() Job losses have disproportionately affected black Americans, and America’s racial wealth gap continues to grow. Since the start of the pandemic, the nation’s billionaires have become $565bn richer, even as 42.6 million Americans have filed for unemployment benefits. America’s super rich have amassed more wealth and power than at any time since the “robber barons” of the late 19th century – enough to get legislative outcomes they want and organize the system for their own benefit. Indeed, many are quietly funding the re-election of a president whose political ascent began with a racist conspiracy theory and who continues to encourage white supremacists. Perhaps most revealingly, they remain silent in the face of Donald Trump’s bigotry. They oppose tighter regulations against red-lining or prohibitions on payday lending, both of which disproportionately burden black and brown people. They don’t want antitrust laws jeopardizing their market power, thereby requiring consumers pay more. The CEOs resist a living wage and universal basic income. Meanwhile, behind the scenes – in the halls of Congress and the corridors of statehouses, in fundraisers and in private candidate briefings, in strategy sessions with political operatives and public-relations specialists – the CEOs who condemn racism lobby for and get giant tax cuts and fight off a wealth tax.Īs a result, the nation can’t afford anything as ambitious as a massive Marshall Plan to provide poor communities world-class schools, first-class healthcare and affordable housing. Last week, Frederick Baba, an executive at Goldman Sachs who is black, criticized managers for not supporting junior bankers from diverse backgrounds. Starbucks has prohibited baristas from wearing Black Lives Matter attire and for years has struggled with racism in its stores as managers accuse black patrons of trespassing and deny them bathrooms to which white patrons have access. Researchers have found banks routinely charge black mortgage borrowers higher interest rates than white borrowers and deny them mortgages white applicants would have received.īlackRock is one of the biggest investors in private prisons, disproportionately incarcerating black and Latino men. In 2017, the bank paid $55m to settle a justice department lawsuit accusing it of discriminating against minority borrowers. ![]() JPMorgan has made it difficult for black people to get mortgage loans. And so on across the highest reaches of corporate America, an outpouring of solidarity with those protesting brutal police killings of black Americans and systemic racism.
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