By Robert Stitt
You’ve heard of Buy Black Economics – the economic theory that says black America has billions of dollars of spending power, which, if used to support black businesses, will allow the black communities of America to shake off the shackles of poverty. The movement is growing on social media and is powered by hashtags. A couple of them are #2MillionJobs and #EachAndEveryFriday.
The movement’s founders would like to create two million jobs for black workers in the next year. They believe this is possible if every African American spent $20 every Friday at a local or online black-owned business. They state, “Statistics show that we currently have slightly over 2 million black businesses in America, and 1.9 million unemployed African American workers. If we consciously spend with these businesses for 24 to 48 months, then we will collectively generate enough capital to hire all of the people within our community who are currently unemployed.”
BlackNews reported that one hashtag follower has been faithfully spending his money every Friday. He now feels “uncomfortable spending money anywhere else.” The movement member, identified only as David, added, “I sincerely believe that if 45 million of us (i.e., black people) commit to intentionally spending $20 with black businesses—merely once a week—we will reduce unemployment drastically in our communities…”
If you are not sure who the black businesses are in your area, but would like to participate in #EachAndEveryFriday, consider the following:
According to an Essence/Nielson report this last December, the power of the black dollar should top $1.3 trillion this next year. The only real question is who are you going to support with your portion of those dollars?