Has Black Friday Lost its Luster? Depends on Whom You Ask
Despite the relatively small sample size in the survey, a growing number of shoppers said Black Friday had lost its appeal.
Despite the relatively small sample size in the survey, a growing number of shoppers said Black Friday had lost its appeal.
Although many officials have called for a ‘return to normal’, millions of small businesses and communities need something new instead. In Black America especially, the ‘old normal’ never delivered equitable access to wealth-building opportunities as those that well-served served much of White America. Instead, a lengthy history of public policies designed to create and sustain a burgeoning middle class systemically excluded Blacks and other people of color.
As the final days of the 2020 election season drew to a close, major media across the nation focused on polls and prospects for the presidential candidates. At the same time, scant news coverage reported on a development affecting 68 million consumers: debt collection regulation.
“How strong is our economy? It is undoubtedly stronger than it was a year ago, but it’s not as strong as some claim that it is. Labor market weaknesses and inequality are of particular concern to African Americans. Companies are hiring, but they aren’t hiring enough African Americans to close the unemployment rate gap.”
For years, and particularly in recent months, major news outlets have heralded the nation’s robust economic recovery. From rising corporate profits, to lower unemployment, or rising stock prices on Wall Street, many consumers might conclude that financial stability not only returned after the Great Recession but continues to climb.
Today, with much of the mortgage market recovered, unnecessarily tight and expensive credit in the conventional mortgage market often makes FHA the only option to finance homeownership for low- to moderate-income borrowers, lower-wealth borrowers, and borrowers of color. This single-option also means that borrowers broadly denied the lower-cost, most-affordable private loans available, have a slower rate of home appreciation due to fees and insurance that accompany government-backed loans.
With 65 percent of jobs soon requiring more than a high school diploma, the need is greater than ever, especially for African Americans and other communities of color.