Blackonomics 101: State of the Blackonomy

As the 2016 Presidential campaign season heats up, it is necessary to take a look at the current position of Black economics (Blackonomics).

Here are a dozen Blackonomic facts about the State of the Blackonomy.

Annual Black aggregate consumer spending is approximately $1.1 Trillion, however, only 2 cents of every Black dollar is spent with Black businesses. Source 1

If Black America were its own country, it would be the 16th largest economy in the world. Source 1

Black median income is $35,610. 28% of Blacks live in poverty. 33.9% of Black households have zero or negative net worth. Source 2

22% of Black households make less than $15,000 annually. Only 10% of Black households make more than $100,000 a year. Source 3

79% of Black households carry credit card debt. On average, African Americans currently carry an average balance of $5,784 on their credit cards. Source 4

Black families have an average debt burden of 53% (compared to 17% for White families). 45% of African American families are using credit card debt to cover basic living expenses. Source 4

44% of Black households own homes. The value of real estate accounts for 48.6% of the value of a Black family's total assets. Source 5

In 2010, the average income for whites was twice that of Blacks ($89,000 versus $46,000), meaning that for every $2.00 whites earned, Blacks earned $1.00. Source 6

On average, blacks saw their retirement assets fall by 35 percent during the Great Recession while white families experienced a slight increase. Source 6

Blacks lost $1Trillion worth of wealth in the Great Recession. On average Black families lost an of 27.1% of their net wealth. Source 5