The aspiration of the American dream seems distant and unattainable, particularly here in Contra Costa County. Abundant research reinforces what we're already aware of — fostering investments in communities of color stands as a pivotal measure in combating racism and rectifying the effects of historical disinvestment. However, current policies fall short of addressing these pressing issues adequately.

 

In our community, the income disparity between white families and Black families remains stark, with white households typically earning ten times more than their Black counterparts. These financial discrepancies stem from generations of discriminatory policies and the enduring legacy of slavery, spanning nearly three centuries.

 

Within Contra Costa County, profound imbalances persist in areas such as employment opportunities, rates of homeownership, and housing affordability, disproportionately affecting the Black population. Bridging the revenue gap between Black-owned and white-owned businesses has the potential to inject an additional $290 billion into the U.S. economy, showcasing the immense economic potential within our community.

 

The lack of racial equity ingrained in the functioning of the American economy directly and severely impacts Black individuals, constraining their ability to fully participate as active contributors. Achieving economic equity is therefore essential for establishing comprehensive racial equity for Black residents in Contra Costa County. It's imperative not only to enable Black individuals to engage with the economy as workers and consumers but also to empower them as business owners, granting them equitable access to resources and opportunities for success.