Economy - Observer News Group

The Black Economy

by Stefi Mar | Apr 15, 2025 | African Americans, Bakersfield, Economy, Features, Los Angeles, Valleys | 0

“We are in the midst of a storm,” according to Allan Boomer, Chief Investment Advisor for Momentum Advisors, who discusses Black Americans wallets amid this downward economic spiral created by President Donald Trump. The president’s economics include the proposed 10-year budget, massive tariffs, and the firing of federal workers.

New Study Reveals States with Highest Consumer Debt as Holiday Spending Surges

by Stefi Mar | Nov 26, 2024 | Bakersfield, Economy, Features, Los Angeles, Valleys | 0

As the holiday season kicks off with Thanksgiving, Black Friday, and Christmas shopping, a new study by MarketWatch Guides has identified the states with the highest consumer debt levels. The District of Columbia is top of the list, with an average debt per capita of $166,186.

Ranking Member Waters Urges Speaker Johnson and Leader Jeffries to Include National Flood Insurance Program Debt Forgiveness in Disaster Supplemental

by James Luckey | Nov 13, 2024 | Business, Economy, Featured, Financial Markets, Los Angeles, Maxine Waters, Valleys | 0

FollowFollowFollow The Black Economy In October, several states were ravaged by Hurricanes Helene...

Ranking Member Waters’ Statement on Federal Reserve’s First Interest Rate Cut Since Pandemic

by James Luckey | Sep 18, 2024 | Congress, Economy, Featured, Financial Markets, Los Angeles, Maxine Waters, Valleys | 0

FollowFollowFollow The Black Economy WASHINGTON, D.C. – Today, Congresswoman Maxine Waters...

U.S. Economy Adds 142,000 Jobs in August; Unemployment Rate Falls to 4.2%, Biden Hails Progress

by Stefi Mar | Sep 10, 2024 | Bakersfield, Economy, Los Angeles, Valleys, World & Nation | 0

According to the most recent Bureau of Labor Statistics data, the U.S. economy added 142,000 nonfarm payroll jobs in August, less than the 165,000 economists had predicted. While the job growth missed forecasts, the unemployment rate dropped to 4.2% from July’s 4.3%, suggesting continued strength in the labor market under the Biden-Harris administration.

HUD Awards $31.7 Million to Support Fair Housing Organizations Nationwide

by Stefi Mar | Sep 10, 2024 | Bakersfield, Economy, Los Angeles, Valleys, World & Nation | 0

The U.S. Department of Housing and Urban Development (HUD) has awarded $31.7 million in grants to 75 fair housing organizations across the country as part of its FY 2024 budget, providing crucial support to initiatives aimed at eliminating housing discrimination. Among the recipients are two Washington, D.C.-based organizations, the National Fair Housing Alliance (NFHA) and the Equal Rights Center, each receiving over $400,000.

New Report Exposes Tax System’s Role in Widening Racial Wealth Gap, Calls for Urgent Reforms

by Stefi Mar | Sep 10, 2024 | Bakersfield, Economy, Features, Los Angeles, Valleys | 0

Today, Color of Change, the nation’s largest online racial justice organization, and Americans for Tax Fairness released a damning report exposing the deep racial inequities entrenched in the U.S. tax system. The issue brief “How Tax Fairness Can Promote Racial Equity,” written by Color of Change Managing Director Portia Allen-Kyle and Americans for Tax Fairness Executive Director David Kass, exposes the systemic flaws in tax policy that have widened the racial wealth gap and prevented economic mobility for Black, Brown, and Indigenous communities.

Report Reveals Racial Wealth Gap Widens in the United States

by Stefi Mar | Jan 30, 2024 | Bakersfield, Economy, Front Page, Los Angeles, Valleys | 0

A new report from WalletHub, a personal finance website, has found that the racial wealth gap in the United States is alive and well. The report, titled “2024’s States with the Biggest & Smallest Wealth Gaps by Race/Ethnicity,” compared the 50 states and the District of Columbia across 21 key metrics, ranging from the median household income gap to the unemployment rate gap.

Accountability in Action: Congresswoman Maxine Waters Challenges Banks at Town Hall Meeting in Inglewood

by Stefi Mar | Dec 5, 2023 | Economy, Financial Markets, Front Page, Local, Los Angeles, Maxine Waters | 0

On Saturday, December 2, Congresswoman Maxine Waters, representing California’s 43rd District, led a discussion at Inglewood High School to tackle the pressing issue of banking accessibility within the community. This town hall meeting served not only as an open discussion but also as a call to action for residents to actively participate in shaping the financial landscape of this underserved community.

Congresswoman Maxine Waters Supports 40 Year Anniversary of First Black-Owed Asset Management Firm, Continues Calls for Wealth Building Opportunities for Black Communities in Los Angeles and U.S.

by James Luckey | Nov 7, 2023 | African Americans, Congress, Economy, Featured, Local, Los Angeles, Maxine Waters | 0

FollowFollowFollow The Black Economy In December 2022, then Chairwoman Waters along with Senator...

Jury Awards $1.78 Billion in Damages in Realtors’ Commission Inflation Case

by Stefi Mar | Nov 7, 2023 | Bakersfield, Economy, Los Angeles, Valleys | 0

A jury in Missouri has found the National Association of Realtors (NAR) and several residential brokerages liable for conspiring to artificially inflate commissions for home sales, resulting in a staggering $1.78 billion in damages. The potential payout may escalate to $5 billion, factoring in the treble damages made possible by the verdict.