[Congressional Record Volume 164, Number 23 (Tuesday, February 6, 2018)]
[Extensions of Remarks]
[Page E144]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                ECONOMIC JUSTICE IN THE BLACK COMMUNITY

                                 ______
                                 

                               speech of

                           HON. JOYCE BEATTY

                                of ohio

                    in the house of representatives

                        Monday, February 5, 2018

  Mrs. BEATTY. Mr. Speaker, as we all know, February is Black History 
Month. It is a time to reflect on the progress we have made in this 
country in the pursuit of equality and justice and to honor the people 
whose hard work and sacrifice contributed in that endeavor.
  While we certainly have made progress in many areas, I think it is 
also important to acknowledge the problems that still persist so that 
we may continue the work of those who we honor, not just in February 
but throughout the year.
  We will hear a lot about 2018 being the 50th anniversary of the 
assassination of Dr. Martin Luther King, Jr., but it is also the 50th 
anniversary of the Poor People's Campaign, which Dr. King championed 
before his death.
  The Poor People's Campaign came to Washington in the spring of 1968 
and set up a shantytown called Resurrection City where thousands lived 
on the National Mall, just a short distance from where I stand here 
tonight.
  A central part of the Campaign was the drafting of an Economic Bill 
of Rights, which called for:
  ``A meaningful job at a living wage;''
  ``A secure and adequate income for all those unable to find or do a 
job;''
  ``Access to land for economic uses;''
  ``Access to capital for poor people and minorities to promote their 
own businesses;'' and
  The ``ability for ordinary people to play a truly significant role in 
the government.''
  Fifty years later, we are still fighting for these same economic 
rights.
  In 1968, a nonwhite family in America had a median wealth of about 
$3,000 while white families had a median wealth of around $60,000.
  The wealth gap since then has only expanded, with black families 
holding a median wealth of $17,000 versus $171,000 in white families--a 
wealth gap of a factor of ten.
  Homeownership--an important tool for wealth creation--is only 42 
percent for black families but 68 percent for white families.
  Retirement savings for black families is now around $25,000 but over 
$157,000 for white families.
  It is important to note that Hispanic families have to deal with a 
wealth gap just as bad as black families.
  In the greatest country in the world, your economic security should 
not be so closely tied to your race or your zip code.
  In his Nobel Prize address in 1964, Dr. King noted: ``There is 
nothing new about poverty. What is new, however, is that we have the 
resources to get rid of it.''
  Mr. Speaker, we, as members of Congress have a responsibility to use 
those resources to address the problem head on.
  Certainly, we in the Congressional Black Caucus are committed to 
solving the problems of the wealth gap and economic inequality to bring 
our country closer together.
  We must promote policies that increase job creation in low-income 
communities; strengthen our social safety nets, not take away benefits; 
invest in training programs so workers can transition to high-skilled, 
high-wage jobs, and make investments in revitalizing schools, 
infrastructure, and neighborhoods.
  Families of color, and all American families, deserve equal access to 
economic opportunity. They deserve better jobs, better wages, and a 
better future.

                          ____________________