Thomas E. Hardiman, Sr. – Business Advise
Where is America Headed? – Can African Americans survive the economic turmoil ahead?
By: Thomas E Hardiman Sr.
Many of us are aware of the changing world economy. However, it seems that most people are not paying attention. The U.S. budget for 2012 will be $3.7 Trillion dollars with a shortfall of $1.1 Trillion dollars. The U.S. paid $515 billion dollars in interest payments on its debt in 2010. In addition, our economy took a devastating financial hit in the fall of 2008 and has yet to recover from the near financial collapse of the strongest country in the world.
Traditional factory jobs are disappearing at an alarming rate due to an abundance of plant closings and competition from cheap foreign labor. Financial institutions are not loaning money to anyone without a stellar credit report; and our educational system is falling further behind other countries in math and science.
Over the last several years we have seen homes decrease in value and an unemployment rate hovering over 9%. We have witnessed the near collapse of the American auto industry, with the bankruptcy of General Motors, the world’s most powerful corporation for the greater part of the 20th century, in 2009.
With all the signs of change around us, it appears that the African American community as a whole is not paying attention. African Americans must recognize that the world is becoming smaller. Since the invention of the Internet, we now have information at our finger tips and access to tons of information that previously took weeks and sometimes months of research. Information is now available in an instant. As the economies around the world change before us, will the African American community know what must be done in order to survive in the new world economy?
In an article recently published in USA Today, it was noted that businesses in America, including small businesses, must widen their vision because a lot of foreign countries are gaining on American businesses and in some respects surpassing them. Five of the world’s fastest growing economies are China, India, Brazil, Russia, and South Africa.
In order to grow and sustain our economy, we must have qualified workers that have the necessary skills to perform in a high tech world with more exports than imports, and ample employment that enables our citizens to purchase goods and services.
Technology is certainly a needed part of this growth. This equates to having individuals who are proficient in science and math. Let’s look for a moment at the tragedy currently facing the African American community.
Whenever any segment of our society suffers, it eventually hurts the entire society. According to the Schott Foundation for Public Education, the rate at which African American males are dropping out of school or being placed in special education far exceeds the rate at which they are graduating and reaching high levels of academic achievement. There must be a deliberate and intense focus that disrupts and redirects the current educational trajectory for African American males.
If we don’t get a handle on education, we are doomed to see more and more of our African American boys ending up in prison with no hope of anything outside of a troubled life. With little hope for anything above poverty, our young African American males will seek alternative means of achievement, which will have a tragic impact on society as a whole. This may seem harsh; however, it is a strong reality. During a recent workshop, Roy Roberts, the newly appointed emergency manager for the Detroit Public Schools said, “We don’t have a choice. Either we invest in our youth today, or we program them for prison tomorrow.” Therefore, Mr. Roberts does not have a choice but to make the education system work in Detroit. The consequences will be dire. A 50% drop-out rate among African American males, will not lend much hope for most of them to enjoy the so called “American Dream.” Therefore, it is imperative that business leaders get together and work hand in hand with governmental officials, school administrators, and caring community leaders to help address this problem. America is a great country. However, it will not continue to be great if we allow our young African American men to fail on such a large scale. If we don’t work together, we will all lose in the long run.
Category: Business Profiles
