Making political and economic progress in the black community is often a long, hard struggle – frequently marked by two steps forward and one step back. That's why, on many levels, I'm saddened to hear that New York Governor David Paterson is bowing out of the race for Governor.

Coincidentally, I was just with Gov. Paterson last night in New York City, at an awards ceremony for Black History Month. As a Money Coach, I received an award from The Joint Interest Group in recognition of my financial literacy work in the African American community. The other two awardees were financial journalist and author Stacey Tisdale and Aziz Adetimirin, founder of The Network Journal. Governor Paterson was on hand to pay tribute to the honorees and to share his perspective about the importance of Black History Month.

As he took the podium for 15 minutes or so, Governor Paterson was poised, funny and engaging before the crowd of 250, most of whom were black professionals.

The Governor spoke of becoming especially interested in Black History Month in 1991, when he learned – via an anonymous phone call – that there were plans to erect a federal building over an ancient burial site in New York City that held the bodies of more than 400 freed and enslaved Africans. Fortunately, the grave site was preserved, and those sacred grounds are now a National Monument known as The African Burial Ground -- thanks in part to people like David Paterson.

During his speech, the Governor gave no indication that he would not seek re-election, as he has been under pressure to do in recent weeks and months.

On the contrary, Gov. Paterson seemed to take particular pride in his role as the first black chief executive of the State of New York. He noted that it was "unprecedented" in U.S. history that two African American governors were serving at the same time – himself and Governor Deval Patrick of Massachusetts, a former Coca-Cola Co. executive, who was also elected as the first Black governor of his state in 2008. Their election – combined with the election of President Barack Obama – should be a source of inspiration, pride and progress for black people, Gov. Paterson suggested.


Ironically, it has been rumored that the Obama administration had urged Gov. Paterson not to seek re-election, in order to pave the way perhaps for a more popular would-be Democratic contender, Andrew Cuomo, New York's State Attorney General. The Democrats will no doubt need all the help and strength they can muster when the next elections roll around. And I know that Gov. Paterson has weathered his own political storms – not the least of which are low poll numbers and a campaign aide's recent domestic-violence drama.

Regardless of those circumstances, Paterson seems to be stepping aside to do what is in the best interest of the state, and perhaps the best interest of the Democratic party. But the question remains: is his departure a blow to the African American community?

I'm disappointed that sustained political progress in terms of Black leadership in the U.S. is such an uphill battle. Despite any personal or political short-comings, Gov. Paterson has always seemed very much interested in the plight of African Americans and honoring his obligations to them. His presence alone at last night's Black History Month event speaks to this.


"We always try to bring the biggest names and the most influential people to the podium," said Juanito Fortuno, co-founder of the Joint Interest Group, along with partners Christopher Whyte, Jr. and Calcie Cooper.

"We started this journey back in 2009 to have Governor Paterson as a speaker," Fortuno told me in an interview today. "But given all the rumors and media pressure he's been under lately, up until the day before (last night's event) we weren't sure if he was coming, until his campaign manager confirmed that he would be there. I was very impressed that even though he's been embattled in the media, he fulfilled his commitment to us."

"At the end of the day, African-Americans still want to know how to strive and get ahead, and Gov. Paterson's story is inspiring to say the least." added Whyte."He is New York's first African- American governor and considering all the obstacles he overcame, his disability - it is quite an amazing story! There are plenty of professionals out there who needs to hear that story."

Let me know your thoughts about Gov. David Paterson's decision. Do you think he should have bowed out -- or stayed in the race for New York Governor?

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has also been featured in top newspapers including the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times bestseller, 'Zero Debt: The Ultimate Guide to Financial Freedom.'