The Loop 21, a dynamic, new African American news site, just completed the first economic survey of black America conducted by an African American organization. Working with entities such as Black Voices and other esteemed African American groups, The Loop 21 sought to gather data about the black financial experience from our perspective, thus lending our own voice to various discussions about how to improve the fiscal circumstances of our group. Conducted by Darrell Williams, owner and publisher of The Loop 21, this survey reflects his efforts to use his Web site as a platform for African American financial empowerment.

Black Voices was excited to work with The Loop 21 to promote the survey to our audience, and we thank you all for participating. Darrell took some time out of his busy schedule to share with us the results of our collective efforts, and a surprising new portrait of our economic reality.

+View the results of the 2010 Economic Survey of Black America!

The Loop 21's Economic Survey of Black America sought to create a comprehensive picture of the African American financial reality from our perspective. Do you think this goal was achieved?

Yes, our goal was to look beyond the statistics on racial disparities in economic outcomes, something we hear a lot about, in order to gain a better understanding of the priorities and plans for coping with the economic challenges that our community faces. I think this goal was achieved.

What were three of the most surprising findings of the survey?

The biggest surprise was on the issue of immigrant competition for jobs. We found that a majority of our respondents did not blame immigrants for their job market challenges. Rather, the overwhelming majority of respondents were focused on policies to create more jobs for everyone. A bigger "job pie" is what they wanted rather than fighting over a few small slices.

Regarding global preparedness, most people indicated they were willing to improve their computer skills, learn the latest technologies in their industry, and increase self-study in order to "improve employability in the new globally competitive environment." I was surprised that most people (52.9 percent) were not willing to learn a foreign language.

I was also somewhat surprised to learn that "saving for emergencies" is an urgent priority in the black households of these respondents, most of whom are college educated and gainfully employed. More than 9 out of 10 (92.3 percent) indicated they need to save for emergencies, and more than half (58.3 percent) said that emergency savings was "urgently needed."


Is there any piece of information in particular that you think President Obama should pay attention to, in terms of creating future economic policies?

The survey results suggest that the president and his administration need to better "communicate" why future economic policies matter for our community.

For example, nearly two-thirds of the respondents felt that the president's election had no effect on "their personal economic situation" even though economists generally agree that the president's stimulus bill in early 2009 avoided a deeper recession and likely shortened it. By stimulating the economy when he did, the president likely helped people who did not lose their jobs keep them and gave those looking for work more opportunities.

The president should also know where African American voters strongly favor policies that create jobs. A huge majority (9 out of 10 respondents) favor job creation over deficit reduction. And 7 out of 10 respondents favored tax decreases for businesses in order to stimulate job growth.

Many respondents said that getting more technical skills will be important to them as the economy recovers. What areas of technical expertise do you think would be the most lucrative in the coming years?

There will continue to be a huge demand for people with computer programming and computer design skills. New energy-saving technologies will be coming to every household [in the form of appliances] with energy smart technologies. The so-called electric "smart grid" will require computer programmers of all types to develop and maintain an electrical grid that not only distributes electricity to homes but identifies the most efficient times and places. Also, companies like Apple are leading a revolution in computer design, simplifying the "user interface" of all telecommunications and entertainment devices. There will continue to be a need for people with computer design skills.

Of course, basic computer literacy is a must-have skill set for even the most basic job today.

As an economist, when you analyze the data, what is your overall opinion of the economic strengths of the black community? What about our weaknesses?

The black community faces some severe economic challenges which are reflected in the statistics that are frequently cited. We need to focus on and remedy these persistent economic challenges. But there is another reality that the Economic Survey of Black America highlights where those with college educations are making huge collective gains. So overall, I think the black community has enormous economic potential and I predict that our strengths will grow over time.

In conjunction with the release of the survey results, the Loop 21 has launched an online hub for African American financial empowerment. What are your hopes for how the black community will use this follow-up information? Will social networking play a part in future goals for this hub?

My hope is that the black community will use the resources to better understand how to make the economic "system" work for them. There is a solution to every economic challenge if you get enough information to know all of your options. So whether it is a job search or a debt reduction plan or a need for college financial aid, there is information out there to solve your problem. We launched the hub as a starting point in that information-gathering process with more information and features, such as social networking, to come.

+Visit the online hub for African American financial empowerment on The Loop 21!