On the occasions that I ride MARTA, I am always saddened by what I see in the ridership. It is mostly black, overweight, loud, low to middle income in dress and carriage. The body language of the ridership transmits defeat and a lack of control over its resources. Hell. We have no resources.
When blacks engage each other on the train, bus, or the grocery aisles, the conversation tends to center on food prices and domestic turmoil. Social media outlets such as Facebook and Twitter have only served to increase the noise, giving a platform for ratchetness in text and in video.
On social media, it seems like blacks are interested in becoming video stars, drinking the Kool-Aid that Atlanta’s “Black Hollywood” narrative transmits. It is not uncommon now to see a bunch of twenty-somethings walking around the West End posing in front of cameras and smartphones shooting videos to be posted on Instagram or Facebook.
But when I visit Peachtree Center I see much less swag and more of “playing it safe, gotta keep this job” demeanor from the few blacks that I see there versus whites and Asians who carry themselves with more confidence likely due to their much greater representation in much higher paying jobs. If Atlanta is the “Black Mecca”, then its tribal chiefs are doing a poor job of representing it.
I say poor job because Atlanta’s black elite have forgotten the basic rule of leadership: you are only as valid as the prosperity of the people around you. Assuming that Atlanta’s black wealth is reflected in national statistics, then blacks are in pretty bad shape. According to U.S. Census Bureau data, 57.6% of blacks own an interest earning account, while 78% of their white counterparts and 78.5% of Asians own such an account. Fifty eight percent of Hispanics own an interest earning account.
Blacks are not as diversified as whites and Asians in terms of participation in the equity markets. Just over six percent of blacks own stock or mutual fund shares, according to U.S. Census data, while 25.2% of whites and 26% of Asians own stocks or mutual funds. Hispanics come in at 5.5% of their population investing directly in stocks or mutual funds.
Blacks have not gotten into the game of owning their federal or local governments’ debt. Three percent of blacks own U.S. government bonds while 0.5% own municipal bonds. Ten percent of whites own U.S. government bonds while three percent of whites own municipal bonds. Other ethnic groups are in the single digits as well when it comes to owning public debt. Four and one-half percent of Asians own U.S. government bonds while just one percent of Asians own municipal bonds. A little over two percent of Hispanics own U.S. government bonds while 0.3% of their population own municipal bonds.
Even with their numerical majority (which is waning with each passing year), black Atlanta couldn’t influence a political outcome without blowing its basic house budget. One is naive about American politics if they believe the vote alone can sustain any level of political power.
Decreased political power is a boat with a big hole in it, rudderless, with a stalling engine and a navigator that cannot read a compass. For 44 years, the Atlanta black political elite have benefited from enjoying a political largess that is increasingly scarce. Rather than dominance, the political elite appears willing to settle on being the minority pivotal vote. Will the Atlanta black political establishment fare well at its future deal maker role and will new pluralities in the future be willing to pay the bribe?