>> THERE IS A REAL WEALTH GAP
IN AMERICA, ONE THAT
CORRESPONDS WITH RACE AND NOW
A NEW REPORT IS REVEALING JUST
HOW WIDE THAT GAP TRULY IS THE
REPORT BY MCKINSEY AND COMPANY
SHOWS A STUNNING WAGE GAP
TOTALING BILLIONS OF DOLLARS
AND REVENUE GAP OF MORE THAN A
TRILLION DOLLARS FOR BLACK
OWNED BUSINESSES. NOW ONE OF
THE REPORTS AUTHORS MCKINSEY
AND COMPANY SHELLEY STEWART
JOINS US NOW SHELLEY, IVE
BEEN WATCHING YOUR CAREER FOR
MANY YEARS NOW. AND YOU ARE
JUST 1 ONE OF ONE IN THIS
SPACE. WE REALLY APPRECIATE
YOUR TIME AND ATTENTION TO
THIS. AND FRANKLY, YOU KNOW, A
LOT OF PEOPLE REALLY DONT
KNOW WHAT TO THINK OF HER HOW
TO CONTEXTUALIZE BLACK
PROGRESS RIGHT NOW. I MEAN, WE
HAVE THE SPACES WHERE BLACK
AMERICANS ARE EXCELLING AS
FIRST IN THEIR INDUSTRIES. AND
THEN YOU HAVE OTHERS WHERE
THEYRE BEING DENIED TENURE
OPPORTUNITIES THAT ARE
COMMENSURATE WITH THEIR WORK.
SO WHAT IS THE CURRENT STATE
SHELLEY OF AFFAIRS FINANCIALLY
SPEAKING HOW DO BLACK AND
WHITE FAMILIES COMPARE WHEN IT
COMES TO DEBT NET WORTH AND
POSSIBILITY.
>> SO ABSOLUTELY. MORGAN,
THANK YOU SO MUCH FOR HAVING
ME. I THINK DURING YOUR POINT
EXACTLY RIGHT. THERE SHINING
EXAMPLES OF PROGRESS. WE
SHOULDNT CONFLATE THAT WITH
BROADER SUCCESS OR PROGRESS
FOR BLACK AMERICANS. YOU TALK
ABOUT 19% OF BLACK AMERICANS
HAVE A NEGATIVE NET TODAY
COMPARED TO 20% WHITE
AMERICANS THAT LITERALLY MEANS
PEOPLE HAVE STAGGERING AMOUNTS
OF DOWN REALLY DOES CONSTRAIN
THEIR ABILITY TO LIVE THEIR
LIVES TODAY.
>> LETS HOPE SOME OF THE
NUMBERS HERE FROM YOUR REPORT.
BLACK WORKERS. NUMBER ONE,
THEY MAKE 30% LESS THAN WHITE
WORKERS. AVERAGING $10,000
LESS PER YEAR AND NEARLY HALF
OF BLACK WORKERS ARE IN
LOW-PAYING SERVICE ROLES AND
THEN THERE ARE THE SO-CALLED
CONSUMER DESERTS AND
DISCREPANCIES IN NEGATIVE NET
WORTH. SO SHELLIE, WHAT DOES
THAT ACTUALLY MEAN?
>> THIS WAGE AND INCOME GAP IS
A HUGE ISSUE. I MEAN, THERES
LOTS OF DISCUSSION ABOUT
CREATING WEALTH. WELL, PRETTY
HARD TO SAY. NEWS WHEN YOURE
MAKING $30,000 A BURDEN WITH
YOURE AND YOUR BURDEN WITH US
FROM COST IN HAVE ACCESSIBLE
FRESH FROM IN YOUR
NEIGHBORHOOD. AS YOU
MENTIONED, THERES A HUGE
PORTION BLACK AMERICANS THAT
DO NOT. AND SO REALLY HAVE TO
GET ON YOUR KNEES. WHAT
DRIVING THIS DISPARITY IN
WAGES. WE FOUND THAT JUST 20
OCCUPATIONS. 4 1% OF ALL
OCCUPATIONS MAKE UP 60% THE
WAGE WE NEED MORE BLACK
TEACHERS WERE BLACK OR LAWYERS
DOCTORS. AND WEVE GOT A X
PHONES ACROSS ALL INDUSTRIES
AND PAY THEM. WHAT GOING TO
START THINK ABOUT SAVING.
>> SO TEACHERS LAWYERS AND
DOCTORS NOT TO SAY THAT
SOMETHING I REALLY LIKE ABOUT
THIS REPORT BECAUSE IT WAS
SOLUTION ORIENTED, RIGHT WAS
DATA-DRIVEN AND SOLUTION
ORIENTED. SO WHAT IS THE
SOLUTION HERE. I MEAN, IF SOME
OF THESE DISPARITIES ARE
ADDRESS. WHAT WITH THAT
IMPACT. BE FINANCIALLY. AND
FRANKLY HOW WE DO IT.
>> YEAH. JUST GETTING BLACK TO
MEDIUM IN TERMS OF 2 MILLION
MORE BLACK AMERICANS
EVERYTHING YOU AND I THINK
REALLY STARTS PRETTY FAR
UPSTREAM WITHOUT THINK ABOUT
SUPPORT PUBLIC EDUCATION,
PUBLIC HEALTH CARE. WEVE GOT
TO FIND WAYS TO SUPPORT LOW
INCOME IN OUR BLACK WHICH
WHICH WE SOURCES IN THEIR
SCHOOLS. WE FOUND THAT IN A
HIGHLY CONCENTRATED BLACK
SCHOOLS. IT WAS IN $1800 PER
PUPIL FUNDING DEFICIT WHEN
COMPARED, I THINK ON SOMETHING
RIGHT. THAT IS ALL SORTS OF
DOWNED TREES PATIENTS. AND
WEVE GOT TO OUR TO HEALTH
CARE FOR ALL AMERICANS. WEVE
GOT 3 TO 4 YEAR LIFE
EXPECTANCY GAP THAT FACED BY
BLACK AMERICANS THAT ARE CLOSE
2 MILLION MORE BLACK PEOPLE
TODAY A IT IS STAGGERING. I
THINK WHAT WHAT SURPRISED ME
WAS LIKE. I MEAN, ON THE DATA.
AND SO WHEN I WAS GOING THIS
REPORT, THE NUMBERS WERE WILD.
AND IM CURIOUS AS SOMEONE WHO
WAS ACTUALLY COMPILING THESE
NUMBERS. WHAT SURPRISED YOU
MOST.
>> YEAH. I THINK YOURE
ORGANIST IS RIGHT IN TERMS OF
JUST I HAD THAT SAME REACTION
ACTION NOT ONLY THE MAGNITUDE
OF SOME OF THESE NUMBERS AND
YOU FLASHED WHAT APPEARED TO
BE GETTING 1.6 TRILLION
DOLLARS ON, YOU KNOW, REVENUE.
THATS NOT SLOWING TO BLACK
OWNED BUSINESSES. AND IF WERE
ALREADY THERE, BE ANOTHER
600,000 BLACK OWNED BUSINESSES
AND THAT WAS ONE THAT STUFF
DOWN AND THEN EVERY YEAR
THERES 300 BILLION DOLLARS OF
WEALTH FLOWS THAT ILL SAY ARE
MISSING FROM THE BLACK
COMMUNITY. WE HAVE OUR FAIR
SHARE 60% OF THAT IS HES BEEN
AND SO JUST STAGGERING THE
BOARD.
>> WELL, SHELLEY STEWART, WE
APPRECIATE YOU BRINGING US
THIS REPORT AND HELPING US
REALLY UNDERSTAND AND
CONTEXTUALIZE IT BECAUSE
ESPECIALLY IN THIS MOMENT IN
OUR COUNTRY THAT IS WHAT IS
MOST NEEDED. SHELLEY STEWART,
THE 3RD. THANK YOU SO MUCH FOR