By April Ryan
“We are in the midst of a storm,” according to Allan Boomer, Chief Investment Advisor for Momentum Advisors, who discusses Black Americans wallets amid this downward economic spiral created by President Donald Trump. The president’s economics include the proposed 10-year budget, massive tariffs, and the firing of federal workers.
The stock market and global markets are shaking because the U.S. has implemented tariffs on imports to this country. The expectation is that the costs will be transferred to consumers. There’s been no rhyme or reason for each country’s percentage of tariffs it’s receiving for imported goods to the U.S.
The National Urban League, an economic rights organization, urges people to “resist” and fight against these drastic financial shifts. Marc Morial, the President and CEO of the organization believes federal government firings will create” an impending slowdown [that] will drive Black unemployment up.”
18 to 19% of all government employees identify as Black or African-American. Morial also added, “DOGE is a disaster for Black people” as it “targets those agencies that have invested in the most vulnerable- the Department of Education, Minority Business Development Agency, National Institutes of Health, and Veterans Affairs.” Another concern of the president’s economic plan is his budget. Reverend William Barber, founder of Repairers of the Breach, calculated, “60% of Black people in this country are poor and are low wealth” and will be severely impacted by the president’s budget that cuts out money in Medicare and Medicaid.
Barber emphasized, “Eight hundred billion dollars would be cut from Medicare for the 10-year plan. It would cut 36 million people from Medicare, impacting more than 6 million Black people.” Barber says the president’s proposed 10-year budget is just as “dangerous and it’s deadly” as “800 people die a day from poverty.” “Black people need to be in the budget battle,” says Barber, Amid financial concerns for Black wallets, Boomer says consumers should “take a hard look at your spending. Are there areas where you could make cuts? Now is the time to increase your savings and to put cash aside to make more investments. “
