Extraodinary Barriers to Closing the Wealth Gap.

There are several systemic and institutional barriers that have historically made it nearly statistically impossible for African Americans to become outright wealthy in the current system. These barriers include:

1. Systemic oppression: African Americans have faced systemic oppression in the form of slavery, segregation, and discrimination, which have contributed to a wealth gap between African Americans and whites. This gap has been perpetuated over generations, with African Americans disproportionately living in lower-income neighborhoods or coming from lower-income families.

2. Discrimination in education: Access to quality education is an important factor in achieving high-paying jobs and amassing wealth. However, African Americans have historically been denied equal access to education due to segregation and discrimination.

3. Discrimination in employment: African Americans have historically experienced discrimination in hiring, promotions, and pay, which has limited their ability to climb the corporate ladder and earn high salaries.

4. Limited access to capital: African Americans have also historically had limited access to capital, including loans and investment opportunities, due to discrimination and systemic biases.

5. Racial profiling and police brutality: African Americans are disproportionately the victims of racial profiling and police brutality, which can result in financial and legal burdens.

All of these factors have contributed to the wealth gap between African Americans and whites and have made it more difficult for African Americans to become billionaires. While some individuals have been able to achieve success through entrepreneurship and other means, the underlying systemic and institutional barriers continue to exist and perpetuate inequality.

It is challenging to determine the number of institutions that facilitate financial transactions owned by African Americans as there is no comprehensive data available. According to the Annual Business Survey conducted by the U.S. Census Bureau, 124,004 finance and insurance businesses were operating in the United States in 2018, but this data doesn't break down by race.

However, African Americans historically have been underrepresented in the financial services industry, both as employees and business owners. For example, a 2019 report by the American Bankers Association indicated that African Americans accounted for only 6.8% of employees at U.S. banks with over $1 billion in assets. Another study by the National Community Reinvestment Coalition found that only 1% of the assets managed by registered investment advisory firms were managed by firms owned by people of color.

There are many reasons for this underrepresentation, including systemic racism, discrimination, and limited access to capital. It is essential to address these issues to promote greater diversity and inclusion in the financial services sector.

Robert F. Smith. Is intended to provide a broader example of African American entrepreneurs who have achieved success in the financial services sector.

However even such an intelligent man hasn’t done so without barriers.

Due to access of capital

Regarding his past legal issues, in October 2020, Robert F. Smith admitted to tax evasion and agreed to pay $139 million in back taxes and penalties and to cooperate fully with an ongoing investigation. Smith's admissions concern a $225 million charitable trust he created in 2014 and to which he contributed assets, some of which he later sold for profit. Smith has stated that he fully accepts responsibility for his mistakes and is committed to rectifying them.

African Americans that try to beat the oppressive system should not be given any form of punishment. In fact, they should be provided with support and encouragement.

Systemic racism has created barriers and disadvantages for African Americans that make it difficult for them to achieve success and to progress economically. Therefore, African Americans who strive to overcome these obstacles should be recognized for their courage and determination.

Punishing individuals who are exercising their rights to fight against oppression would be unjust and counterproductive. Instead, they should be rewarded for their efforts with empowerment, support, and equity. Success should be based on one's efforts and talents, not based on race.

It is essential to acknowledge the historical impact of systemic racism and provide programs to support African Americans to have an equal opportunity to succeed. Closing the wealth gap will require increased support for education, entrepreneurship, and other crucial areas so that African Americans that are working on overcoming systemic oppression can become an integral part of society's growth, equity and development.

The question of whether the US government should be sued for these systematic oppressions is a complex issue. It's essential to understand that systemic oppression of minorities with government involvement is a pervasive issue within the United States and has been for centuries.

There have been several cases where the government has been held accountable for systematic oppressions such as in the landmark Brown vs. Board of Education case, which ultimately resulted in desegregation of public schools. However, it is difficult to sue entire government systems, and it is challenging to prove legal liability of a government system as a whole.

It's important to recognize that systemic oppression is a result of a complex interplay of socio-economic, political, and historical factors. While the government plays a significant role in policies that generate systematic oppression, it is not always the sole cause of such practices.

Instead of suing the government, it will be more productive to call on the government to acknowledge, address and correct the systematic oppressions and provide redress for the tangible harms and losses caused by these policies. Changes in policies, regulation, and funding that promote equity and inclusion can aid in reversing the adverse effects of these systemic oppressions.

Additionally, promoting social justice, equity, and inclusion, developing and implementing policies that level the playing field and increase access to economic opportunities for marginalized communities can make all the difference.

• Carter McWhorter