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Blog by Isabel Nuesse

The COVID-19 pandemic has brought long-avoided issues in the US into the light – such as the rampant racial wealth divide – and has sparked the world’s largest civil rights movement.

For instance, in Boston, white households have a median wealth of $247,500, while Dominicans and Black Households have a median wealth of close to zero.[1] And that was before COVID.

Now, the US is facing hugely disproportionate death-rates for Black and Native people than LatinX, Asian or White Americans. See the chart below:

On June 10th, Jerome H Powell, the Federal Reserve Chair said, “This is the biggest economic shock in the U.S and in the world, really, in living memory. We went from the lowest level of unemployment in 50 years to the highest level in close to 90 years, and we did it in two months.”

The Institute for Policy Studies suggests that White Supremacy is the pre-existing condition that has made the COVID-19 pandemic deadlier for people of colour. The racial wealth divide is a result of the history of the United States in of upholding the ideals and structures of White Supremacy, which disadvantage communities of colour.

The Institute for Policy Studies has identified eight solutions to ensure the post-COVID economic recovery diminishes the racial wealth divide and moves toward greater equity in wealth and assets:

  1. Improved Racial Data Collection as Part of Emergency Investments
  2. Racial Equity Audits of Crisis Relief and Recovery Policies
  3. Income Support that Expands to Guaranteed Income
  4. Postal Banking
  5. Medicare for All: Delinking Universal Health Care from a Job
  6. Expanding Inclusive Housing and Ownership
  7. Federal Jobs Guarantee with Living Wage
  8. Baby Bonds

We would highly recommend reading the full report to dive deeper into the racial wealth divide in the US and how we can start to Build Back Better toward a more equitable society.

You can follow the Institute for Policy Studies on social media – Twitter, Facebook, Instagram.


[1] https://www.bostonfed.org/-/media/Documents/color-of-wealth/color-of-wealth.pdf

Earlier this month, the WEGo partnership was featured in the 2020 edition of WWF’s Nature In All Goals publication, which outlines how we can restore our relationship with nature to realise the promise of the SDGs and Leave No One Behind.

Individually, the 17 SDGs define key areas of progress for humanity. Delivered together, they will transform the world and create prosperity for all on a healthy planet.

The publication gives inspirational examples of where each of the 17 SDGs have been put into practice – ranging from Supporting Conserved by Indigenous Peoples and Communities in Myanmar to Renewable energy solutions for better health and energy security in Karachi, Pakistan.

In WEAll’s article, we discussed how to shift toward a Sustainable and Just economy – one that promotes wellbeing for all. 

Action on the SDGs in the next ten years is not possible without a fundamental transformation of our economic system.

In order to do this, WEAll’s membership has developed the 5 priorities a wellbeing economy should deliver on.

‘We All Need’:

  1. Dignity: Everyone has enough to live in comfort, safety and happiness
  2. Nature: A restored and safe natural world for all life
  3. Connection: A sense of belonging and institutions that serve the common good
  4. Fairness: Justice in all its dimensions at the heart of economic systems, and the gap between the richest and poorest greatly reduced
  5. Participation: Citizens actively engaged in their communities and locally rooted economies.

These principles guide the work of the Wellbeing Economy Governments (WEGo) partnership.

WEGo member states have achieve great successes in mainstreaming social equity and ecological restoration – in line with the SDGs:

Read all of the inspiring examples of the shift toward a wellbeing economy in the WWF’s Nature In All Goals publication, here.

Do you remember wanting to create change in the world, but not knowing how to achieve this through your career?

Promoting Economic Pluralism wants to give young people 25 and under a say in how we use the recover to Build Back Better.
That’s why they are holding the virtual Festival for Change, which offers expert career guidance for youth on how to help shape a better future through their career – for free! WEAll Youth is proud to be a festival partner.
From July 27th, people from around the world can enter a competition and enjoy a series of online events to change the economic outlook of the world, post pandemic.
1. Develop a proposal to shape new economic landscapes in a Challenge.
2. Join an Explore Workshop to discuss how to widen your thinking
3. Watch Provocation Sessions led by world-renowned speakers on new ideas and approaches to global issues.

Register here.