Black Business Owners Sink by 41% Due to Coronavirus-Related Economic Shutdown Policies
The American economy has suffered mightily due to shutdown policies meant to stop the spread of COVID-19, but nobody has suffered more than black business owners, according to the findings of a recent study.
Data from the National Bureau of Economic Research (NBER) has been compiled to indicate that 440,000 African Americans have been forced to give up their dreams because policies related to ongoing coronavirus hysteria. This represents an incredible 41 percent decline of black business owners during the period from February to April.
“More permanent mass closures of small businesses in the United States are likely to have a dramatic effect on employee job losses, further income inequality, and contributing to a prolonged recession,” the NBER study finds.
Black businesses have been hit harder because black business owners tend to work in industries that have not been deemed “essential,” in what could be seen as a form of institutional discrimination from primarily Democrat government officials. By comparison, white business owners declined by 17 percent during the shutdown while Hispanic business owners dropped by 32 percent.
“The negative early-stage impacts on minority- and immigrant-owned businesses, if prolonged, may be problematic for broader racial inequality because of the importance of minority businesses for local job creation, economic advancement, and longer-term wealth inequality,” said Robert Fairlie, an economics professor at the University of California at Santa Cruz, who authored the report.
Big League Politics has reported on the negative ramifications of quarantine policies pushed for by the so-called experts, which have forced many businesses to close their doors:
While the so-called experts call for a longer and longer societal lock down, financial analysts are warning that emergency measures to stop the coronavirus pandemic are likely to result in the worst economic damage in nearly a century.
The International Monetary Fund (IMF) predicted on Tuesday that the coronavirus pandemic will result in the worst recession since the Great Depression, even surpassing the economic turmoil of the late 2000s. They expect a contraction of the world economy by 3 percent whereas the economy only contracted 0.7 percent in 2009.
“The Great Lockdown, as one might call it, is projected to shrink global growth dramatically,” said IMF economic counselor Gita Gopinath in the fund’s 2020 World Economic Outlook. “Much worse growth outcomes are possible and maybe even likely.”
China and the politicians who initiated these Draconian policies to crush the economy need to be held accountable for the devastating impact they have had on American families.