Several days ago I received an email from Marketplace with the subject line: Forget the 1%. The 0.01% owns 12% of all wealth in America. When I clicked through, things got worse: Around 50 percent of the US population has zero net wealth. Their debts, effectively, equal their assets.
Despite some familiarity with income inequality and persistent poverty in the U.S., the reality of so much being owned by so few and of so many owning nothing at all hit hard.
Even with the Great Recession behind us, numbers that reinforce the harsh realities of racial and economic disparity are released daily. “The Urgency of Now: Foundations’ Role in Ending Racial Inequity” in the latest issue of The Foundation Review presents many of the issues and the depth of the challenge we find ourselves in. It surveys philanthropy’s evolution in addressing poverty and traces a long history of the racialization of institutions and systems.
But the article, by Gary Cunningham, Northwest Area Foundation; Marcia Avner, University of Minnesota — Duluth; and Romilda Justilien, BCT Partners also explores multiple approaches that foundations can use to advance racial equity and prosperity. And it offers specific approaches used by the Northwest Area Foundation, an MCF member, that others working for equity could also employ.
MCF and many of its members work in multiple ways to advance equity. By equity, we mean the conditions that will exist when factors such as racial, ethnic, economic and geographic differences are no longer predictors of life outcomes. We believe it’s important because inequities experienced by some threaten the future prosperity of all.
- Susan Stehling, MCF communications associate