In the on-again-off-again decisions from the White House about tariffs, it’s often hard to discern whether the percentages, which fluctuate from one nation to another, are part of a financial strategy or just threats aimed at those who refuse to genuflect before America’s newly seated oligarchy.
As many economists predicted, the results of these tariffs have been disastrous as global markets continue to plunge and fears of a recession increase with each passing day.
The president insists that this is all part of his mandate from the voters who helped him garner the popular vote over his opponent, Kamala Harris, 77.3 million to 75 million votes. But to secure his victory, the president, like most candidates, made promises to voters including, “On day one, prices will go down.”
But that was before the general election. So far, that promise has been broken. For those families who were already struggling to survive and living day to day, it seems that all they’ve been given are promissory notes or checks which have been returned and labeled “insufficient funds.”
Within the last several days, eggs prices, among other food items, have reached record highs while mortgage rates have surged to over 7%. Further, computer and cell phone prices may make it impossible for some of us to upgrade soon, if the leaders of China and America don’t come to some sort of agreement.
Mandate notwithstanding, Americans have been urged, according to the president’s latest comments on his social media platform, to “Be Strong, Be Courageous, and Patient, and GREATNESS will be the result!”
Perhaps white households can better weather this storm that continues to brew than Black households. After all, based on 2022 data from the Brooking Institute, the median wealth of a white household is $188,200 – 7.8 times more than the average Black household at $24,100.
The problem many Americans face is not about buying a larger home, taking trips abroad or choosing which college they want their children to attend. The problem is finding ways to pay for the essentials.
In a study published by the Federal Reserve Bank of Minneapolis, financial experts determined that necessities like groceries, electricity and wireless phone services make up a larger share of Black families’ budgets than Whites. Black households are also spending a larger portion of their income on goods and services with prices that change more often.
The president wants us to be patient and make another promise, saying good times are just around the corner.
But as the Rev. Dr. Martin Luther King Jr. exclaimed in his book that chronicled African American activism in 1963, “Why We Can’t Wait,” there is no “right time” for one to pursue civil rights and equality. King believed that waiting for justice only delays it and perpetuates injustice.
“Justice delayed,” King said, “is justice denied.”
The cost of being poor in 2025 is wreaking havoc on millions of Americans, African Americans in particular, and in the words of King, they simply “can’t wait.”