UniiQe Life Network | The Truth About Capitalism | Wealth Transfer Series Pt.3

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The Truth About Capitalism | Wealth Transfer Series Pt.3

October 17, 2024

by Dominique Galbraith

A study from 2017 claimed that the Black community would have a net worth of zero by 2053.

The devil is a liar.

The study focused on comparing the wealth of white families to Black and Latino families.

However, the study failed to show any correlation between the wealth of white families and the lack of wealth for Black and Latino families. It also offered no substantial evidence to support its claim that Black wealth will be zero by 2053.

The study was a political tactic designed to stoke racial tensions and create public outrage, pushing politicians to pass policies aimed at taxing the rich, while falling massively short of offering solutions to increase wealth for Black and Latino families.

Though nothing more than propaganda, the headline serves as a warning and a call for us to examine the real reasons behind the wealth gap between the wealthy and the masses.

Proverbs says, “The rich man’s wealth is his strong city, and the destruction of the poor is their poverty.”

Growing up hearing this proverb, I often focused on what it said about the poor, but never considered what it said about the rich long enough to ask:

How can one build a strong city?

Like many, I was stuck on the challenges and injustices facing the poor, finding it difficult to identify with or imagine being in the position of the rich.

If the American economy were a game, we wouldn’t just be losing; we’d also be sitting on the sidelines, complaining about our “opponents” cheating or that the game was rigged. In reality, not everyone who wants to win plays by the rules.

What are the rules of the American economic game?

They are:

– Ownership

– Innovation

– Marriage

And the name of the game is CAPITALISM.

Many have disqualified themselves by believing the lie that they can’t prosper because the odds are stacked against them.

Many have disqualified themselves by viewing themselves as inferior.

In a sense, the game is rigged. It’s rigged to have the Black community believe that political positions and policies are the path to economic power and that without government intervention, we have no hope.

Meanwhile, every other community understands that economic power is obtained through owning assets. In this way, regardless of who holds political power, their community prospers.

It is foolish to continue lamenting the wealth gap when we aren’t applying the principles that create wealth. We’ve been brainwashed not only to despise capitalism but to turn our backs on the very thing that could give us the resources to transform our communities and elevate our families.

We were taught to embrace a socialist economic system in which taxing the rich and government regulations are thought to level the playing field through wealth redistribution. Socialist policies have been in place for several decades, and they have raised the cost of living while downgrading the quality of life in predominantly Black communities. The problem is that social programs, while helpful in times of need, keep people trapped in poverty. Wealth will never be redistributed enough to make the poor wealthy.

But what if we played the game?

Let’s go back to the rules of the game.

Ownership

Wealth is generated by investing in and owning assets—assets such as businesses, stocks, and real estate. Many of us were taught to go to college and get a good-paying job. The problem is that you cannot create wealth by exchanging your time for money. Those who create pointless, sensationalist reports about the wealth gap rarely mention this key factor in wealth creation and often overlook cultural values that influence how we invest or fail to invest our income.

Innovation

One of the key reasons America has been a global leader is due to the innovation of Americans and American companies, supported by a free market—or what we call a capitalist economy—that provides an environment to sell and advance our creations. Innovation is not limited by race, gender, or economic class. It is an ability given to all by the Creator. However, taking your creation from concept to success in the market requires commitment and belief in your potential. Is it possible that disbelief in our abilities, combined with the narrative of oppression, has caused many to sit on their ideas, depriving themselves and their families of wealth and the world of benefiting from their creativity?

Marriage

It’s interesting that the tax code is written to benefit not only businesses but also married households. Taking advantage of the tax code is one of the ways the wealthy protect their wealth. A recent U.S. Census Bureau study analyzing the 2021 Survey of Income and Program Participation (SIPP) revealed a correlation between marital status and household wealth. The study found that, across all age groups, households led by married couples consistently showed a higher median net worth compared to those led by unmarried individuals, and this trend holds true across racial and ethnic groups.

Could it be that the needs and voids that God created for us to meet within the covenant of marriage create an environment for wealth generation? The Bible says one can chase a thousand, and two can put ten thousand to flight. Simply put, we can do better together. Our children, communities, and society all benefit from healthy marriages.

The truth is, many of us are already playing the American capitalist game—and winning. We’ve seen a significant rise in Black wealth that correlates directly with a rise in entrepreneurship, stock investments, and real estate acquisition.

Social media has given us access to information that the education system left out and that our parents didn’t teach us because they needed to gain the knowledge themselves.

The strategy to build a strong city is not just available to those born into wealth—it’s available to all who wish to learn.

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