Pelton on Reducing Racial Wealth Gap: GBH
President Pelton contributed to a GBH piece, part one of a two-part series on colleges and minority-owned businesses, which includes reaction to a GBH analysis of purchases by the Massachusetts Higher Education Consortium. Of nearly 700 active contracts, only 14, or 2 percent, went to state-certified minority-owned businesses.
Pelton acknowledges that Emerson must do better as an institution in this area, and also plans to send a letter to other private college presidents by the end of 2020 asking them to support local minority-owned businesses.
We know that the Federal Bank in Boston said that the median net worth of a white family is about $247,000 and $8 for an American-born Black family. [Supporting] minority-owned businesses is one path to reducing the racial wealth gap, because minority-owned businesses generate economic output.
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