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Dear Friends,
Many of us are in a state of reflection right now, myself included. I am reflecting on how we got to this point in our country and in our world, what this moment says about who we are and where we go from here. As CEO of Prosperity Now, I have also been reflecting on what this means for the future of the incredible organization I am so honored to lead.
At this pivotal moment, I see opportunity for Prosperity Now, the people we serve, and for our country. What I know is that we have faced crisis before. I also know that out of turmoil often comes innovation, progress, and necessary change.
Today, we face seemingly insurmountable challenges: the perfect storm of a deadly pandemic, economic tsunami, and an historic reckoning with racial injustice. More and more of our neighbors find themselves one crisis away from poverty. The widening racial wealth divide will keep the American dream out of reach for far too many, and for generations to come. Yet, I am hopeful. Because I know that what unites us is greater than what divides us.
I am reflecting on the findings of our recent poll [[link removed]] with the Institute of Othering and Belonging, and I am reflecting on the exit polls from last week’s election that showed common top of mind issues across political lines. I am reflecting on what we at Prosperity Now have seen throughout our forty-year history of working to build an economy that works for everyone. We all want the same things. We want safety for our children. We want to have good jobs that pay our bills and take care of our families. We want to build wealth and buy homes, or even to start a business.
This moment demands more than incremental change. Together, we must address historic wrongs and develop bold policies and practical solutions to finally create an economy that works equally well for everyone. We must develop anti-racist policies that ensure that the racial wealth divide in our country is closed in our lifetime, and we need to build a multi-racial movement to drive forward bold solutions.
Prosperity Now’s vision forward is clear; to create a fair and just economy that is free from structural inequities and racism, an economy where everyone can fully participate, without exception. This moment also calls on us as an organization to refine our focus and direction in order to accelerate progress toward this singular vision. We must recalibrate and pivot our operations and resources to meet the urgency of this moment, to determine where we need to place bigger bets and where we need to let go.
Looking ahead, we will move from just mitigating the effects of a broken racist system to transforming that system. We will incubate, test, and scale bold solutions. We will center our work in communities that have been most impacted by the systems.
We know that levers of transformational change start with our tax structure. We will deepen our work to change the tax system that currently plays a big role in perpetuating economic inequalities. The federal government today spends over $600 billion a year to promote savings, retirement accounts, higher education and homeownership. Yet, the tax code reveals at every turn these dollars largely go to wealthy, mostly white neighborhoods. People of color and Indigenous people continue to be left behind and marginalized.
We will double down on supporting baby bonds as the next iteration of our children savings account work, as they have proven to have a significant impact on the racial wealth gap in America. We must invest in our children and grandchildren so the next generation has hope and opportunity for the future. The widening racial wealth divide stops here.
Additionally, we will focus on small business development and entrepreneurship, proven to be one of the most effective paths to economic security. To that end, we have formed partnerships and coalitions to strengthen this new pillar of our work. We are partnering with the African American Alliance of CDFI CEOs to provide backbone services to support Black-led community development financial institutions in providing access to capital and access to technical assistance and access to market for Black owned businesses. We are working alongside the Expanding Black Business Credit Initiative and the Black Vision Fund, the largest fund for black owned businesses in the country. We are partnering with the Association for Enterprise Opportunity and Page30 Coalition to hold Congress’s feet to the fire in providing pandemic relief to businesses of color.
Finally, we need to work together to build a strong and unified movement to meet this moment. In reflecting on so many on the streets fighting for justice – Whites, Blacks, Latinos, Asians, Native Americans – we must work together to ensure that everybody in this country can participate fully in our American system. Let us work together to turn this once in a generation storm into the winds of progress that will finally usher in lasting change for all.
I have been committed to this work all my life. From growing up on the very streets of Minneapolis where George Floyd was killed to now leading a national organization that stands at the precipice of transformational change in America. I am humbled, hopeful, and determined to finally achieve prosperity for all.
And in reflection, I know that we become greater together. Join us. [[link removed]]
In solidarity,
Gary Cunningham
President & CEO, Prosperity Now
1200 G Street NW, Suite 400, Washington, DC xxxxxx
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