By Felicia J. Persaud
News Americas, NEW YORK, NY, Fri. Feb. 14, 2025: Another Black History Month is here, and sadly, the so-called progress made in the wake of Black Lives Matter has all but vanished. The federal government, under the direction of a new administration, has declared DEI “illegal and immoral,” signing an executive order to halt all such programs and lay off diversity staff. The corporate world, which tried to support Diversity, Equity, and Inclusion (DEI), is now rapidly dismantling those same programs out of fear or simply because they did not care in the first place.
On February 5, the U.S. Military Academy at West Point followed suit, shutting down over a dozen cadet clubs that supported ethnic, gender, and LGBTQ+ representation. Even the Justice Department is now actively urging private companies to abandon DEI efforts, signaling a coordinated attack on programs meant to uplift Black, Indigenous, and People of Color (BIPOC) communities. Meanwhile, corporate America is caving to the pressure. Walmart, Target, McDonald’s, Amazon, and others have quickly backtracked on their commitments. The result? A devastating drop in economic opportunities for Black communities. Data from 2024 shows that U.S. startup funding for Black founders hit a multiyear low of just 0.4% – a stark contrast to the hollow promises made during the BLM movement.
So where do we go from here? If history has taught us anything, it’s that we cannot depend on others to lead us. It is time to build our own economic infrastructure, one that mirrors the vision laid out by Jamaican Marcus Mosiah Garvey, one of America’s greatest Black immigrants and strategists.
The Garvey Plan: A Blueprint for Black Economic Power
In the 1920s, Marcus Garvey championed a radical yet simple idea: economic self-sufficiency. He believed that Black people, globally, could achieve true independence through entrepreneurship, ownership, and trade. His vision was one of Black-controlled businesses, financial institutions, and industries, ensuring that wealth generated by Black communities stayed within them. Garvey understood that economic strength leads to political and social power. He urged Black people to support Black-owned businesses, build institutions, and circulate wealth within their own communities. His message, nearly a century later, remains more relevant than ever.
The Time For Action Is Now
With Black purchasing power projected to reach $1.7 trillion by 2030, we hold immense economic influence – yet much of that wealth is spent outside our own communities. It is time to redirect our spending and investments to create our own economic powerhouse.
What Does This Look Like in 2025?
Stop spending our money with companies that have abandoned DEI.
• Boycott businesses that refuse to support diversity.
• Seek out, buy and invest in Black-owned alternatives.
Build and scale Black businesses.
• Turn small Black-owned businesses into industry leaders by supporting them and getting them investments to grow.
• Wealthy Black entertainers, athletes, and professionals including black billionaires must invest in Black startups and enterprises.
Create a Black Sovereign Wealth Fund.
• Invest in a fund that will allow invested financial resources to invest exclusively in Black-owned businesses.
• Support industries like media, finance, real estate, healthcare, and technology.
Fund Black entrepreneurs and storytellers.
• Own our narratives by investing in Black filmmakers, authors and media outlets.
• Support Black-owned ad and PR agencies to control how our stories are told.
Develop Black-owned institutions.
• Open private Black-owned schools to educate the next generation and preserve our history.
• Establish Black-led clinics and pharmacies for community healthcare.
• Support and grow black law practices nationally.
Build Black-controlled industries.
• Grow and launch more Black-owned supermarkets, restaurants, banks, dealerships, and tech companies as an alternative to Amazon, Facebook and Netflix.
• Support and grow our own Black hair and beauty businesses instead of going outside and spending millions annually.
Grow a global network of Black economic power.
• Connect and grow with Black businesses and industries across the U.S., the Caribbean, Africa, and Latin America.
The Road Ahead: From Black Wall Street to Wakanda
Our own politicians have failed us, and the institutions we once looked to for inclusion are proving their true priorities. The only way forward is through economic sovereignty – block by block, city by city, state by state. The original Black Wall Street in Tulsa, Oklahoma, was a testament to what happens when Black people invest in themselves. We must build the next Black Wall Street – bigger, stronger, untouchable and nationally and internationally.
Let’s stop talking and start doing. Let’s make Marcus Garvey’s economic vision a reality in 2025 and beyond. It’s time to go green – not just for the environment, but for the economic revolution our people deserve. That will be a Happy Black History Month.
EDITOR’S NOTE: Felicia J. Persaud is the publisher of NewsAmericasNow.com, a daily news outlet focused on positive news about Black immigrant communities from the Caribbean and Latin America and the founder of CARIBPR WIRE and Invest Caribbean.
