The claim that a dollar circulates in the black community for only six hours cannot be substantiated.
The federal government does not produce data that would allow such a comparison.
In addition, economists contacted by TruthBeTold.news said some of the data cited, such as information about dollars circulating in the Jewish community, is questionable because the federal government does not collect information by religion. And researchers would be unable to get the information accurately from a survey of consumers.
The earliest source of the statistic appears to be a book that is nearly 20 years old. The book also never mentions the name of the study nor provides any information about the author.
Economic experts agree that blacks may spend little of their estimated $1.1 trillion in buying power with black business. And they agree that efforts like Anderson’s to patronize those businesses are laudable goals. But they add that proponents should stop using the six-hour figure because, while it is shocking, it cannot be verified.
http://www.niemanlab.org/2016/01/a-...il&utm_term=0_8a261fca99-8753439530-395891533
The federal government does not produce data that would allow such a comparison.
In addition, economists contacted by TruthBeTold.news said some of the data cited, such as information about dollars circulating in the Jewish community, is questionable because the federal government does not collect information by religion. And researchers would be unable to get the information accurately from a survey of consumers.
The earliest source of the statistic appears to be a book that is nearly 20 years old. The book also never mentions the name of the study nor provides any information about the author.
Economic experts agree that blacks may spend little of their estimated $1.1 trillion in buying power with black business. And they agree that efforts like Anderson’s to patronize those businesses are laudable goals. But they add that proponents should stop using the six-hour figure because, while it is shocking, it cannot be verified.
http://www.niemanlab.org/2016/01/a-...il&utm_term=0_8a261fca99-8753439530-395891533