As we mark the 50th anniversary of Martin Luther King’s “I Have A Dream Speech,” we find reason for pause, for praise, and for lament. There is much to celebrate because MLK’s dream has been experienced for many blacks, albeit imperfectly, especially for the black middle-class. There have been some racial tensions along the way, but the black, middle-class, Civil-Rights generation has accomplished great things since the 1960s. The private sector has demonstrated some of the greatest gains because skill and performance do not have a color.
Black Enterprise Magazine has compiled a list of some of the most accomplished black CEOs. The magazine reports that in 1987, Dr. Clifton R. Wharton, Jr. became Chairman and CEO of TIAA-CREF, distinguishing him as the first black CEO of a Fortune 500 company. Franklin Raines became the second black person to lead a Fortune 500 company when he became CEO of Fannie Mae in 1999. Moreover, American Express, Merck, Xerox, McDonald’s, Citigroup, Alcoa and many other large companies are full of all sorts of black talent in key positions representing the best of what Dr. King envisioned 50 years ago.
The public sector, however, has been an absolute disaster. This is where we pause for much lament. Low-income blacks have experienced nothing but a sabotaged King dream at the hands of elites who not only took it upon themselves to make decisions for how blacks should live, but also used the coercive power of government to do so. For example, as predicted in 1965 by Daniel Patrick Moynihan (who was, at the time, a sociologist serving as Assistant Secretary of Labor and later as U.S. Senator) in “The Negro Family: The Case For National Action,” expanding welfare programs destroyed the black family in low-income areas. According to the most recent data, over 70% of all black children are born outside of the context of marriage compared to 17% for Asian-Americans and Pacific Islanders. Given what we know to be the advantages of children being reared in two-parent homes, this fact alone may explain much of the achievement gap and social mobility gap between blacks and Asian-Americans.