WEBVTT - National Urban League CEO Marc Morial Talks Workforce for Black Americans

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Our Bloomberg News team

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<v Speaker 1>out with a piece this week about how black mothers

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<v Speaker 1>with young children are leaving the workforce at an alarming pace.

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<v Speaker 1>Labor force participation carol among black mothers aged twenty five

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<v Speaker 1>to fifty four with children under five. So it's a

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<v Speaker 1>really important demographic piece. Twenty five to fifty four is

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<v Speaker 1>the prime working age okay has fallen eleven and a

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<v Speaker 1>half percentage points in just three months. It's dropped to

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<v Speaker 1>its lowest level in over thirty years. This is according

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<v Speaker 1>to analysis of BLS data by Lauren Bauer and Economic studies.

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<v Speaker 1>Fellow at the Brookings Institution.

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<v Speaker 2>Back with us is Mark Moril. He is president and

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<v Speaker 2>CEO of the civil rights and urban advocacy organization, the

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<v Speaker 2>National Urban League. He joins us from New York. Mark,

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<v Speaker 2>thank you so much, nice to have you. Thanks back

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<v Speaker 2>on back on Bloomberg. You know we set up tim

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<v Speaker 2>I just mentioned we were talking about labor force participation

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<v Speaker 2>among black mothers. The piece continues to note that the

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<v Speaker 2>decline is not simply part of a broader retreat among

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<v Speaker 2>working mothers driven by return to office mandates and childcare pressures.

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<v Speaker 2>White and Hispanic mothers have seen much smaller pullbacks. That

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<v Speaker 2>suggests the reversal is particularly cute among Black mothers. It's

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<v Speaker 2>a group of workers we know who are traditionally more

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<v Speaker 2>likely to work than their peers. What is going on?

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<v Speaker 2>Give us your view on this.

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<v Speaker 3>One thing that's going on is that many of these

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<v Speaker 3>Black women have been laid off from their jobs. The

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<v Speaker 3>DOGE cuts, the attacks on diversity in corporate America have

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<v Speaker 3>costs live literally over half a million, maybe three quarters

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<v Speaker 3>of a million Black women their jobs. These are professional

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<v Speaker 3>black women in many respects, so with college degrees and

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<v Speaker 3>graduate degrees. And that impact is exacerbated by the fact

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<v Speaker 3>that childcare is exceedingly expensive and difficult. So mothers, if

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<v Speaker 3>you do not have a job, you may have to

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<v Speaker 3>retreat from the workforce and stop looking for work for

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<v Speaker 3>a period of time. And I think that is what

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<v Speaker 3>is going on. It is difficult out here. I mean,

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<v Speaker 3>I mean these numbers. I can say anecdotally, I run

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<v Speaker 3>into so many Black women who have never known unemployment

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<v Speaker 3>who are now out of work. And these are hot,

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<v Speaker 3>excuse me, highly educated, college educated black women.

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<v Speaker 4>This is what's going on.

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<v Speaker 3>Look at this job's report, we've got a loss of jobs,

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<v Speaker 3>and then we've got a black unemployment rate at six

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<v Speaker 3>point three percent, where two years ago it was four

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<v Speaker 3>point three percent.

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<v Speaker 4>So things are deteriorating. It's tough out here, it's difficult.

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<v Speaker 1>Mark. What is what is notable about this is you

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<v Speaker 1>know this this report that that we're getting from our

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<v Speaker 1>Bloomberg News team. This this came out yesterday. Okay, we

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<v Speaker 1>get additional data about the workforce today, as we do

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<v Speaker 1>every single month with the payrolls report. But last week,

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<v Speaker 1>or I should say last month, just at the end

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<v Speaker 1>of last month, you and the team at the National

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<v Speaker 1>Urban League came out with a stark warning essentially that

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<v Speaker 1>says the American dream may not be dead for many

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<v Speaker 1>Black Americans, but it's further away than at any point

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<v Speaker 1>since the Civil rights movement. How does the data that

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<v Speaker 1>Carol and I were talking about fit into what you

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<v Speaker 1>found big picture about where we are since the civil

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<v Speaker 1>rights movement?

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<v Speaker 3>I think it supports the fact that in the last

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<v Speaker 3>eighteen months we've seen a deterioration and it's been an

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<v Speaker 3>attack on many of the structures, the Civil Rights Act,

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<v Speaker 3>the EEOC, the commitment by the government to lead when

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<v Speaker 3>it comes to diversity and all of the retreats and

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<v Speaker 3>all of the retrenchments. And when we talk to people

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<v Speaker 3>in the community, and this is black people, but I

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<v Speaker 3>would say even beyond they say the American dream is

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<v Speaker 3>beyond my reach. The idea of a stable job that

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<v Speaker 3>pays and allows me to prepare for retirement, that I

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<v Speaker 3>can own, a home that I can afford, take care

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<v Speaker 3>of health care, take care of my parents, take care

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<v Speaker 3>of my children. We are dealing with what the American

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<v Speaker 3>people are saying. With Black Americans are saying that the

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<v Speaker 3>American dream is beyond reach. We have to restore, revive,

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<v Speaker 3>refine the American dream, which is why our State of

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<v Speaker 3>Black American Board includes a five to six point affordability agenda.

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<v Speaker 3>My premise is that America's priorities are misplaced. The misplacement

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<v Speaker 3>is that this focus on wars two billion dollars a

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<v Speaker 3>day in Iraq and the depletion of our missile stock

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<v Speaker 3>stock piles a fiscal plan, which is all the Big

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<v Speaker 3>Ugly Bill is called.

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<v Speaker 4>I call it the Big Ugly bill.

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<v Speaker 3>That shifts resources significantly away from middle class Americans, working

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<v Speaker 3>class Americans, aspiring middle class Americans, and vulnerable Americans to

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<v Speaker 3>the richest billionaires in America, just one thousand people. And

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<v Speaker 3>the American people on the right, the middle, and the

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<v Speaker 3>left are not pleased with the direction of the country

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<v Speaker 3>and the priorities of the country. So this board speaks

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<v Speaker 3>to Black America, but I think it speaks much more

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<v Speaker 3>broadly to all of the American people.

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<v Speaker 2>Mark, do you want to grab some water? We don't

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<v Speaker 2>know if you need to get a little bit of water.

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<v Speaker 2>Are you okay?

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<v Speaker 3>Yeah, I'm going to work through this. Yeah, I've been

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<v Speaker 3>I had a little hiccup attack.

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<v Speaker 1>Oh okay, we've all been there.

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<v Speaker 4>Mark, that's right.

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<v Speaker 2>We've also had coffee attacks on air. So that's fine

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<v Speaker 2>as long as you're okay. We were just want to make.

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<v Speaker 1>Sure to be fair. Marcus spent you know, his lifetime

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<v Speaker 1>speaking in front of large groups as a former mayor

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<v Speaker 1>of New Orleans from nineteen ninety four to two thousand

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<v Speaker 1>and two. He was the city's youngest mayor. He has

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<v Speaker 1>was a Louisiana State senator too in the nineteen nineties.

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<v Speaker 1>So yeah, we've all been there, Mark.

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<v Speaker 2>We have definitely been there for your indulgent Mark. You know,

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<v Speaker 2>one of the things we think about we talk about

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<v Speaker 2>a lot. I mean, the first date of Black America

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<v Speaker 2>was published in seventy six. It's a long time ago, right,

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<v Speaker 2>there's a lot of years. There's a lot has happened,

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<v Speaker 2>you know, and I am amazed at some things have

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<v Speaker 2>certainly gotten better, but we still have some really tough

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<v Speaker 2>situations for segments of our population, for segments of what

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<v Speaker 2>is America. And I don't know if we're making progress anymore.

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<v Speaker 2>When you look at policies that are out there, what

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<v Speaker 2>could we do better?

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<v Speaker 3>One thing we can do better is focused on income,

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<v Speaker 3>the earnings of people. The fact that we haven't had

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<v Speaker 3>a comprehensive national minimum wage bill since two thousand and

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<v Speaker 3>seven is tragic. Even though we've been through economy up

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<v Speaker 3>excuse me ups and downs.

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<v Speaker 4>We need a national living wage bill.

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<v Speaker 3>We've got to recognize that too many people are working

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<v Speaker 3>hard everyday day, they work sometimes two jobs, but they

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<v Speaker 3>still can't make ends meet.

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<v Speaker 4>So we've got to work on income.

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<v Speaker 3>We've also got to work on what is driving the

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<v Speaker 3>affordability crisis, and that is housing. The cost of housing.

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<v Speaker 3>The cost of housing has increased five times faster than incomes.

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<v Speaker 3>Think about that since the year two thousand there are

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<v Speaker 3>many reasons for it.

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<v Speaker 4>We need to build.

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<v Speaker 3>We need an aggressive, an aggressive initiative in this country

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<v Speaker 3>to build more affordable housing. And I think we ought

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<v Speaker 3>to take the housing voucher program, which has worked for many,

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<v Speaker 3>many years, and expand the eligibility. It's sometimes called the

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<v Speaker 3>Section A program. We could do it with the exact

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<v Speaker 3>same amount of money we're spending on your animal.

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<v Speaker 4>That is the point. It's an issue of priorities. What

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<v Speaker 4>are we prioritizing in America?

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<v Speaker 3>Are we prioritizing affordability, are we prioritizing inclusion, or are

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<v Speaker 3>we prioritizing destruction? You know, we're prioritizing the transfer of

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<v Speaker 3>wealth to the highest and most successful Americans. And look,

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<v Speaker 3>I'm not a billionaire basher, that's not the point. I

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<v Speaker 3>just think billionaires shouldn't get any special breaks, no special privileges.

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<v Speaker 3>I think they ought to pay the same taxes as

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<v Speaker 3>a you know, as a reporter or an anchor, or

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<v Speaker 3>a nurse, or a firefighter, or a teacher or a

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<v Speaker 3>service worker. I think that is the fundamental principle of

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<v Speaker 3>fairness in America.

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<v Speaker 1>But Mark, I want to dig into this housing part

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<v Speaker 1>of the conversation. We talk about this a lot, and

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<v Speaker 1>there's there's certainly no clear, easy answer to this, and

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<v Speaker 1>that's why I'm interested in what you have to say.

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<v Speaker 1>You worked, you were in local politics as as mayor

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<v Speaker 1>of New Orleans, you're a state senator. You have a

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<v Speaker 1>national position. Now it's not a political position, but it's

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<v Speaker 1>a national advocacy organization. Doesn't this have Doesn't the housing

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<v Speaker 1>issue have to have to start the local level because

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<v Speaker 1>so much of this is about you know where exactly

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<v Speaker 1>a home.

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<v Speaker 3>There can be no doubt that the local level is

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<v Speaker 3>important that. I think cities and mayors all across America.

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<v Speaker 3>I mean even in New York You've seem a whole

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<v Speaker 3>series of mayors here do what they can with the

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<v Speaker 3>resources that they have.

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<v Speaker 4>This is a resource problem. Here's why.

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<v Speaker 3>The housing market, the building of affordable housing slow now

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<v Speaker 3>with nine eleven and it never bounce back. So all

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<v Speaker 3>estimates are that we're fortified million units short. This takes

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<v Speaker 3>a big play in the early twentieth century. In the

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<v Speaker 3>middle twentieth century, when we had a housing crisis in America,

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<v Speaker 3>the federal government stepped in and produced tools.

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<v Speaker 4>Those tools were Faha, Fanny May Freddie Mack.

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<v Speaker 3>Later on in the nineteen seventies, the Community Reinvestment Act,

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<v Speaker 3>a series of tools that helped to leverage private sector

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<v Speaker 3>funding public money with state and local action.

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<v Speaker 4>It was enormously successful. We've got to get.

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<v Speaker 3>Back to this idea that it is not the FEDS

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<v Speaker 3>versus the state, state versus the city, not the public

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<v Speaker 3>sector versus the private sector, but a combination of all

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<v Speaker 3>of these factors to deal with one of America's great crisis.

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<v Speaker 3>The cost of gas is hurting Americans. I would say

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<v Speaker 3>that the cost of housing is really hurting Americans, young

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<v Speaker 3>and old, black and white. It's more exacerbated for black

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<v Speaker 3>and brown communities, but it is not limited to black

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<v Speaker 3>and brown communities. Well, we face and so yes local action,

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<v Speaker 3>but it's a combination because the problem is so massive.

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<v Speaker 3>Four to five million housing units underwater in the country.

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<v Speaker 3>Too many Americans paying up to fifty percent plus of

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<v Speaker 3>their take home income for rents and mortgages.

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<v Speaker 4>This is not sustainable if we are.

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<v Speaker 3>Going to revive, reform and resuscitate the American dream.

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<v Speaker 2>You know, we think so much too. We talk a

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<v Speaker 2>lot about the Investment Office audience, and you know, we

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<v Speaker 2>have to remind everybody that not everybody's in the stock market,

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<v Speaker 2>and there are two, three or four different Americas, and

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<v Speaker 2>it does feel like we're at a point in time

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<v Speaker 2>where we've really forgotten so many members of our population

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<v Speaker 2>and what makes up America. Do you have hope going

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<v Speaker 2>forward for Black Americans and those that are forgotten.

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<v Speaker 3>I'm an eternal optimists, but I do think people are

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<v Speaker 3>going to have to send a message in these midterms

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<v Speaker 3>to rebalance the conversation because the premise here is what

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<v Speaker 3>are America's priorities. I believe that America's priority should always

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<v Speaker 3>be centered around domestic tranquility, domestic economic growth, inclusionary economic growth.

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<v Speaker 3>And I think when we do that as a nation,

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<v Speaker 3>the public sector and the private sector thrive. The private

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<v Speaker 3>sector and the stock market thrive. Remember, two thirds to

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<v Speaker 3>three fourths of the America economy is driven by consumer spending.

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<v Speaker 3>People have money in their pocket to spend. This is

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<v Speaker 3>why I'm such a proponent of wage increases and such

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<v Speaker 3>a proponent of increasing the minimum wage. It's going to

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<v Speaker 3>benefit the overall economy. And we have to embrace a

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<v Speaker 3>if you will, if you will, a a a if

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<v Speaker 3>you will A philosophy of public private partnerships at the

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<v Speaker 3>national level. We have to embrace the philosophy of the states,

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<v Speaker 3>working with the Feds, working with local government in order

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<v Speaker 3>to accomplish these big things. I think I see mayors

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<v Speaker 3>all across the country. I know we're active in the

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<v Speaker 3>housing market. We helped two thousand people become homeowners for

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<v Speaker 3>the first time last year. We could do four thousand,

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<v Speaker 3>We could do five thousand if there was a housing

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<v Speaker 3>supply and an increase in the number of twos. When

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<v Speaker 3>I was Mayor of New Orleans, I put a big, big,

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<v Speaker 3>big push on this, but I had Fannie May, Freddie Mac,

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<v Speaker 3>the banks, community based lenders, the Clinton administration all partnering

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<v Speaker 3>with us, and we increase significantly the number of housing

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<v Speaker 3>units and the significant number of affordable housing units in

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<v Speaker 3>the city, not only for rent, but also for home ownership.

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<v Speaker 2>Mark, we know there's so much to go through, and

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<v Speaker 2>we do hope you will afford us some time in

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<v Speaker 2>the future again so we could continue this conversation, especially

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<v Speaker 2>as you mentioned with you guys, we would love that.

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<v Speaker 2>We would love that go get some water. Hopefully the

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<v Speaker 2>hiccups are over. We've all been there. We've all been there. Mark, staywell,

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<v Speaker 2>have a good weekend Mark Moriol. He's president CEO of

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<v Speaker 2>the civil rights and urban advocacy organization. Of course it

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<v Speaker 2>is the National Urban League joining us as we appreciate

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<v Speaker 2>his time on this Friday