Moneda Moves (80): Texas blackouts are devastating low income communities of color
Hello familia,
We need to address what is happening in Texas. After an unprecedented snowstorm last weekend, millions lost power in an increased demand. As of Thursday, more than 500,000 people were still without power, according to CBS. Texas is facing a crisis having hit single-digit temperatures, and a slew of cases where water pipes burst, carbon-monoxide-poisoning cases water and gas shortages, the list goes on.
To this, I’ll respond with the following: Lead with empathy. We are still in the middle of a deadly pandemic and people are freezing in their homes. It’s something no one should have to go through.
If you can and want to help, food justice collective Veggie Mijas put together a very helpful guide of where you can send resources to help communities struggling in Texas right now:
The other important part of this crisis I’d like to call out is that this is absolutely a money-related story. People of color and low income communities were already hit hard by Covid, and the loss of power this week has threatened these very communities again. The Hill reported on this, citing that Black and Latino families are more than twice as likely as white households to live under the poverty line in Texas.
“Whether it’s flooding from severe weather events like hurricanes or it’s something like this severe cold, the history of our response to disasters is that these communities are hit first and have to suffer the longest,” Robert Bullard, professor at Texas Southern University, said to the New York Times.
Now is the time to step in, step up and help these communities, mi gente.
Con poder,
Lyanne
Headlines to put on your radar.
Texas blackouts disproportionately affect low-income, nonwhite communities: This is the story in full written about in today’s open, as covered by the Texas Tribune.
How Latinos are doing their best to get out of debt and avoid it altogether: Whether it’s selling food, participating in tandas (money pools), or creating a GoFundMe, Latinos have continued to be resourceful to try to keep their debt down. However, they have been one of the groups hardest hit financially by the pandemic. Cal Matters reports that while the $2 trillion CARES Act economic aid package and debt referrals have helped the community in the short term, the long-term effects remain unclear. Just in December, Latino unemployment rose above the national average to 9.3%.
Afro-Latino entrepreneur launches start-up incubator to help under-represented groups: We Tha Plug offers a 12-week incubator program that teaches aspiring tech entrepreneurs how to create a business model. Luiz Martinez founded it himself after seeing the need under-represented communities had for more tools to break into tech as well. The company hopes to help launch 1,000 tech and innovation start-ups to start. Read the full story from NBC San Diego.
Rising voices in business, fintech, entrepreneurship and beyond.
Building wealth juntos with former founder of mitú: ICYMI: There’s a new podcast episode of Moneda Moves this week.
Meet Latina entrepreneur, Beatriz Acevedo. You may recognize her as the Co-Founder of mitú, the digital media brand for young Latinos. Her career started in media at a young age, first on radio and later on television in Mexico. She later went on to co-found and chair LA Collab, a Hollywood initiative aimed at doubling Latino representation in Hollywood.
Acevedo’s latest co-founded company is set on closing the Latino wealth gap. SUMA Wealth is making financial education accessible and relatable via in-culture content, fintech tools and digital experiences.
Last October, SUMA has raised more than $1 million in a pre-seed investment round led by Chicago-based Chingona Ventures. We speak with Acevedo about the vision for the Latino platform and why launching now is critical.
Take a listen and let me know what you think.
That’s all for this week, mi gente. See you here next week.