Wealth Generation Task Force
Wealth Generation Task Force Mission Statement: (WGTF)
The Wealth Generation Task Force will work to influence and advocate for the creation of policies that increase wealth, move families out of poverty, increase the numbers of middle-class Detroiters, and attract more middle-class individuals and families to Detroit.
Detroit is one of the largest majority-black cities in the Country, with approximately 78% of its residents being of African American descent. Until recently, Detroit was the largest, poorest city in the Nation with over 30% of residents living below the poverty level—a decrease from 42.3% in 2012. Only recently has Cleveland, Ohio, overtaken Detroit with that distinction. Escaping poverty, gaining economic independence, and having access to wealth can mean increasing access to opportunities, particularly for African American and Hispanic families who have less wealth than White families.
Family wealth, not just income, must be a consideration in developing policies and programs to improve Economic Mobility. The government has traditionally focused on job creation as a primary corrective action to address the Generational Wealth Gap. However, a wider array of policies must be explored and implemented to combat the wealth and income gap that currently exists. Policies aimed at helping low-wealth families save for emergencies, a home, children’s education, and a secure retirement can improve financial stability and provide a pathway toward middle or upper-class status.
In response to these challenges, Councilman Scott Benson established the Wealth Generation Task Force (WGTF) with the goal of studying and proposing methods to narrow the wealth and income gaps within the city of Detroit.