Our struggle to pay bills isn’t a coincidence. It’s by capitalism’s design. There are many functions to America’s capitalist economy that work directly to keep us at a disadvantage.
Inflation is a big factor in our struggle to pay our bills. Rising prices on essentials like food and housing make other bills less of a priority. We can’t even save in this economy, as 24% of Black Americans reported decreased retirement savings, and 13% stopped saving completely because of inflation.
There are also other financial obligations that get in the way. Debt is a common factor for bill struggles, especially medical debt, as our community is more likely to get strapped with it more than others. Add on other unintended emergencies, and the money for bills tightens greatly.
Financial literacy rates among our people are low, but all the information in the world can’t help us from being caught in the trappings of capitalism. Our job as a community is to help each other survive this economy.
Paying bills may be difficult for us, but it is not our fault. The capitalist system structurally makes it difficult for us to do basic financial things. We should give ourselves some grace to do the best that we can.