Could the rise of AI mark a pivotal shift for Black communities, fostering unprecedented economic mobility or widening the existing wealth chasm? On this week's Cultural Curriculum Chat, we tackle the critical topic of AI's impact on Black economic mobility, dissecting a McKinsey Institute article's findings on the matter. Peering into the future, we scrutinize the forecasted $43 billion wealth gap and deliberate on AI's potential to revolutionize or destabilize key pillars of growth: education, workforce development, credit access, and ecosystem support for Black-owned small businesses.
Education, employment, and entrepreneurship form the cornerstone of our discussion, as we examine the opportunities AI presents for personalizing learning in underfunded schools, streamlining workforce efficiency, and boosting the visibility of Black small businesses. Yet, with great potential comes great risk. Our conversation doesn't shy away from the stark realities, such as the barriers to AI access and the threat of job displacement. How we navigate the advent of AI could determine whether it becomes a ladder of opportunity or an insurmountable barrier. Join us as we confront these challenges head-on, seeking to empower and inform our listeners on making strategic investments in technology that propel our community forward.
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Could the rise of AI mark a pivotal shift for Black communities, fostering unprecedented economic mobility or widening the existing wealth chasm? On this week's Cultural Curriculum Chat, we tackle the critical topic of AI's impact on Black economic mobility, dissecting a McKinsey Institute article's findings on the matter. Peering into the future, we scrutinize the forecasted $43 billion wealth gap and deliberate on AI's potential to revolutionize or destabilize key pillars of growth: education, workforce development, credit access, and ecosystem support for Black-owned small businesses.
Education, employment, and entrepreneurship form the cornerstone of our discussion, as we examine the opportunities AI presents for personalizing learning in underfunded schools, streamlining workforce efficiency, and boosting the visibility of Black small businesses. Yet, with great potential comes great risk. Our conversation doesn't shy away from the stark realities, such as the barriers to AI access and the threat of job displacement. How we navigate the advent of AI could determine whether it becomes a ladder of opportunity or an insurmountable barrier. Join us as we confront these challenges head-on, seeking to empower and inform our listeners on making strategic investments in technology that propel our community forward.
COME SAY Hey!!
Instagram: @cultrallyjebeh_
Facebook: @JebehCulturalConsulting
Pinterest: @Jebeh Cultural Consulting
LinkedIn: @Jebeh Edmunds
Leave a Review on our Podcast! We value your feedback!
Are you ready to take your diversity, equity, and inclusion efforts to the next level? Sign Up for My Free Workshop: 3 Massive Mistakes To Avoid When Learning About DEI https://jebeh-edmunds.mykajabi.com/pl/2148161149
Save time and effort with our informative newsletter that offers strategies, tools, resources, and playlists from the culturally competent and socially just educator and creator Jebeh Edmunds!
Hello everyone, my name is Jeba Edmonds and welcome to my podcast, the Cultural Curriculum Chat. I'm an educator and business owner, and today we're going to focus on unpacking the effects of AI on Black communities. Before we get started, I want you to unlock a world of multicultural learning and I'm here to help you do just that. Subscribe to our transformative and inclusive educational channel right now. I found a very informative article by the McKinsey Institute for Black Economic Mobility. I will have that reference in the show notes below. This article covers the potential and harmful effects of generative AI in multiple factors within the Black community. The startling statistics show that the wealth gap between Black and white households could be around $43 billion annually by the year 2045. This is all based on household median models in the year of 2022. This article continues to talk about the Black workforce data and the impacts of generative AI, and we need to see how our intentions with AI and equitable access to AI in these marginalized communities and what happens with that could lead to a negative impact to us all. The article went deeper into identifying eight pillars that represent areas with the highest potential to move the needle forward on Black economic mobility. Now. These pillars are financial inclusion, credit and ecosystem development for small businesses, health, workforce and jobs. Pre-k through grade 12 education. Pre-k through grade 12 education, the digital divide, affordable housing and public infrastructure. Each of these pillars shares how AI can pose a risk and offer opportunities for growth. So, for example, I'm just going to focus on four of these pillars. So we're going to focus in today's episode on the educational sector workforce and credit and ecosystem development for small businesses.
Speaker 0:
In the pre-K through grade 12 educational sector, the AI's opportunities are the enhancement of the utilization of digital tools that help instructors further personalize and accommodate for their students in predominantly underfunded schools. Now, the greater risk of these tools in generative AI makes it further to. The greatest risk to access of these AI tools is the lack of access in these underfunded schools already. When we don't have that ability to access the new technology, that's when it hinders our students for their best potential in that growth. A lot of school levies and property taxes all filter into the system of who gets funded in public schools and if we are already at an underfunded and even underperforming school, we do not get the access to these tools at our disposal because we all know when it comes to, in the case of the workforce and job opportunities, the use of AI takes on tasks handled by people, allowing for more workers to focus more on team management and social-emotional skills due to rote tasks over and over. And so, on the other hand, the risk of utilizing generative AI is the trajectory of the upward mobility in the workforce will change drastically and eliminate the potential for employees to move up the career ladder without having a previous four-year degree. So you're seeing that we will use AI to help get rid of these rote tasks that take a lot of our time in the workforce, but then it also eliminates a lot of these entry-level positions that need that first as a stepping point to forward move employees up the career ladder that don't have a higher educational degree.
Speaker 0:
In terms of the credit and ecosystem development for small businesses, we use AI to help amplify Black small business owners in their space, to get their content out in front of eyes that have never seen them to exist in their stratosphere of commerce, and so utilizing AI really helps amplify and give small Black-owned businesses that momentum that they need to be in front of potential clients and customers, and utilizing tools like AI helps them also produce and promote their products and services on a larger scale. On the other hand, some Black-owned businesses may need more access to these digital tools, such as economic forecasting, trying to forecast what your year will look like. All of those things could be generated by AI to help with those tools and also utilizing AI when it comes to content creation. A lot of new software out there is run by AI to help small business owners, especially in the Black community, to have access at a nominal fee to gain more leverage in the economic sector. So that could also hinder by the cost of known softwares again just like education of known softwares again just like education, but also the wherewithal of utilizing and getting the effective tools needed to have your small business come to a larger scale In order to make those strategic investments. Some things have to be sacrificed in order to gain, so that's something a lot of business owners grapple with, more so with Black-owned small businesses.
Speaker 0:
We need to take the time to understand, observe our new landscape when it comes to generative AI and use this new equity lens in order to see how leaders that are infused in each of these eight pillars from this article, looking at these eight pillars that has been highlighted by the McKinsey Institute and looking to see what are the gaps and what tools do we need to train members of the BIPOC community in order so they can help be the innovators and the leaders, because when we have new technology, there's going to be a lot of troubleshooting, and ways that we can do to help solve problems and to be proactive versus reactive will really help us use AI as a beneficial tool. All in all, this is going to take a great deal of responsibility of everybody who uses generative AI. We need to continue with that equitable and justice lens to make sure that our racial, ethnic, gender and even religion biases don't come into play as being the norm, and that's something that we also need to regulate when it comes to being responsible with the use of generative AI. The article continues to talk more about the reskilling of workers that are at a higher risk of being replaced by AI could be trained in skills that cannot be easily displaced by the technology in the near future. So, like I said, of getting the employees already reskilled to pivot to new models will lead to more success, and also to think about our leaders in these organizations to have more of implementing context clues and nuances that come into play.
Speaker 0:
Ai isn't perfect in everything, and so to have that lens of historical and social and complex questions, answers and skill sets in that will help us all into modeling concepts that will never fully be fulfilled by AI. Another really neat thing about this article there's lots of wonderful visual graphs talking more about the data that they did in this report, and I highly recommend you getting this article and looking into it and also seeing and finding other articles that affect other marginalized communities, so that we are all ahead of what's to come. I really think this is just the beginning of conversations about AI and the benefits and the harmful impacts in the Black community, and I'm looking forward to using this platform to help continue to let you know what kinds of research is out there and what we need to stay on top of in order to understand new content in terms of answering those questions, what we can do to best utilize the tools that are given to us, the tools that are given to us and folks. Ai is not going away.
Speaker 0:
I feel like we're right at the beginning of a huge movement into automation, as well as the new landscape of what a workday and a workforce truly looks like in our day and age. So stay tuned. I'm really interested in this new frontier of generative AI. Be sure to join our inclusive learning communities, breaking barriers and foster. Thanks again for joining our podcast today and I look forward to seeing you here same time next week. Bye-bye.