CULTURE SHIFT
Inflation, Recession, and the Possibility of Another Great Depression: What It Means for the Black LGBTQ+ Community and How We Can Prepare?
The economy is doing what it always does—shifting, shaking, and making life harder for folks already struggling. If you’ve been feeling like your paycheck isn’t stretching as far as it used to, you’re not alone. The cost of everything—from rent to groceries to gas—is rising, and that’s inflation at work. When the economy slows down too much, businesses stop hiring, people lose jobs, and that’s what we call a recession. If things get real bad, worse than the Great Recession of 2008, we could be looking at something even more devastating—another Great Depression. And let’s be clear: when America catches a cold, Black folks catch pneumonia. And for Black LGBTQ+ folks? The risks are even greater.
What Is Inflation?
Inflation is when the prices of everyday goods and services go up, but wages don’t necessarily follow. That means the money in your pocket has less power. If you’re already underpaid—like many Black LGBTQ+ people due to workplace discrimination, wage gaps, and job insecurity—this hits even harder. We see it at the grocery store, in rent hikes, and even in our utility bills. This kind of financial strain leads to harder decisions: pay rent or buy food? Keep the lights on or get your prescription filled?
What Is a Recession?
A recession happens when the economy slows down for a long period. Businesses stop making as much money, so they cut jobs. Unemployment rises, and folks struggle to find work. If you’ve ever had to hustle multiple side gigs to make ends meet, imagine that but worse—because even side hustles don’t make enough when folks don’t have extra money to spend. Black folks, especially those who are LGBTQ+, often don’t have the generational wealth or financial safety nets to fall back on, making economic downturns even harder to survive.
Could We See Another Great Depression?
The Great Depression of the 1930’s left millions jobless and homeless, with people standing in bread lines just to eat. While we have more social safety nets today (like unemployment benefits and food assistance programs), they are not enough—especially when policies are constantly under attack. If another Great Depression happens, it will be devastating, and our community, already marginalized, will be hit the hardest. Black queer and Trans folks, who often face housing insecurity and job discrimination, will need to lean on mutual aid, community support, and economic resistance strategies just to survive.
What Can We Do to Prepare?
We cannot wait for the government to save us, because history shows it won’t prioritize us. Instead, we need to build community resilience and economic power now.
Here’s how:
Support Black and LGBTQ+ Businesses – Circulating our money within our community keeps wealth in our hands. Every dollar we spend at a Black-owned or queer-owned business helps strengthen our collective financial standing.
Build Mutual Aid Networks – Community-based support is crucial. Whether it’s food pantries, ride shares, or emergency funds, we need to show up for each other when times get rough.
Learn Financial Literacy – The system wasn’t built for us, but we can learn how to work it. Budgeting, saving, and investing (even in small amounts) can help create more financial stability.
Advocate for Policies That Protect Us – Fighting for a living wage, affordable housing, healthcare access, and anti-discrimination laws is critical. Economic justice is racial justice. It’s queer justice. It’s Black justice.
Strengthen Community Organizing – The more we come together, the stronger we are. Whether through political action, protest, or grassroots organizing, our collective power can demand change.
The Bottom Line
The economic system isn’t broken—it’s working exactly as it was designed: to keep certain people down while others thrive. But we are not powerless. We have always found ways to survive, resist, and thrive despite oppression. We’ve done it before, and we’ll do it again. By leaning on each other, demanding systemic change, and preparing for economic instability, we can make sure our community doesn’t just survive—but builds the foundation to truly thrive.