Tag: Black middle class

Guess who the collectivist policies of our first black president have hurt the most?

Or is he really the second black president, since Bill Clinton already laid claim to that whole “first black president” meme? Heck, I have even heard several African Americans make the claim that Obama wasn’t a genuine black man anyway with that “honkey” mother of his. But that’s not the point of this post, this sad bit of news is:

The unemployment situation across America is bad, no doubt. But for African-Americans in some cities, this is not the great recession. It’s the Great Depression. Take Charlotte, N.C., for example. It is a jewel of the “new South.” The largest financial center outside of New York City, it’s the showcase for next year’s Democratic National Convention. It was a land of hope and opportunity for many blacks with a four-year college degree or higher.

According to an analysis by the Economic Policy Institute, in Charlotte, N.C., the unemployment rate for African-Americans is 19.2 percent. If you add in people who have given up looking for jobs, that number exceeds 20 percent, which, according to economists Algernon Austin and William Darity, has effectively mired blacks in a depression. “You’re looking at a community that is economically depressed in my opinion,” Austin said. “And we need action that will address that scale of joblessness.”

And while this piece then even brings up issues of race while discussing this effect on the African American workforce – of all things by comparing how frequently black criminals are called back for a second interview compared to white criminals, which I simply can not fathom as an indicator of anything other than a warning not to be a criminal if you want to hold a decent job – the fact remains that the massive economic downturn that these leftists & their policies & priorities have assured will be around for a long while still, are behind the abysmal job situation, impacting middleclass blacks the worst.

Less jobs, as the reference to the Pew Research Center pointing out does, currently means that black middleclass households are the ones losing their accumulated wealth and assets, as a percentage of overall worth, the fastest.

The recession – or depression — in the black community is rapidly eroding the black middle class. At its convention in Boston this week, the National Urban League released a troubling report on that topic. It found that the recession has virtually wiped out all of the economic gains blacks made in the past 30 years.

And a new report from the Pew Research Center drives home just how bad things are out there. It found that in 2005, the average net worth for white households was $134, 992. For black households, it was $12,124. (That’s not a typo.) In 2009, the number dropped to $113,149 for whites and a paltry $5,700 for blacks.

In the mean time the first black president and the democrats are busy focusing on growing big government and expanding the amount of private sector money they can get their hands on and control at the cost of everything else. It’s not like the middleclass black community will have a choice. Now that they are poorer, they are going to need government handouts even more, so it’s a win-win for team Obama. I hope that wasn’t the plan from the start. I wonder when MSNBC will talk about this issue. Maybe the African American caucus in congress can enlighten us….