"History is going to say that the
black middle class was decimated..."
Now that the False Messiah has blown trillion$ of the next two generation's money on would-be economic stimuli, myriad bailouts, and other misguided largesse, again crony-capitalist backers like GE and Jeffrey Immelt are doing just great while impressionable plebes of all sorts who pinned their future on hopenchange find themselves facing-down almost 10% unemployment while hanging by a thread economically.
Indeed, Obama has almost succeeded in transforming a large section of the US middle class into entitlement-addicted serfs with no home equity and little optimism... just the way he likes 'em. But it's American blacks who have really been taking the brunt of it, and it appears that for the first time in his cosseted, auto-pilot political career, Barack Obama might be held responsible for actual results... and they are crap.
And as we all decried unemployment edging-up "unexpectedly" to 9.2% nationally for July, consider that black unemployment is at a ghastly 16.2% (!) Add in those who've given up looking for work and we are talking more like 25+% black unemployed in the US today. But it can always get worse... Detroit admits to having over 30% of blacks seeking a job, plus the quitters and it's over 50%...
By 2009, the median net worth for white households had fallen 24 percent to $97,860; the median net worth for black households had fallen 83 percent to $2,170, according to the institute.
Austin described the wealth gap this way: “In 2009, for every dollar of wealth the average white household had, black households only had two cents.”
Austin thinks more black people than ever before could fall out of the middle class because the unemployment rate for college-educated blacks recently peaked and blacks are overrepresented in state and local government jobs. Those are jobs that are being eliminated because of massive budget shortfalls.
Since the end of the recession, which lasted from 2007 to 2009, the overall unemployment rate has fallen from 9.4 to 9.1 percent, while the black unemployment rate has risen from 14.7 to 16.2 percent, according to the Department of Labor. Last April, black male unemployment hit the highest rate since the government began keeping track in 1972. Only 56.9 percent of black men over 20 were working, compared with 68.1 percent of white men.
Even college-educated blacks fared worse than their white counterparts in the recession. In 2007, unemployment for college-educated whites was 1.8 percent; for college-educated blacks it was 2.7 percent. Now, the college-educated unemployment rate is 3.9 percent for whites and 7 percent for blacks.
Nearly 8 percent of African Americans who bought homes from 2005 to 2008 have lost them to foreclosure, compared with 4.5 percent of whites, according to an estimate by the Center for Responsible Lending.
Some see a bitter irony in soaring black unemployment and the decline of the black middle class on the watch of the first black president...
Beside feeling that irony, hopefully many of the 95+% of black folks who voted for Obama will also come to realize that if you blindly back a politician based on his skin color without any real due diligence or balanced consideration of alternatives, all you do is set yourself up to be used: they tell you what you want to hear and you're putty in their hands... and don't expect any gratitude from these populist con-artists, either.
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The sad truth is that Barack Obama has heavily damaged black America in three ways: he's taken away much of their hard-won financial independence.... he's poisoned race relations with a totally unneeded, outdated, and vengeful victimhood narrative... and he's crushed the hopes and dreams of millions of African Americans by exposing himself -America's First Black President- as an embittered incompetent that's simply in way, way over his head.
Send a message to those who've abused your faith and took you for granted, black America... vote Republican