Pat Buchanan: Black America vs. Obama?
#1 Jul 13, 2011
Wow, this is shocking.
"The Disappearing Black Middle Class" ran the headline over the Chicago Sun-Times story. And the statistics from the Economic Policy Institute were indeed sobering.
In 2007, best year of the Bush era, white households had a median net worth of $134,280, compared with $13,450 for black households.
By 2009, the median net worth for white households had fallen 24 percent to $97,860. For black households, it had plummeted 83 percent to $2,170, a near wipeout.
As Algernon Austin of EPI's Program on Race, Ethnicity and the Economy put it, "In 2009, for every dollar of wealth the average white household had, black households had two cents."
One explanation for this surely is the wave of foreclosures on subprime mortgages, a large share of which were held by African-Americans.
But while unemployment among white men has surged in the Great Recession, among black men it has hit 16 percent, the highest level since the Department of Labor began to keep records in 1972.
Ominously, things are likely to get worse, because Bill Clinton's assertion, "The era of big government is over!" is today palpably true.
Not only in Wisconsin, Ohio and New Jersey, run by Republicans, is this so, but in liberal mega-states like New York and California. There, Govs. Andrew Cuomo and Jerry Brown run the show, and government payrolls are also being slashed and government pensions pared back.
From Greece to Portugal to Ireland to Italy, an age of austerity has begun. And now that age is about to begin in Barack Obama's Washington.
Why should this adversely affect black America........?
#3 Jul 13, 2011
The story does describe losers alright. Losers that will put skin colour over their own well being in 2012, and people wonder why they never much thought black people should be allowed to vote....?
#5 Jul 13, 2011
Yeah, I do.
“Don't Start Nothing ”
Since: Sep 07
It won't be nothing
#6 Jul 13, 2011
The Banned Man is at it again!
#7 Jul 13, 2011
Obama is the true lord.
#9 Jul 13, 2011
You see how the system cannot hold you down if you do not let it?
The man has as much power as you give him.
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