Black middle class hit hard by recession

[pscot]

http://www.suntimes.com/news/nation/6397110-418/the-disappearing-black-middle-class.html

Millions of Americans endured financial calamities in the recession. But for many in the black community, job loss has knocked them out of the middle class and back into poverty. And some experts warn of a historic reversal of hard-won economic gains that took black people decades to achieve.
.....

In 2004, the median net worth of white households was $134,280, compared with $13,450 for black households, according to an analysis of Federal Reserve data by the Economic Policy Institute. 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.
....

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.
....

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.

[indurancevile]

1. knr

[jaysunb]

2. Why would this thread be unrecced

multiple times ? :shrug:

[pscot]

3. A plea for Peace, Love and Understanding would

would draw opposition around here.

[bigwillq]

6. Who really cares?

:shrug: Life goes on no matter if a thread on a message board is rec'ed or not. It's really not that serious.

[jaysunb]

8. Yes, it is, "that serious."

to me. :evilfrown:

[bigwillq]

9. Then you take a message board way too seriously.

Seriously, it's not worth it. It's just a message board.

[jaysunb]

10. I understand that, but

I come here for progressive "messages" . When I see factual threads that state simple facts that the progressive community should be engaging in a serious conversation about, and trying to solve problems like these, I see unrecers (at least 3) attempting to keeping that conversation from taking place.

But again, I hear what YOU are saying. :hi:

[AlabamaLibrul]

11. An unrec does not in any way impede conversation. Getting hung up over it does. n/t

[Number23]

4. Ah, the Cornel West influence

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.

This piece would have been so much better without referencing Cornel. From the piece, the recession started in 2007 (before the president even took office) and ended in 2009 when he'd just been sworn in.

And it's interesting that you chose to highlight that quote instead of this one from the piece:

Wiley said Obama should be applauded for several initiatives that have helped the black middle class, such as programs to modify certain mortgages and prevent foreclosure because of job loss.

Alot black people are hurting. Obama has done several things to address this but there is still much to be done. The average black person probably doesn't blame the president of the united states for their pain, not nearly as much as we blame racist sub prime mortgage brokers, employers who aren't hiring, failing schools etc.

[jaysunb]

5. Good observation...

Our people (blacks) do not see Obama as a savior of the community, but more a symbol of our progress. Nobody is fooled about the game that's being played to deny his legitimacy and reject his authority.

Our people are under attack on many fronts up to and including voting rights, it's not because of Obama, but by the power bokers use of the insecure and otherwise racist elements of our country.

[Number23]

12. To quote Mr. Big from sex and the city

Abso-f*cking-lutely

Our people (blacks) do not see Obama as a savior of the community, but more a symbol of our progress. Nobody is fooled about the game that's being played to deny his legitimacy and reject his authority.

Absolutely BRILLIANT and I could not agree more. Very perfectly said.

[indurancevile]

13. the recession goes on. "employers who aren't hiring" = duh.

[Number23]

15. I'm sure that your post means something to somebody.

[indurancevile]

16. i'm sure being rude is an appropriate response to my post in your mind.

[Number23]

17. Yes, because typing "duh" inspires people to be respectful to your opinions

And "duh" was just about the only thing you posted that made sense. By the way, do you own a shift key?

[indurancevile]

18. the "duh" was not meant for you personally. it was a general "duh"

referring to the fact of continuing high unemployment.

i'm not sure why you are so concerned with capitalization.

i'll be sure to avoid you in the future as you seem highly sensitive.

[Number23]

19. What?

the "duh" was not meant for you personally. it was a general "duh" referring to the fact of continuing high unemployment.

Is that supposed to mean something?

i'll be sure to avoid you in the future as you seem highly sensitive.

Works for me!

[pscot]

20. You're right about that Cornell West quote

I didn't highlight it, but it was a mistake to include it, because of the spin it gave the post. That wasn't really where I wanted to go.

[Number23]

23. I really appreciate you saying that.

Thank you, pscot.

I also really appreciate you posting this thread. Black issues aren't often discussed in this forum, especially in a way in which black people actually want to participate in the discussion.

[AlabamaLibrul]

7. What about the POOR of all races?

They get that welfare and don't vote unless they get a ride from some kind of ACORN type organization, so I guess they don't count.

[dameocrat67]

14. trickle down civil rights is not working n/t

n/t

[ej510]

21. Black people are the last one hired and the first one fired.

[Starry Messenger]

22. k&r

[Kat45]

24. I'm surprised to read that the median net worth of white households is that high.

Doesn't median mean half are above and half below the figure? There are a lot of poor white folks. All whites are not homeowners, with homes being the main component of most folks' net worth. And with so many homeowners underwater regarding the value of their houses being below the amount they owe on their mortgages, I would think that would bring a negative net worth.

I'm not trying to detract from the statement that the black middle class is hit harder by the recession; I'm just quite surprised by the figures cited about white households.

[Hydra]

25. I was too, until I did the math

Keep in mind that if you have 10 people in a group of 100 with $100,000 in assets, even if the rest have nothing, the Median is still $100,000.


So let's assume that almost(if not every) member of the 1% is White. They have something like $40 trillion in worth(probably more, but we'll keep this number).

$40,000,000,000,000/300,000,000 people = $133,000 net worth...and that's for EVERYONE, minorities included, just with the assets of the 1%

Scary, huh? That's how much they stole from all of us.

[Kat45]

26. That is scary. But I'm confused.

I don't remember much from my days in math class. Doesn't the math you did give the average? I always thought the median meant half the people are above the amount and half are below? But half of white people certainly don't have that high a net worth. Or they might have meant 'average' rather than 'median'?

[Hydra]

27. No, you're right

Median is indeed the middle number, which might be why my number was higher than it should have been for an average.

According to wikipedia(I know, I know):
http://en.wikipedia.org/wiki/Wealth_in_the_United_States



...Man, if it's true, I'm in the bottom 25%.