DomYngBlk -> RE: Most of Black Middle Class economic gains being wiped out (7/11/2011 5:20:55 AM)
|
quote:
ORIGINAL: Marini I read this article a few hours ago and was saddened by it. [&o] Black Middle Class gains being wiped out Articles like the one I just posted, might explain why I often am "a little more concerned" about what is going on in America, than many other people. [;)] I am not posting this, because I expect anyone that is not Black to necessarily relate to this post, but to maybe gain some insight into the realities hitting Black Americans especially hard. Here are a few highlights of the article that saddened me: "Millions of Americans endured similar financial calamities in the recession. But for Goldring and many others in the black community, where unemployment is still rising, job loss has knocked them out of the middle class and back into poverty. Some even see a historic reversal of hard-won economic gains that took black people decades to achieve." and "Economists say the Great Recession lasted from 2007 to 2009. 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 black net worth had fallen 83 percent to $2,170, according to the EPI." and "Since the end of the recession, 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." "Spike in unemployment 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 age 20 were working, compared with 68.1 percent of white men." and "History is going to say that the black middle class was decimated" over the past few years, Wiley says. "But we're not done writing history." "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. Now, this last one will surprise many of you, but it would not "surprise" most black people. Many non-black people really try hard to believe that racism is "not a big factor" anymore and that discrimination rarely exists. "A 2003 University of Chicago study by Devah Pager sent young white and black "testers" to apply for real low-wage jobs. Some of the testers were randomly assigned felony convictions. The study found that whites with felonies were slightly more likely to get callbacks than black applicants without criminal records." A White FELON is more likely to get callbacks than Black applicants WITHOUT criminal records. Everything in quotes was take directly from the article "Blacks Economic Gains Wiped Out in Economic Downturn" by Jesse Washington, under the "Eye On The Economy" section of MSNBC. HA!! I could post hundreds of studies like this, and many non-blacks would be in denial. So, whatever is going on in this current "economy" may be bad for those that are not of color, but I can tell you that "overall" Black people are suffering and WILL often suffer twice as much. IF non-white unemployment is 10%, Black unemployment is going to be close to 20%. Again, I am posting this as a source of information for those that "really may not have a clue" about how what is going on is affecting Black people disproportionately. It might even be an eye opener for those that really believe that racism "no longer exists" and that statistically there is NOT a big difference between Black and non-Black unemployment. Peace! Yeah, no shit
|
|
|
|