Black middle class amongst worse hit by economic downturn
As somewhat of a political junkie I wasn’t surprised to read in Sunday’s Chicago Tribune the struggle of the African-American middle class in this economy. The informative article written by Dawn Turner Truce, details the unsettling facts little reported by the media. The National Urban League’s State of Black America 2012 found that nearly all of the economic gains earned by the black middle class in the past 30 years have been wiped because of the downturn. Trice writes: “Blacks overall are experiencing a 13.4 percent unemployment rate, according to monthly figures released Friday, much higher than the national rate of 7.8 percent.”
68% of this generation will be less wealthy as their parents. The Urban League stated: “Even for blacks who have college degrees, we’ve seen a doubling of their unemployment (rate) between 2007 and 2010.” From 2005 to 2009, the average wealth in a black household fell by more than half, to $5,677, while white household wealth fell 16% to $113,149, according to the Pew Research Center. A quarter of the black population only has their vehicle as a major asset, as opposed to 6% of the white population. Blacks have just $1 for every $20 their white counterparts possess.
The average median income dropped by 11.1% (from $36,567 to $32,498) for black families in comparison to the 5.2% and 4.1% decline experienced by whites and Hispanics, respectively. Trice points out: “Historically, many blacks have made it into the middle class via public-sector and union jobs. But since 2008, the public sector has shed about 600,000 positions.
I think it was important to highlight the magnitude of this economic recession. These facts are little known by the majority of the public. They rarely are prominently covered in the mainstream media. Thus I wanted to emphasize them in this blog. If you’d like to read the full article then you can visit this link (Black middle class economically vulnerable). I hope that in the next three debates the candidates and their running mates will specifically address how their policies will help all Americans.
The black community is waiting.
America is waiting.
Twitter: @adrakontaidis & @talkrealdebate