6 Specific Ways Blacks Are Financially Worse Off Under Obama

Barack Obama’s election was hailed by many as the beginning of a post-racial America in which Black people were going to experience new-found equality. This hope for a post-racial America has been dashed by the fact that recent statistics show that Black Americans have not actually improved in many areas of inequality but instead have stayed the same or gotten worse since Obama’s election.

One of the areas that has worsened is household income and wealth, and although it has fallen for all Americans, it has fallen significantly more for Black Americans under Obama’s watch. The latest figures from the Census Bureau show that from 2009 to 2012 white households median income fell by 3.6 percent while Black households median income fell by nearly three times that amount at 10.9 percent. It is not just income that has fell but also wealth. During the recession from 2007 to 2012, White families only lost 11 percent of their wealth while Black families lost a whopping 31 percent.

While unemployment rates have made a small improvement for Black people during Obama’s presidency, this is nearly negated by the fact that the under-employment rate has gotten 25 percent worse for Blacks under Obama. This has happened despite the fact that under-employment has improved for members of every other racial category. According to U.S. Bureau of Labor Statistics data, 20 percent, or one in five, Black people is under-employed, meaning they have a job but it is insufficient in terms of the number of hours or being overqualified.

Another area where Obama has failed to improve is in guaranteeing loans to Black businesses. Obama’s record is actually worse than that of former President George W. Bush. According to The Wall Street Journal, the percentage of Small Business Administration loans received by Black businesses fell nearly 8 percent since Obama took office. Home loans have also decreased sharply causing the percentage of Blacks who own homes to hit an 18-year low under Obama’s watch.

Retirement savings and benefits for Black families have also taken a hit. The Urban Institute found that black families’ retirement accounts were reduced by 35 percent between 2007 and 2010 despite white families’ accounts increasing by nearly ten percent during the same time period. Black families have also taken a hit in the consumer debt arena during the Obama administration. Although student loans have been the only type of consumer debt that has continued to rise under his administration, Blacks are two times more likely than whites to carry student loan debt.

Clearly the election of a Black president was not a magic bullet to end the financial, employment and wealth discrepancies experienced by Black people. Only history will be able to judge whether or not Obama could have done more to help close the wealth and income gaps between white and Black Americans.


292 Comment

  1. I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thank you again

  2. But wanna admit that this is very beneficial, Thanks for taking your time to write this.

  3. Its great as your other posts : D, regards for posting.

  4. I as well as my pals were found to be looking at the best information and facts located on the blog and so the sudden developed an awful suspicion I never expressed respect to the website owner for those tips. The people were definitely as a consequence excited to learn them and have in effect clearly been loving those things. Appreciate your indeed being indeed helpful and also for going for variety of incredible resources most people are really desperate to be informed on. My very own honest regret for not saying thanks to sooner.

  5. I want to convey my gratitude for your kind-heartedness supporting all those that absolutely need help on your area. Your special dedication to passing the solution all over came to be particularly practical and has without exception empowered individuals like me to arrive at their ambitions. This helpful publication means this much to me and even further to my office colleagues. Thanks a ton; from all of us.

  6. I must get across my admiration for your generosity in support of women who actually need assistance with this important study. Your very own dedication to passing the message throughout appeared to be exceedingly important and have continually permitted somebody just like me to achieve their endeavors. Your warm and friendly useful information implies a great deal a person like me and much more to my mates. Thank you; from each one of us.

  7. Very neat article.Thanks Again. Really Great.

  8. Im grateful for the article post. Want more.

  9. Hello. excellent job. I did not expect this. This is a impressive story. Thanks!

  10. Heya i’m for the primary time here. I came across this board and I to find It truly useful & it helped me out a lot. I am hoping to provide something back and aid others like you aided me.

  11. It is really a nice and useful piece of information. I’m glad that you shared this helpful information with us. Please stay us informed like this. Thank you for sharing.

  12. Wonderful beat ! I wish to apprentice while you amend your site, how could i subscribe for a blog web site? The account aided me a acceptable deal. I had been a little bit acquainted of this your broadcast offered bright clear idea

  13. You made some good points there. I looked on the internet for the subject matter and found most guys will approve with your site.

  14. Valuable information. Lucky me I found your site by accident, and I’m shocked why this accident did not happened earlier! I bookmarked it.

  15. Really enjoyed this article post. Great.

  16. I really appreciate this post. I have been looking all over for this! Thank goodness I found it on Bing. You have made my day! Thank you again

  17. I enjoy what you guys are up too. Such clever work and reporting! Keep up the terrific works guys I’ve added you guys to blogroll.

  18. I wanted to create you this bit of remark to be able to give many thanks once again for these extraordinary principles you have featured here. This is certainly surprisingly generous with you to grant unhampered what exactly most people could have sold as an ebook to make some cash for themselves, precisely seeing that you could have done it if you desired. Those solutions in addition served to become fantastic way to be aware that someone else have a similar dreams similar to my own to see lots more with regard to this issue. I know there are some more pleasurable occasions ahead for those who start reading your site.

  19. Deference to website author, some good entropy.

  20. I truly appreciate this post. I?¦ve been looking all over for this! Thank goodness I found it on Bing. You’ve made my day! Thx again

  21. What’s Happening i am new to this, I stumbled upon this I’ve found It absolutely helpful and it has aided me out loads. I’m hoping to give a contribution & assist different customers like its helped me. Great job.

  22. Im grateful for the blog.Much thanks again. Much obliged.

  23. IaаАа’б‚Т€ТšаЂаŒаАа’б‚Т€ТžаБТžd ought to talk to you here. Which is not some thing I do! I quite like reading a post which will make individuals believe. Also, many thanks permitting me to comment!

  24. What’s Happening i am new to this, I stumbled upon this I have found It absolutely useful and it has aided me out loads. I hope to contribute & help other users like its helped me. Great job.

  25. Thanks for another magnificent post. The place else may anybody get that type of info in such an ideal manner of writing? I have a presentation next week, and I am at the search for such info.

  26. I loved up to you’ll obtain carried out proper here. The sketch is tasteful, your authored material stylish. however, you command get bought an edginess over that you wish be handing over the following. unwell unquestionably come more formerly once more since precisely the similar just about a lot incessantly inside of case you defend this hike.

  27. With thanks! A good amount of information!

  28. You could definitely see your skills in the work you write. The world hopes for more passionate writers like you who aren’t afraid to say how they believe. Always follow your heart.

  29. I like this post, enjoyed this one thankyou for posting.

  30. I am always thought about this, regards for putting up.

  31. he blog was how do i say it… relevant, finally something that helped me. Thanks

  32. I have recently started a blog, the info you offer on this site has helped me tremendously. Thank you for all of your time & work.

  33. I not to mention my guys were actually following the nice procedures from your web page then suddenly came up with a terrible feeling I never thanked the blog owner for those secrets. Most of the men happened to be totally joyful to study them and have in effect honestly been taking pleasure in those things. Appreciate your truly being indeed thoughtful and for picking variety of marvelous subject matter millions of individuals are really needing to discover. My very own honest regret for not expressing appreciation to earlier.

  34. There is definately a great deal to know about this subject. I love all the points you ave made.

  35. Very good written post. It will be valuable to everyone who employess it, including me. Keep up the good work – i will definitely read more posts.

  36. Wow, awesome blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your site is wonderful, let alone the content!. Thanks For Your article about sex.

  37. Straight answers you. Thanks for sharing.

  38. qaRBMY It as really a nice and helpful piece of info. I am glad that you shared this useful info with us. Please keep us informed like this. Thanks for sharing.

  39. As soon as I noticed this site I went on reddit to share some of the love with them.

  40. Really appreciate you sharing this article.

  41. Respect to author, some great entropy.

  42. It is perfect time to make some plans for the future and it is time to be happy. I have read this post and if I could I desire to suggest you few interesting things or suggestions. Perhaps you could write next articles referring to this article. I want to read even more things about it!

Leave a Comment

Email (will not be published)