Logo

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.

april

1,135 Comment

  1. Your site is fantastic, although it presents a turning point the metal I believe will recover and come to the old glory .thanks

  2. Hi there just wanted to give you a quick heads up. The words in your post seem to be running off the screen in Internet explorer. I’m not sure if this is a formatting issue or something to do with internet browser compatibility but I figured I’d post to let you know. The design look great though! Hope you get the issue solved soon. Many thanks

  3. I got what you intend,bookmarked, very nice website .

  4. What¦s Going down i am new to this, I stumbled upon this I’ve found It positively helpful and it has helped me out loads. I am hoping to contribute & assist other users like its helped me. Great job.

  5. I am often to blogging and i really appreciate your content. The article has really peaks my interest. I am going to bookmark your site and keep checking for new information.

  6. Hey, thanks for the blog post.Really thank you! Awesome.

  7. A room or space for massage is a private space, so children or animals are restricted from entering

  8. Some genuinely excellent info , Glad I noticed this.

  9. Thanks for the article.Really thank you! Really Great.

  10. Thailand is famous for massage all over the world. Acupressure using bare hands and arms is the main focus.

  11. I believe that is one of the most vital info for me. And i am happy studying your article. But wanna statement on few common issues, The website taste is perfect, the articles is in point of fact excellent : D. Good task, cheers

  12. Awesome blog post. Awesome.

  13. An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers

  14. It’s the best 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 want to suggest you few interesting things or suggestions. Perhaps you could write next articles referring to this article. I wish to read even more things about it!

  15. I do like the way you have presented this difficulty and it does indeed give me personally some fodder for consideration. Nonetheless, through everything that I have witnessed, I basically hope when the feed-back pack on that men and women remain on point and don’t get started on a tirade associated with some other news of the day. Still, thank you for this exceptional point and even though I can not really agree with it in totality, I respect your point of view.

  16. I am not sure where you’re getting your info, but good topic. I needs to spend some time learning much more or understanding more. Thanks for magnificent information I was looking for this info for my mission.

  17. I was recommended this web site by my cousin. I’m not sure whether this post is written by him as nobody else know such detailed about my difficulty. You are amazing! Thanks!

  18. I haven?¦t checked in here for a while since I thought it was getting boring, but the last few posts are good quality so I guess I?¦ll add you back to my daily bloglist. You deserve it my friend 🙂

  19. Thanks a lot for the blog article.Much thanks again. Cool.

  20. Thanks for the post.Really thank you! Fantastic.

  21. This is a topic close to my heart cheers, where are your contact details though?

  22. Only wanna input on few general things, The website style and design is perfect, the subject matter is very great : D.

  23. Some truly interesting details you have written.Helped me a lot, just what I was searching for : D.

  24. I don’t normally comment but I gotta admit thanks for the post on this one : D.

  25. I’m not positive where you are getting your information, but good topic. I must spend some time finding out more or working out more. Thanks for wonderful information I was on the lookout for this info for my mission.

  26. Some genuinely interesting information, well written and loosely user genial.

  27. Awesome blog.Really thank you! Cool.

  28. My spouse and i ended up being now happy Jordan managed to round up his survey through your ideas he gained through the web site. It is now and again perplexing just to choose to be freely giving hints that some people might have been selling. So we recognize we need the blog owner to give thanks to because of that. The most important explanations you’ve made, the straightforward blog menu, the friendships you will make it possible to create – it is everything powerful, and it is making our son in addition to us imagine that this article is entertaining, and that is very fundamental. Thanks for all the pieces!

  29. Thanks a lot for providing individuals with a very special opportunity to read articles and blog posts from this web site. It is usually so pleasing plus jam-packed with a great time for me and my office colleagues to visit the blog at the least three times per week to read the newest tips you will have. And lastly, I’m also actually contented considering the attractive concepts you give. Certain 1 facts in this posting are particularly the most efficient we’ve had.

  30. You have observed very interesting points! ps decent website.

  31. Very neat blog post.Thanks Again. Fantastic.

  32. Thanks-a-mundo for the blog post.Really thank you! Much obliged.

  33. Thanks again for the article. Want more.

  34. Thanks a lot for the post.Really looking forward to read more. Great.

  35. I just could not depart your site before suggesting that I actually enjoyed the standard info a person provide for your visitors? Is gonna be back often to check up on new posts

Leave a Comment

Email (will not be published)