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

616 Comment

  1. This site certainly has all the info I needed about this
    subject and didn’t know who to ask.

  2. It’s going to be finish of mine day, but before finish I am reading this great
    post to increase my know-how.

  3. I’m now not positive the place you’re getting your info, however good topic. I needs to spend some time studying much more or understanding more. Thanks for wonderful information I used to be on the lookout for this information for my mission.

  4. Very interesting points you have observed, thanks for posting.

  5. My husband and i got now fulfilled when Chris could conclude his research from your ideas he obtained through the site. It is now and again perplexing to simply choose to be releasing information and facts that many many people may have been selling. And now we already know we’ve got the website owner to thank for that. All the illustrations you’ve made, the easy blog menu, the friendships your site aid to engender – it’s everything exceptional, and it’s really facilitating our son in addition to us understand the topic is cool, which is very serious. Thank you for all the pieces!

  6. Some truly great info , Glad I found this.

  7. Thanks for the sensible critique. Me & my neighbor were just preparing to do some research about this. We got a grab a book from our area library but I think I learned more clear from this post. I’m very glad to see such great information being shared freely out there.

  8. You should take part in a contest for one of the best blogs on the web. I will recommend this site!

  9. Some genuinely wonderful information, Glad I noticed this.

  10. Hi! I’ve been following your web site for a long time now and finally got the courage to go ahead and give you a shout out from Atascocita Tx! Just wanted to say keep up the fantastic job!

  11. I wish to express my admiration for your kind-heartedness for folks that must have guidance on that area of interest. Your personal dedication to getting the message all over appeared to be exceptionally interesting and has regularly allowed people much like me to realize their objectives. The insightful help and advice denotes a lot to me and even further to my peers. Regards; from all of us.

  12. The end of a feast is better than the beginning of a fight.

  13. F*ckin’ amazing things here. I am very glad to see your article. Thanks a lot and i am looking forward to contact you. Will you please drop me a mail?

  14. I do love the manner in which you have framed this specific challenge plus it does indeed present me a lot of fodder for consideration. Nonetheless, through what precisely I have personally seen, I only hope when other comments pile on that people today continue to be on point and not get started on a soap box involving the news du jour. Still, thank you for this superb piece and while I can not agree with this in totality, I regard the perspective.

  15. You have brought up a very great points, regards for the post.

  16. An attention-grabbing discussion is worth comment. I feel that it’s best to write more on this topic, it may not be a taboo topic but usually individuals are not enough to talk on such topics. To the next. Cheers

Leave a Comment

Email (will not be published)