Seven Devastating Economic Facts Affecting Black Americans
The Obama economy has been brutal on all Americans, but especially so on black Americans.
Consider the following seven economic facts:
- 27 percent of black Americans now live in poverty, a two percent increase since 2009.
- According to last month’s Bureau of Labor Statistics report, the unemployment rate for black Americans now stands at a staggering 14.1 percent, a figure well above the already high national unemployment rate of 8.3 percent.
- White Americans now have 22 times more wealth than black Americans, a figure that has nearly doubled during the recession. According to the Census, in 2010, media household net worth for whites totaled $110,729. For blacks, the figure was $4,995.
- From June 2009 to June 2012, real median annual household income for blacks fell 11.1 percent from $36,567 down to $32,498. The drop for whites was 5.2 percent and 4.1 percent for Hispanics.
- According to the Census, 26.4 percent of households who report receiving food stamp assistance are African American, despite the fact that black Americans constitute just 13 percent of the total population.
- A study by the AARP found that home foreclosure rates for African American borrowers over the age of 50 were almost double those of whites.
- High school graduation rates, which strongly influence income and job hiring, continue to vary widely by race. A recent study found the following on-time high school graduation rates: 91.8 percent of Asian students, 82 percent of whites, 65.9 percent of Hispanic students, and 63.5 percent of African American students.
Whether these depressing statistics will affect President Obama’s support among African American voters in November remains to be seen. However, a recent NBC News-Wall Street Journal poll found that Mitt Romney receives zero percent support among black voters.