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"From 2005 to 2009, the average black household's wealth fell by more than half, to $5,677, while white household wealth fell 16 percent to $113,149, according to the Pew Research Center. In 2009, 24 percent of black households had no major assets other than a vehicle, compared with 6 percent of their white counterparts."


A generation of wealth and assets are evaporating, and the presidential candidates aren't making a peep about it," said Keeanga-Yamahtta Taylor, 40, a doctoral candidate in African-American studies at Northwestern. "We're talking about historic changes in manufacturing, and these are systemic changes in the economy and in the midst of this, people are being left behind."

But much less attention has been given to the black middle class, which since the recession and slow recovery has suffered massive decreases in wealth and high rates of home foreclosures. Blacks overall are experiencing a 13.4 percent unemployment rate, according to figures released Friday, much higher than the national rate of 7.8 percent.

The Pew Charitable Trusts' Economic Mobility Project recently released a report projecting that 68 percent of African-Americans reared in the middle of the wealth ladder will not do as well as the previous generation.

In August, the National Urban League's State of Black America 2012 report found that nearly all the economic gains that the black middle class made during the last 30 years have been wiped out by the economic downturn."

http://articles.chicagotribune.com/2012-10-07/news/ct-met-bl...



They can thank 'trickle down' government and a government hell bent on making more and more dependent upon government handouts as their major policy.

70 years of 'progressive' policies (liberal left wing socialist Marxist ideas) have fostered an 'entitlement state' .....

And did you catch that 'doctorate' in AFrican American studies? I'm sure that is really helping the US retain its lead in manufacturing productivity, invent the next iPhone type idea to provide employment for her kids, etc........ instead, just another 'academic' like Obama trying to 'talk' the economy and the world into doing his/her 'textbook' ideas about a fictional reality in lib land



t.
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And did you catch that 'doctorate' in AFrican American studies?

t


You know what describes any college major whose name ends with the word "Studies". <g>

Try worthless.

Mike
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Good golly! It's Bush's fault, don't you know.
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"From 2005 to 2009, the average black household's wealth fell by more than half, to $5,677, while white household wealth fell 16 percent to $113,149, according to the Pew Research Center. In 2009, 24 percent of black households had no major assets other than a vehicle, compared with 6 percent of their white counterparts."

To the extent that this is the President's fault, that would be Bush not Obama.

To the extent that it's Congress's fault, blame is about equally divided between the two parties.

Got more recent data?
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warrl:"To the extent that this is the President's fault, that would be Bush not Obama.

To the extent that it's Congress's fault, blame is about equally divided between the two parties."


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Going back to the Jimmie (peanut farmer) Carter days, it was the progressives who came up with the Community Re-investment act, that extorted banks into starting to make loans to people not qualified to own them, but 'deemed' a special interest group.

That program was expanded under Bill, the groper, Clinton....forcing banks to make more crap loans.......at the behest of the thugs like Obama (who, as a law-yer sued banks for not making crap loans and extortion special concessions)......and Pelosi.....and a whole raft of other daft CA type libs who wanted to feed a housing bubble.

When it burst...it hurt minorities, who had put all they had into buying a house they should not have bought for the most part..... and wiped out most of their assets in one big swoop. Yepper, the progressives killed the wealth of the middle class....their savings down the drain due to 'owning' a home they shouldn't have gone near.....

Now, of course a few republicans went along....more people buying houses with borrowed money, on credit they didn't qualify for...but it was more jobs and more sales of stuff...to furnish the houses with borrowed money and credit.......

SOmewhere personality responsibility went out the window along with common sense, but that was foisted upon the masses by the progressives who had to teach that everyone was 'equally qualified' to buy a house, buy a fancy car, fancy clothes, $200/month cell phone plans, two pounds of gold neck chains, etc....

All I can say is that under Obama..the middle class has been wiped out. Joe Biden said it so it must be true.




t.
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...the average black household's wealth fell by more than half, to $5,677...

I would say I'm stunned, but in my experience (from L&D), the average black household is a single mother with multiple children and usually multiple non-present sperm donors. So there is little to no chance of accumulating wealth.

As far as losing value, I guess the newest iPhone nor Air Jordans hold up over time.

JLC
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