Some remarkable numbers have emerged that describe the decline of the middle class of black Americans as reported by The Economic Policy Institute.
As Algernon Austin said in the Institute's report, "In 2009, for every dollar of wealth the average white household had, black households had two cents." The median net worth of white American households had fallen 24% from $134,280 in 2007 to $97,860 in 2009. For black households it had fallen 83% from $13,450 to $2,170. $2,170!
These are shocking figures. Certainly the housing crash had something to do with it but the disparity in both value and percentage fall is horrifying.
There's more. While the blacks make up 10% of the civilian labor force, black Americans make up 18% of government workers; 25% at Treasury, 37% in Education, 31% State, 38% HUD, 42% Equal Opportunity Commission, 55% government Printing and 82% at Court Services and Offender Supervision.
These numbers are being talked about now as a risk for Obama's reelection hopes. As the government comes under increasing criticism and costs are cut, the black population that is so overrepresented in government will suffer most. So, the wise ones ask, will they resent Obama and not vote for him?
That is a moot question. This incredible discrepancy between two groups in productivity and wealth cannot go on without some new balance being created.
Wednesday, July 13, 2011
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