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The debt-ceiling crisis that threatened America’s economic foundation has abated for now.
But the jobs crisis and the foreclosure crisis which continue to threaten the present and future of millions of ordinary Americans have not.
Black America: What Will "Catastrophe" Look Like?
Seeded on Wed Aug 3, 2011 2:13 PM EDT
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These facts of political and economic life make it especially imperative that black Americans ponder an alarming question: What will the economic catastrophe that is only just beginning to sweep over Black America look like?
Catastrophe is not too strong a description of the prospect a significant proportion of blacks – including many who recently lost their middle-income jobs – may face over the next decade.
Not when the dynamics of the country’s jobless recovery promise no reduction in the official black unemployment rate of more than 16 percent—double that of whites – with rates in some urban areas being significantly higher.
Not when that racial ratio (PDF)– black unemployment being one-third to fully twice that of whites – holds for nearly every population segment of the two groups, including that of college graduates.
Not when public-sector jobs, long a crucial foundation of black upward mobility are being severely cut back, and the private sector, enabled by technological advancements to reap greater profits with fewer workers, has in mass terms put a “not hiring” sign on its U.S. operations.
Not when African Americans, who are 12 percent of the population, make up just over 19 percent of the nation’s more than 14-million jobless workers and nearly 23 percent of the 6.3-million of them who’ve been out of work for 12 months or more.
Not when the epidemic of home foreclosures among black Americans has not only driven African-American homeownership rates back to 1990s levels and undermined the stability of numerous predominantly black neighborhoods but also robbed Black America as a whole of any chance of accumulating significant wealth for the foreseeable future.
And not when, as a new study by the Pew Research Center has charted, the gap in median wealth between white households, on the one hand, and black and Hispanic households, on the other, is at record dimensions. All three groups lost a portion of their new worth as the Great Recession ran its course.
But the erosion suffered by the latter two has put them as paltry levels (PDF). Whites, who had a median net worth of $134,992 in 2005, are now at $$113,149. But over the same period, Hispanic net worth fell from $18,359 to $6,325; and black median net worth declined from $12,124 to $5,677.
- 3 votes
#1 - Wed Aug 3, 2011 2:14 PM EDTWhat will "catastrophe" look like? See if Obama gets re-elected then you will see a real catastrophe.
- 2 votes
#3 - Wed Aug 3, 2011 2:36 PM EDT
Power, I would venture to say that most of the people who posted above with their snarky remarks are Caucasians. They have no life experience with African Americans and are praying that they do not. They do not know how it feels to have to go around back when you have to pee so bad that you think you cannot hold it, only to find a line. They do not know how it is to get on "public transportation" and have to go to the back of the bus, because your skin is dark and when you get there no seats are empty, eventhough many in the middle and front are, so they have to stand for their hour ride before they go to their domestic jobs. They do not know how it feels to have to send your child to a school with marked up, torn up books that are so out-dated that the information is not current at all, but if you say anything, you are labeled "a troublemaker" and ostracized. But yet you are supposed to get an education the best way you can so you can compete with those who had rich Mama's and Daddy's and sent them to private schools and had all the advantages their money could buy. For all you that have posted so belligerently and do not have compassion for your fellow man who was also created in the image of God, just as you were, shame on you. We have fell behind in this country and the reason is "how we feel about our fellow human beings." You might want to read up on Abraham Lincoln and why he felt that God punished this nation with the Civil War. Do we want to go down that road again, or do you just not give a damn? I am Caucasian and a retired RN and I never saw any difference in the color of blood from one human to the next, nor any of the organs within their bodies. Some of you need your heads examined and to pray for forgiveness.
- 5 votes
#4 - Wed Aug 3, 2011 5:08 PM EDTWell stated, Lynn.
Of course they're speaking from that they don't know. Isn't this what the privileged does?
Since birth, they have had a leg up--Blacks have yet to catch up because it isn’t part of the plan. They come on here and leave their childish comments because they've never been taught how to engage. Those who have been taught to how to engage don't do so because they feel they don't have to. They are following in the footsteps of those who bred them to be disrespectful and mean spirited. They've been taught they are superior because of the color of their skin.
They don't realize how ridiculous they appear, and they don't have to because they are the privileged.
- 3 votes
I did not see the comments that were deleted, but can pretty much guess what they said.
Minorities have an uphill battle in most endeavors. THAT IS FACT....The deniers can say what ever they want. The old saying ''Walk a Mile in My Mocassins'' applies to them. They have no idea what it is like to be a minority so their expertise is coming out of their ass.
- 1 vote
#5 - Wed Aug 3, 2011 9:13 PM EDTKavika, I reinstated comment #3 so you can read it. The other was deleted by Newsvine. I didn't get to read it either.
No they don't have an idea of what it's like to be a minority, and they don't care because they've been taught not to. They've been taught that they are superior to minorities.
- 2 votes
Those who leave comments like that rarely show intelligence of any kind.
- 1 vote
Easy to sit back and blame all your problems and difficulties on white people.
I also wasn't taught to think I'm "above" anyone but I don't go around blaming evryone other than myself for not doing or getting the chance to do something.
- 2 votes
The problems of Blacks and Native Americans started with White people who are in power, and the problems of today is because of white people in power. It's apparent the only history you are aware of is white history.
- 3 votes
No I am quite aware of black history as well but in this day and time I doubt that when a company is laying off 100,000 workers they are checking to make sure they are all black.
Also if everyone is so sure they were laid of due to the color of their skin I'm sure we would see a huge influx of lawsuits filed for wrongful termination.
So apparently you just like pointing out that whitey is keeping everbody down huh?
Excuses, excuses instead of trying to blame what's causing it why don't you try to find a way to fix it.
Wooden, It is very obvious that your mind is already made up and that you are a lost soul. So with that known about you, I bid you adieu, we have nothing to discuss or talk about.
- 2 votes
Lynn, it's quite obvious that wooden doesn't know much about American History except for that what was written in schools history books, and that history is all lies since it excluded the contributions and history of Native Americans and Blacks.
All white people aren't the problem. It's the white people who hold positions of power.
- 2 votes
So glad you two found all the secret history that everybody is missing.
Look I am not stupid to the contributions of both Native Americans and African Americans but to tell me that someone who applies themselves and works hard yet is still "held down" b/c they're black is ridiculous. I'm not saying it doesn't happen b/c that would be a lie but to say the HUGE gap is due completely from racism is naive.
Also
bye Lynn
Power, You are right. I've seen that in my career prior to my retirement and there are those in business and power, who feel like they made it on their own and everyone should do the same. But the starting point for them and many minorities (not for long) in this country were so different & so wide that the minorities would never be able to bridge it. But try to tell them that or help them to see it, and they were as wooden, thinking you were trying to take away something from them, when in reality you were hoping that they could be the catalyst for change & opportunities for others. How much more powerful they would be if they would consider that or do it.
- 2 votes
You hit the nail directly on the head Lynn, they believe by giving minorities the same opportunities that they received through ancestry, they'll lose something. They don't want to share the wealth. As evident that there is a Tea Party, a Nazi Party, a KKK, Skin Heads, etc.
- 2 votes
Power, Even Chris Christie from New Jersey has them pegged today and called them crazies!!! Look at how many spin off groups they organize and do they do anything? Why of course not other than end in prison themselves.
- 2 votes
#6 - Thu Aug 4, 2011 8:46 PM EDTLawrence O'Donnell gave Christie a standing ovation on his show this evening. I'm glad Christie called them out for what they are crazies.
- 2 votes
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