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Obama Administration's Assault On The Black Middle Class

by Staff

in Nation

The Democrat Party are increasingly losing the support of their ‘base’ groups.

The American Jewish community for example that voted to elect Barack Obama by an 8-2 margin in 2007 are now polling in surprising numbers as far as their continued support.

Much more important is the fact that a group who are even more loyal in their support of the Democrats are now finding that the loyalty is not mutual.

For the past 30 years the Democrat Party have always taken African Americans and their vote for granted and this has created a relationship where the Professional Politicians feel that they can mistreat,decieve and enact legislation that harms the black community and get away with it.

Black Americans have struggled and worked hard making great strides towards achieving ‘the American Dream’ yet remain less successful on the whole for now.So it pains me to see this Administration that promised so much and are delivering so little actually taking advantage in the way that they are.

The 2012 elections will be about the economy and specifically about Jobs so Obama may be in for a rude awaking..

Princeton Professor Cornel West Chicago SunTimes- Princeton Professor Cornel West eagerly shakes the hand of President Barack Obama in June 2010. Today, West calls Obama “a black mascot of Wall Street oligarchs.”

 Millions of Americans endured financial calamities in the recession. But for many in the black community, job loss has knocked them out of the middle class and back into poverty. And some experts warn of a historic reversal of hard-won economic gains that took black people decades to achieve.

“History is going to say the black middle class was decimated” over the past few years, said Maya Wiley, director of the Center for Social Inclusion. “But we’re not done writing history.”

Adds Algernon Austin, director of the Economic Policy Institute’s Program on Race, Ethnicity and the Economy: “The recession is not over for black folks.”

In 2004, the median net worth of white households was $134,280, compared with $13,450 for black households, according to an analysis of Federal Reserve data by the Economic Policy Institute. By 2009, the median net worth for white households had fallen 24 percent to $97,860; the median net worth for black households had fallen 83 percent to $2,170, according to the institute.

Austin described the wealth gap this way: “In 2009, for every dollar of wealth the average white household had, black households only had two cents.”

Austin thinks more black people than ever before could fall out of the middle class because the unemployment rate for college-educated blacks recently peaked and blacks are overrepresented in state and local government jobs. Those are jobs that are being eliminated because of massive budget shortfalls.

Since the end of the recession, which lasted from 2007 to 2009, the overall unemployment rate has fallen from 9.4 to 9.1 percent, while the black unemployment rate has risen from 14.7 to 16.2 percent, according to the Department of Labor. Last April, black male unemployment hit the highest rate since the government began keeping track in 1972.

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