in today’s news….
The Kerner Commission once characterized the Black society and the White society as “two societies, separate and unequal”.
According to the Pew Center For Research, that statement still holds true – except that now Hispanics are included in the same separate and unequal society as African-Americans.
In a climate of economic distress, it is often a good idea to see how the economy is going for certain groups. There was a time when Blacks were rising in economic power, but with the recent recession, all those gains were lost. Most black middle class families were hit hard by the housing market crash – since real estate was the first step to the “American Dream”. Many Black families watch their hard-earned investment go up in flames as Wall Street plundered and blundered everyone in to the poor house.
Why were whites spared this down turn? Because they had also invested in the stock market and once it rebounded – they were able to minimize their losses. Black families were just getting up the money to invest in real estate, most did not have the extra income to invest in the stock market, nor did their wages allow for an affordable 401(k) plan that would allow them to pull enough from their wages to put into the plan to see a practical return.
Just how bad is the gap between Whites and Black and Hispanics? Well the median wealth of whites was is about $133 thousand, Hispanics around $6 thousand and Blacks..a paltry$5 thousand. The Associated Press says this is the widest the gap has ever been since the data tracking began in the 80’s.
This is why Black Americans NEED to be informed about this “debt ceiling” situation…those cuts they are talking about will affect the Blacks and Hispanics the most. It is certain. When a resolution is reached, the number of Americans – especially minority Americans will grow even larger as more jobs are lost.
The black unemployment rate is unforgivable as it is…and it will go higher in the next few months.
I guess someone should tell Jay-Z that it doesn’t matter if the President is Black…cause none of us will be pushing Lambo’s…ever.
see the report: