In 2009, when Obama took office, the black poverty rate was 25.8 percent. As of 2014, according to Pew Research Center, the black poverty rate was 27.2 percent.What about income? CNNMoney says, “Minority households’ median income fell 9 percent between 2010 and 2013, compared to a drop of only 1 percent for whites.” The Financial Times wrote last October: “Since 2009, median non-white household income has dropped by almost a 10th to $33,000 a year, according to the U.S. Federal Reserve’s survey of consumer finances. As a whole, median incomes fell by 5 percent. But by the more telling measure of net wealth — assets minus liabilities — the numbers offer a more troubling story.”
What about net worth and the black-white “wealth gap”? The Financial Times said: “The median non-white family today has a net worth of just $18,100 — almost a fifth lower than it was when Mr. Obama took office. White median wealth, on the other hand, has inched up by 1 percent to $142,000. In 2009, white households were seven times richer than their black counterparts. That gap is now eightfold. Both in relative and absolute terms, blacks are doing worse under Mr. Obama.” Remember, these numbers apply to all “non-whites.” For blacks, it’s worse.
When looking only at “black net worth” — which is lower compared to non-whites as a whole — white households are actually 13 times wealthier than black households. From 2010 to 2013, according to the Federal Reserve, white household median wealth increased a modest 2.4 percent, while Hispanic families’ wealth declined 14 percent, to $13,700. But blacks’ net worth fell from $16,600 to $11,000. This is an astonishing three-year drop of 34 percent. Investors Business Daily put it this way, “That’s a steeper decline than occurred from 2007 to 2010, when blacks’ net worth fell 13.5 percent.” The black/white “wealth-gap” has reached a 25-year high.
What about unemployment? In 2009, black unemployment was 12.7 percent, and by 2014, it had fallen to 10.1 percent. This sounds like good news until one examines the black labor force participation rate — the percentage of blacks working or seeking work. It’s the lowest since these numbers have been recorded.
