While Middle America goes into recession, Black America flirts with depression.Submitted by bobbyw24 on Fri, 08/19/2011 - 07:25
First, black Americans held a significant share of the subprime mortgages that went sour when housing prices went south, and are thus over-represented among those who lost homes.
Second, black Americans, with a higher rate of poverty, depend more on the entitlement and social programs that Obama cannot avoid hoisting onto the chopping block in any “balanced” plan for dealing with the deficit-debt crisis.
Third, African-Americans are over-represented among the 22 million who work for local, state and federal governments. And while government workers came out best in terms of job security and salary hikes in the stimulus days of 2009 and 2010, in the austerity days of 2011, they are getting their fair share of pink slips. It is almost a truism: Whenever Middle America goes into recession, Black America flirts with depression.
Consider the U.S. Postal Service, with 600,000 employees, running a deficit of $8.5 billion and facing layoffs of 120,000. According to William Burrus, ex-president of the Postal Workers Union, 21 percent of all postal employees are black. When the cuts come, minorities will take a big hit.