Politics is Not the Answer to Black Economic Woes

A recent Pew Research Center report using US Census Bureau data painted a grim picture of economic decline among blacks (and Hispanics) during the current downturn (see here).  In 2005, for example, the average white household net worth was $135,000; for blacks it was $12,124 (net worth reflects home ownership, stocks, cars, retirement accounts and the like minus debt).  But, while the asset figure for white households dropped to $113,149 in 2009, for blacks it fell by more than half to $5,677.  In fact, 35% of black households had zero or negative assets (the figure for whites was 15%).  The median net worth of single black women is $5.00 while at the other end of the continuum, married or cohabiting white women have a net worth of $167,500 (see here)!  Blacks are also disproportionally leaving the workforce altogether while unemployment increases across the board (see here).  Even more surprising, a report by the National Urban League Policy Institute...(Read Full Article)