The black community is in dire need of help from legislators, as our community has been hit the hardest by recent trends in unemployment.
While overall unemployment is at a staggering 9.8%, African American unemployment is 15.4%. Black male unemployment is as high as 30 - 40% in some urban areas. Jobs are needed and benefits are needed even more. According to the Center for American Progress, the poverty rate for African American children is over 34.7%, while only 10.6% for white children. Economically speaking, black people are usually the state of economic recession.
Typically, unemployed workers are eligible for up to 26 weeks of benefits, but that number has been extended twice by Congress. Now, workers are eligible for as many as 79 weeks of benefits. The current compromise proposed by Senator Max Baucus would give an extra 13 weeks of benefits in states hit hardest by unemployment, while those suffering less would get an extra 4 weeks. This approach has been disputed by some members of the Senate, who feel that all Americans should get the same extensions, regardless of where they live.
The unemployment rate is expected to rise above 10%. Additionally, more than 1/3 of all unemployed Americans have been out of work for more than six months.
One ray of hope for an economic recovery is the stock market. Anyone with a little extra money to invest was able to earn a 50% return over the past 6 months, which is truly phenomenal. The other bright side of the market rally is that the stock market is a leading indicator of economic growth: that means that when the market improves, the economy is expected to improve. So, while recent unemployment numbers imply that a recovery is going to be slow, the truth is that all is not lost.
Keep your hope alive. Things are going to get better.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.
Comments: (7)
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By: philip on 10/08/2009 12:15PM
can anyone tell me. why america official and business served people by race and class.
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By: ogbobbye on 10/12/2009 5:03PM
This is the story they can not extend benifits forever in the first quarter of 2010 they will need to begin transitioning people from unemployment to other government programs ie welfare. They will also be using bank bail out and TARP funds to clear the debts of the people out of work ie Mr. Banker write it off then you won't need to pay back all that you borrowed. Write your reps. and sentor and ask them about it
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By: chichi on 10/12/2009 10:50PM
God help us!
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By: rmarie on 10/15/2009 9:45AM
This recession has put us in a bad place right now. So you have to take time out to grow & educate yourself. Try to find opportunities where they exist. There are about 10 top businesses and as you know one of them is the hair business as you have seen on the movie Good Hair. Another is the health industry. SO IF YOU ARE LOOKING FOR THE ANSWER IN THIS HORRIBLE ECONOMY FOR FINANCIAL SECURITY, CALL ME!! I am seeking Entrepreneurs to participate in a cutting edge endeavor to fill several positions in my company that leverages the current economic state! I would love to have a discussion with people who are self motivated and business minded with leadership qualities about what we have. Forward this info to those who may fit this criteria.
1-888-201-6672
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By: PARADISE on 10/14/2009 12:41PM
U know thay saying is true unless you have walked in my shoe u don't know, U see the SENATE have jobs so Y do the care about the people who have been struggling to provide for their family, It is not our fault that the job market is so dim and our President created these STIMULUS JOB, what a Laugh, where R they. IE Welfare is a joke U cannot survive on that, please treat all people the same jude us as humans being and not what our race is. We R sinking fast that all race...
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By: Tony on 10/14/2009 1:35PM
They need to extend the measily benefits until each person receivng them, finds a job.
Where the promised stimulus package jobs? I've unemplpoyed since Nov. 2008. I cant find nething! nothing!
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By: rosa on 10/14/2009 8:49PM
I would like to know what is being done about ex-felons who want to be productive citizens in society but is not allowed to do so due to their past. I server over 14 years in prison for a crime I did not do yet I paid the price. Since out five years ago with little work experience but the skills to do various jobs I've had no luck except in 2007. Only because the application asked if you'd committed/guilty of offense in past 7yrs. I worked there for fourteen months while out on medical leave I lost my job and has been out of work since 11/17/08 and have had only one interview to which they were honest and said do not hire ex-felons. I do not feel I should have to lie and refuse to lie to get a job. I don't know what else to do any more and just got my last check of unemployment and was told don't know when EB will start. It's as if they don't want you to succeed in staying out well I've got news for them I'd die before going back the same goes for being homeless. I'm a very hard worker,honest,and dependable will go out my way to help others. I'm no saint and have done things in my past that I should have gotten time for but was never caught.I served my time and paid my debt to society so let me be truely FREE. All I want to to enjoy what's left of my life in a home I can call my own on land off the road so my dog can be free to be off chains work a good paying job that I can survive and save on. Peace of mind and do Gods will not man. Is this too much to ask for out of life? People are criticizing Obama for this and that, people look; his plate was over-filled when he got it and it is going to take time to fix our country give him a chance he does have to go through Congress and the Senate too. But the unemployment benefits need to be extended until employment is reestablished, minium wage is a joke! Look at this, @ $7.50 per hour for say 40hrs per wk. is $300.00 BEFORE taxes times this 3 more wks.$1,000.00 a mo. BEFORE taxes $12,000.00 a year BEFORE taxes. Lets say you bring home every two weeks(the more your check the more taxes taken that's why you are getting paid evy. two wks.)$490.00 =$980.00 mo. rent 400.00,lights250.00,phone125.00(summer time),gas per mo.(car)120.00=$895.00 so far. You still have to eat, buy personal hygiene things to clean home and other nessessities.How can you make it? Bush is rich he did not care.I live in Henry County,VA and there are no jobs here unless you are a doctor or nurse and they are leaving this town too. Can't afford to move else where. And don't get me started on Workforce they do not help unless you are Trade Act or Hispanic. I'm not predj. I love all my people but the facts I've seen first hand. I go for help and have done all they want me to do so they ask me "what is it you want me to do you seem to have covered everything" what kind of crap is this. I'm not form here and I need help all I need is a job paying $10.00 hr at min. 40hrs. wk to start and I can make it from there if gas and a roof over my head don't cost more.People now want to rent you a shack for four and five hundred a month something should be done about this also and then they won't fix anything or will lie to you till you sign the lease and nothing will get done. Will someone address these issues? I've talked to hustlers ie. drug dealers and ask them why won't they get a job. They don't want to live that lifestyle but they are not given a chance most have records, no drivers and here we have no public transportation in the county or city(taxi in city). They want out of it but do not know how and again there are no resources. how about giving me a job with the Federal Gov. help to go to employers to get them to hire ex-felons with good paying jobs to get them off the streets. If they lack skills we teach them as well it'll help me and I can pass the help on. Maybe I can even help relocate some to other states. I have a plan if someone wants to hear it.I cannot do it alone.
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