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This year, I've invested heavily in the stock market and I've made some money because of it. Also, given that the stock market's performance is a predictor of economic growth, one can argue that the economy is on its way to some kind of recovery. The truth, however, is that the economic fundamentals of our economy were so bad before the recent downturn that a full recovery is highly unlikely.
Our president has an additional problem in that this economic recovery, for a multitude of reasons, does not possess the key elements necessary for all Americans to share equally in improved prosperity.
As of this month, the unemployment rate for whites rose to 9.5 percent and to 10.2 percent for all Americans. African Americans are still being hit hard with an unemployment rate of 15.7 percent, with it being as high as 50 percent for black teenagers. Double digit unemployment is tragic for Americans who are not accustomed to more than 4 - 5 percent joblessness, but for African Americans, we are always in a recession, since we tend to hover at unemployment rates that exceed those of white Americans by 4 - 5 percentage points. Lots of blame for unemployment has been laid at the feet of President Obama, who has been unable to create jobs as the economy shows signs of recovering.
The greatest problem now for President Obama is that an economic recovery means nothing if he is unable to create jobs. His approval rating has dropped below 50 percent, in large part because of high unemployment, and things are not looking good for our president, at least not right now. It is my expectation, however, that as the economy recovers, Obama's approval ratings will recover also. Americans will no longer need a scape goat.
Brittany Sharpton does a great video on black unemployment. The video is below. Enjoy!
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.
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By: Tony on 11/25/2009 10:56AM
It is sad that the most pressing issue concerning Blacks--the escalating jobless rate amongst our people--has yet to be seriously addressed. Those of us who are MOST in need seem to be receiving the LEAST amount of attention/assistance! Nothing has cahnged for Black folks.
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By: iketheterrible on 11/30/2009 4:15PM
How can this be! A few days before the presidential election, I was listening to the Michael Baisden radio show and Goerge Wilborn basically stated that if McCain won, black people should get used to eating cat food. Democrat president and congress, we should all have our 40 acres and 2 mules or are we reaping what we sowed. I'll bet you that sometime next summer, you'll be able to reprint this story and the only thing that will have changed for Black folk will be that the numbers will be worse. Don't get me wrong, McCain probably wasn't the answer but the bailouts with our tax dollars don't seem to be either. On the bright side though, mid-term elections are coming next year so they'll have to throw Black folk, and poor folk some kind of bone. When they realize that we realize that healthcare for all, without jobs for all don't pay the bills, maybe that bone will have a job attatched to it. We'll see.
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By: Sarah on 11/25/2009 11:13AM
This is the fundamental reason that people should not place any importance on the color of someone's skin. I am white, and have lived a life more consistent of most black Americans than the current president has. I understand being poor, I understand struggling from pay check to paycheck- eeking by to get through a month of bills only to start again fresh a few days later. Mr Obama grew up in a upper middle class, privileged, carefree household. Mr Obama never held a job during high school, or college - never flipped burgers, was a janitor, worked at Wal-Mart or the hundreds of other jobs teens rely on to be able to get by because of the lack of finances thier parents have. Obama was given everything - and knows very little about working for things. Which is why Mr Obama has no urgency in helping the black youths of America get employment. He would rather just give them things - after school programs, WIC checks, food stamps... all things that are not nearly as equal to the life skills, character building, and personal pride that a teen could earn in addition to any paycheck.
I would urge the american community - of all colors - dont give up. Dont wait until someone in goverment needs your vote again and tries to bribe you with a crumb. Stand up for yourself- use your God given innovation - and take hold of the american dream. If immigrants who cant even speak our language can come here and make it - then by all means ANYONE born in American can do at least as well or better. They key is - YOU not someone else.
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By: kingdavidlives on 11/25/2009 12:48PM
I agree with you, but, I would say that it takes both individual initiative as well as public policies that facilitate and provide better benefits for those that will seek to better themselves.
My point is that there are circumstances and situations beyond the control of the individual that also affect his/her chances at success in various endeavors.
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By: Dominique on 11/25/2009 5:34PM
President Obama cannot pull jobs out of of the air people! He cannot make companies hire anyone. Even if some companies are experiencing a small amount of growth, they are going to be extremely cautious about filling those empty positions for quite some time; just as you, the consumer will be more cautious about spending money on wants because of this situation. I don't think the companies that did the most layoffs will ever rehire as many people as they've laid off. They've been able to make do by having one person do the job of 2 or 3 people and think that those remaining should be grateful to still have a job.
It's amazing to me how so many people want to blame Obama for another administration's mess. He didn't create it, he's just trying to deal with it and slow the bleeding. Where were all of you at last year before the election when all of these layoffs started?
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By: kcn9971 on 11/25/2009 11:15PM
Dominique, it's people like YOU that make me sick!!! You make excuses for everything Obama does, even when he steals your tax dollars and gives it to his buddies on Wall Street! Soon we will be looking at a longer and deeper recession with more job cuts. Maybe with a little luck, YOUR job will be cut and we'll see how you feel when your azz is standing in the unemployment line!!!
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By: Ethel Munson on 11/28/2009 8:43AM
There are always two extremes when commenting on Pres. Obama's reign in office. However, he has to accept some responsibility for unemployment. You cannot constantly shift blame to the prior administration. If this fact were so, then Pres. Obama should not have run for the office since he knew the situation that existed during the last administration. However, what it seems like is that Pres. Obama is putting all his efforts into appeasing his enemies - the Republicans and other conservative self-interest groups while ignoring the needs of African Americans because he may wrongly believe that we would vote for him no matter what. He has time to attempt to fix Wall Street - now it is time to fix unemployment for African Americans. If he wants our vote in 2012, he cannot ignore our problems and proclaim to be the President of all people and then solicit our vote by running a silent black campaign of being the First African-American president to win our vote. It is time for African Americans to hold him accountable. He has already made history - now it is time for him to assist African Americans who made it possible for him!
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By: verne on 11/25/2009 7:44PM
I think you speaking from your ignorance as an individual instead of the intelligence buried somewhere in your mind set. You should not try to address any individual using the terminology such as gorilla or stereotype anyone because while you are living at the top, you to can fall and may need one of the individuals you are referencing to pick you up. There are individuals of all nationalities that will not work 100% daily. You yourself even have days where you just ride the clock and collect a full day pay without doing any work. We are all guilty. You have called in and not shown up to work as well, whether you want to admit it or not. Be careful of the negativity that you speak on someone because you end up bringing it on yourself...unless you are flawless in any of your thoughts, words, or deeds, please stop condemning and sterotyping others. Your financial and living situation can always take a turn for the worst and then you will experience things you never thought you could ever experience and be placed where the ones you are looking down on you will have to look up at as they reach out their hand to lift you up from falling..(You better look it!)
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By: Dominique on 11/26/2009 8:54AM
To kcn9971:
I don't make excuses for everything Obama does, nor do I agree with everything he does. I don't really care for politicians at all; I don't trust them and I believe that voting only chooses the LESSER of two evils. However, since you don't know me, you wouldn't know that.
Oh, and by the way, I may very well be out of a job within the next 6 months considering my company has already laid off 70% of its employees. That's MY reality and people who live in the REAL world understand that and proceed accordingly. If you want to be mad at the government - FINE, how about starting with your local and state government. I'll bet you didn't even vote in those elections, you know for the people sitting in the Senate and House who voted to give the money to the banks. You're probably one of those people who complain but doesn't get off their azz to do anything...nothing but hot air. Or perhaps you are one those people who thought you were going get a savior to rescue you from your misery. You should have known that it took years for the economy to get this bad and it will take years to recover. Economics 101.
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By: Morbidlyamused on 11/27/2009 12:43AM
"Economics 101."
Hmmm, now, lets see. Everything I learned in Economics and ways to grow the economy is exactly opposite of what the President is doing.
Taxes are costs.
Higher taxes = higher costs
Higher costs = lower demands
Lower demands = lower Profits and Production.
Lower production = lower employment
Lower employment = lower wages.
Nuff said!
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