The stock market has raised the value of 401(k) accounts, but very little flowed to poorer Americans, including African-Americans, while nearly all of the benefits went to wealthier Americans. The unemployment rate for African-Americans has fallen by 1 percent per year, down from 16 percent in February 2010 to 11 percent in November 2014. That rate is double the national average, and it matches the high unemployment rate among low-skilled people who did not graduate from high-school, and who are now losing jobs to machinery and low-wage immigrants. But Obama has made the employment situation worse for African-Americans by ending enforcement of immigration laws and by offering work-permits to roughly 6 million illegals, guest-workers and future immigrants. Overall, almost half of the jobs added since January 2010 have gone to migrant workers, not to Americans. In fact, fewer Americans held jobs in December 2014 than held jobs in 2007. Obama dodged the uncomfortable fact that African-Americans’ wages have drifted down amid the surplus of low-skill labor. The median weekly wage for blacks was $601 in 2009, and $644 in the fall of 2014. That’s a $15 decline, once inflation is considered. But to Obama, everything has gotten better under him. *Rolls eyes*
Posted on: Mon, 29 Dec 2014 19:07:17 +0000
Trending Topics
Recently Viewed Topics
© 2015