April 20, 2015
Congressional Report Shows Economic Lag Among Blacks
By Zenitha Prince
Line of job seekers.
Special to the Trice Edney News Wire from the Afro American Newspaper
(TriceEdneyWire.com) - African Americans struggle far behind White Americans on most measures of economic well-being, according to a recent congressional report.
The report, created by Congress’ Joint Economic Committee, revealed that Black Americans face a range of economic challenges, including disproportionately high rates of poverty, unemployment and long-term unemployment as well as significantly lower incomes and slower wealth accumulation than White households.
“Today’s report detailing the disparities that African Americans face comes as no surprise to those who experience the reality of such inequities in their daily lives,” Congressman G.K. Butterfield (D-N.C.), the chairman of the Congressional Black Caucus, said in a statement. “This report sheds light not only on the state of affairs for Blacks in America but on the country as a whole and the divide that has persisted for generations due in large part to our country’s history of racial divide, oppression and lack of access.”
Key findings in the report show:
–The median income of African American households is $34,600—nearly $24,000 less than the median income of White households ($58,300).
–The median net worth of White households is 13 times the level for Black households.
–Blacks are almost three times more likely to live in poverty than Whites.
–At 10.1 percent, the current unemployment rate for black Americans is double the rate for White Americans.
–Black Americans currently face an unemployment rate that is higher than the highest national unemployment rate ever reached during the recent recession.
“The numbers are stark, they are troubling and they are unacceptable,” said Congresswoman Carolyn B. Maloney (D-N.Y.), ranking Democrat on the Joint Economic Committee. “What’s especially concerning is that the already-large racial gap in household wealth has grown even wider since the recession. This report is a powerful, sobering reminder that policymakers must do more to open doors of opportunity for African Americans.”