Monday, October 13, 2014
African-American wealth has fallen further under Barack Obama than under any other president since the Depression and yet they are the only group that still gives him high ratings
So meagre is Obama’s national approval rating that embattled Democrats have made him unwelcome in states that twice swept him to power. Those who have fared worst under Obama are the ones who love him the most. Since 2009, median non-white household income has dropped by almost a 10th to $33,000 a year, according to the US Federal Reserve’s survey of consumer finances. As a whole, median incomes fell by 5%. But by the more telling measure of net wealth – assets minus liabilities – the numbers offer a more troubling story. The median non-white family today has a net worth of just $18,100 – almost a fifth lower than it was when Obama took office. White median wealth, on the other hand, has inched up by 1% to $142,000. In 2009, white households were seven times richer than their black counterparts. That gap is now eightfold. Both in relative and absolute terms, blacks are doing worse under Obama.