I’ve been a little hard on Barack Obama over the years for being a dunce. Then I see a story like this that makes me realize he’s playing three-dimensional chess at a level I can’t even comprehend. All this time I’ve had him pegged as some inexperienced, bumbling dimwit destroying the US when he is in actuality perpetrating the perfect crime.
The wealth gaps between whites and minorities have grown to their widest levels since the U.S. government began tabulating them a quarter-century ago. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.
The analysis shows the racial and ethnic impact of the recent economic meltdown, which ravaged housing values and sent unemployment soaring. It also offers the most direct government evidence yet of the stark wealth divide, a disparity between predominantly younger minorities whose main asset is their home and older whites who are more likely to have 401(k) retirement accounts or other stock holdings.
Let’s take a look at that last line again:
It also offers the most direct government evidence yet of the stark wealth divide, a disparity between predominantly younger minorities whose main asset is their home and older whites who are more likely to have 401(k) retirement accounts or other stock holdings.
Oh man, how’s that Hope and Change working out for you guys? You’re about to spend the next 50 years of your life paying out the nose so some older white guy with 20 times your wealth can get a nice government stipend. That’s not all. Businesses are so paralyzed by Obama’s regulatory onslaught you’ll never make up the ground you lost before the big Social Security and Medicare bill demands even more money. Money you will never have a chance to accumulate as wealth.
We’ve talked in passing before about the prism through which two people – let’s call them me and someone who doesn’t drink peach/watermelon squeezins from an old radiator still – view the same facts or data and reach diametrically opposite conclusions. But the only reasonable conclusion from the dramatic curtailing of minority wealth is that Barack Obama hates black people. And Meskins.
The white-black wealth gap also is the widest since census began tracking such data in 1984, when the ratio was roughly 12 to 1.
Obama hates black people more than Reagan did!
“What’s pushing the wealth of whites is the rebound in the stock market and corporate savings, while younger Hispanics and African-Americans who bought homes in the last decade, because that was the American dream, are seeing big declines,” said Timothy Smeeding, a University of Wisconsin-Madison professor who specializes in income inequality.
Stock holdings play an important role in the economic well-being of white households. Stock funds, IRA and Keogh accounts as well as 401(k) and savings accounts were responsible for 28 percent of whites’ net worth, compared with 19 percent for blacks and 15 percent for Hispanics.
“There’s a good chance the wealth gap will widen further,” Smeeding said, citing the stalled housing market. “What we need to do is help lower-income people move up.”
You guys got suckered by community organizers/litigants like Obama pushing easy money through Fannie and Freddie and HUD. Now you’re stuck with a bubble-inflated home you never should have bought with nothing down and can’t cover your note if you sell. If there’s one lesson all Americans will take away from the Obama presidency it’s that if something with which you’re not very familiar seems too good to be true, you should probably do a lot more research before you commit.
Stock/investment wealth is 28% for whites, 19% for blacks, and 15% for Hispanics but whites just have 20 times more? Is that the take away from this? Maybe older Americans have more equity in or own outright already their homes?
No matter, check that last line again:
“What we need to do is help lower-income people move up.”
Not like George and Weezy through encouraging hard work and entrepreneurship but through taxing those private retirement accounts, right? The young blacks and Hispanics have to pay for the rich old whites. That means taking from the middle class/middle aged to give back to the young and poor.
We’ve got 80,000,000 checks to write this month and that number’s not getting smaller anytime soon. Nor will the checks. Ever.
“Typically in recessions, minorities suffer from being last hired and first fired. They are likely to lose jobs more rapidly at the beginning of the recession, and are far slower to gain jobs as the economy recovers,”
Whatever minorities did to Obama when he was younger he’s sure taking it out on them today. They’ll never recover from his economic policies.
Which must be his plan. Like a restauranteur who burns his place for the insurance money he’s deliberately set the US on a course which can only result in collapse and restructuring in the fair manner we deserve. Or he’s a dunce. Possibly both.
Regardless, young blacks and Hispanics are apparently even more boned than young whites, middle-aged of all races, and everyone else we’ll soon be taxing back to the stone ages so we can send Social Security and Medicare checks to our wealthiest demographic.
Maybe it’s not blacks and Meskins he hates as much as it’s anyone who dares becomes successful enough they don’t need Barack Obama’s help to live their daily lives.