How have Blacks fared under the Obama administration? Many initial expectations were certainly unrealistic. Not only did President Obama inherit a significant deficit. His policies have compounded the problem by such unimaginable multiples of deficit spending, that only a fool would think he could deliver on all his promises. You can't fund social initiatives on funny money indefinitely. Furthermore, how much have his extravagant spending initiatives actually helped Blacks?
According the U.S. Bureau of Labor Statistics (2012), the unemployment rate is 8.3 percent as of January 2012. The unemployment rate has doubled since the beginning of the recession in December 2007. Obama’s first year in office (2009), saw a record jump in the poverty level from 13.2% to 15% -- defined in 2010, as at or below an annual income level of $22,314 for a family of four. The percentage of people in deep poverty was 13.5 percent of all African Americans and 10.9 percent of all Hispanics, compared to 5.8 percent of Asians and 4.3 percent of Whites. Under Obama, child poverty has jumped from 19% to 20% and among the 18-64 demographic, the level jumped from 11.7% to 12.4%. Blacks and Latinos were disproportionately hit, based on their higher rates of unemployment.
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