Blacks And Other Minorities Always Suffer More Financially
After all these years, I think anyone who’s visited this blog more than once knows I’m black. It’s not for this reason that I often write about how many of these industries that are crashing are impacting both blacks and other minorities in general. It’s because it’s news. I don’t go searching for this stuff; it just comes up in regular news, and thus I have to mention it.
Case in point, the latest news that came out last week stating that the crash in the housing industry is impacting black Americans more than anyone else. Most of those really bad loans, creating the majority of foreclosures, are against black people because they not only got those floating loans, but in many cases their initial interest rates were higher than white homeowners.
If you want to look at numbers, since 2004 black homeowners have fallen more than 6%, whereas whites and other ethnic groups have fallen only 2.3%. With homeowners more recent, black home ownership has fallen more than 8% while white home ownership has fallen 4.5%.
You want more? Let’s talk about unemployment. Even with numbers that kind of defy logic, white unemployment is around 8.7% while black unemployment is around 16.1%. In some states the rate is as high as 25%. And people wonder why I say there’s still discrimination in this country.
And let’s talk about health care. The life expectancy for blacks is the lowest of any group in this country at 72.9 years while whites are 78.1 years. Strangely enough, Hispanics live the longest at 80.6 years. The mortality for black babies is almost 3 times that of white or Hispanic children. Diabetes is estimated to be 2.3% times higher in blacks than whites. And the number without health care coverage is much higher as well; see, that image most people have of welfare, Medicaid and black people just isn’t true.
So yes, I talk about it because it’s important to me, and of course it all stays in the news. So I’ve talked about the black farmers. I’ve talked about black foreclosures and Wells Fargo’s unfair minority mortgage practices. And I’ve obviously talked about black unemployment. And I’ll continue talking about it whenever I feel the need to, as it impacts financially.
As Booker T. Washington once said, “If you’re going to keep the black man in the gutter, you’re going to need white men to keep him there.”