Americans, and I mean all Americans, are in the midst of some of the worst economic times since The Great Depression. We are all struggling in some form. That's why I think it is so intriguing to find conversations taking place about the black middle class. Usually, all most Americans hear about when the media does cover African-American economic issues is their supposed use of entitlement programs. But, many of us are not receiving any type of government assistance--not yet anyway. It is also important to note that CNN is not the only media outlet taking African-American economic issues head on. Penn State has a great dialogue going on entitled, "Conversations: The Black Middle Class."
Which begs the question, just how are you doing? Are you doing better under an Obama administration? Have you benefited from any of the Stimulus funds? Will the black middle class fade with the manufacturing industry, particularly the big three auto makers (even though Ford just posted a profit for the second quarter).
And while you're figuring out what you're going to say, and please say something, here are a few facts for 'ya. Hey, you know I couldn't let you read without learning something!
- A new study of 401(k) plans has revealed that black and Hispanic workers save significantly less for retirement and tap into their accounts more frequently than white and Asian employees.
- data collected by the Federal Reserve shows that minorities are most at risk of damaging their financial futures due to poor credit card management. African American households, in particular were shown to spend larger percentages of their incomes paying credit card and other high interest rate debt, heading closer to foreclosure bankruptcy while enriching lenders.
- Because of their dependence on non-standard loan agreements, African-Americans are still the most vulnerable ethnic group to foreclosures.