Yup, old Barry was going be their golden goose. It was going to be happy days are here again. They finally had one of their own in the White House. The "real" first black president, not some wanna be. Barry was going to pay all of their rent, give them all free healthcare, put food on all of their tables, pay the daycare costs for all of their illegitimate kids and, best of all, he was going to sock it to all of those greedy white folks. Hell, some of them even thought they'd be getting a new car. That's what they all thought, and that's why they all voted for him. But a funny thing happened on the way to utopia. Barry created an economic and financial nightmare the likes of which we have not witnessed since the Carter years and before that, the "Great Depression." And it is Barry's efforts to radically "transform" this country into something that more closely resembles the European model that can be identified as being the root cause for our present situation that has produced a growing number of casualties. And it just so happens that the greatest number of those casualties can be found in minority communities. You see, apparently the wealth gaps between whites and minorities have now grown to their widest levels since the U.S. government first 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. Oddly enough, if you were to look back at the times when minorities have experienced the most growth in net worth you will also most likely find that during those times there has been a Republican in the White House. And still these morons continue to vote for Democrats.
This most recent analysis shows the severity of the racial and ethnic impact that the Barry inspired economic meltdown, which has ravaged housing values and sent unemployment soaring, has brought about. It also offers the most direct "government" evidence yet of the 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. "I am afraid that this pushes us back to what the Kerner Commission characterized as `two societies, separate and unequal,'" said Roderick Harrison, a former chief of racial statistics at the Census Bureau, referring to the 1960s presidential commission that examined U.S. race relations. "The great difference is that the second society has now become both black and Hispanic." What exactly is a "chief of racial statistics?" Boy, I'd love to see what's in that job description. And what might be the qualifications for such a position? So I'm guessing that somehow this wealth divide is the fault of those who are able to have 401(k)s? And I can't help but wonder how many of these "younger minorities" might have been allowed to buy more house than they could have ever hoped to pay for. And for that they can also, again, thank the Democrats. It was because of scumbags like Bawney Fwank, Chris Dodd, that these folks were lured into situations that simply were not going to end well for them. And, still these morons insist on voting for Democrats.
The median wealth of white U.S. households in 2009 was $113,149, compared to $6,325 for Hispanics and $5,677 for blacks, at least according to the analysis released Tuesday by the Pew Research Center. Those ratios, roughly 20 to 1 for blacks and 18 to 1 for Hispanics, far exceed the low mark of 7 to 1 for both groups reached in 1995, when the nation's economic expansion lifted many low-income groups to the middle class. 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. "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." A fella who specializes in income inequality, what a crock. There's someone we need to be listening to. NOT! I do have a question, and maybe this specialist in "income inequality" can answer. Might this wealth apparent wealth disparity also stem from an unwillingness on the part of many of these minorities to stay in school, choosing instead to essentially become nothing more than what equates to being wards of the state? And might it also have something to do with they're being unable to move up the wealth ladder. The bottom-line here is that we all have decisions and choices to make throughout our lives, and the better the decisions the better the chance of having a good life. I shouldn't be made responsible for the bad decisions of others. Like they say, garbage in, garbage out!
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." According to the Pew study, the housing boom of the early to mid 2000s particularly boosted the wealth of Hispanics, who were disproportionately employed in the thriving construction industry. Hispanics also were more likely to live and buy homes in states such as California, Florida, Nevada and Arizona, which were in the forefront of the real estate bubble, enjoying early gains in home values. Those gains quickly shriveled in a housing collapse that was very much expedited by the policies of this president and the last Congress. After reaching a median wealth of $18,359 in 2005, the wealth of Hispanics, who had derived nearly two-thirds of their net worth from home equity, declined by 66 percent by 2009. Among blacks, who now have the highest unemployment rate, conservatively estimated to be somewhere around 16 percent, their household wealth fell 53 percent from $12,124 to $5,677. And still they remain loyal to the political party who has put them in that position. I just do not get it!
In contrast, the median household wealth of whites dipped 16 percent from $134,992 to $113,149, cushioned in part by a stock market recovery that began in mid-2009. "The findings are a reminder, if one was needed, of what a large share of blacks and Hispanics live on the economic margins," said Paul Taylor, director of Pew Social & Demographic Trends. "When the economy tanked, they're the groups that took the heaviest blows." Ok, and why is that? Might it because that's where they insist upon living? They consistently buy into how they are somehow victims of an unjust society when the majority of the situations that they are made to suffer are purely self-inflicted. The latest data come as Barry "Almighty" and congressional leaders face an August 2 deadline to figure out a deal to cut deficits and raise the debt ceiling or risk seeing the U.S. default on its financial obligations. Democrats and Republicans have been wrangling over proposals that could cut trillions of dollars from programs such as the Medicare health plan, mainly for older Americans, and the government's retirement plan, Social Security; they also are divided over whether to bring in new tax revenue, such as by closing corporate tax loopholes or increasing taxes for the wealthy. The costs for these programs are unsustainable, pure and simple. At a time when 50 percent of households pay absolutely zero income tax, these folks who are essentially nothing more than freeloaders are going to need to start covering some of the expenses incurred on their behalf.
In a White House meeting just last week, the National Association for the Advancement of Colored People (NAACP), and other black groups urged Barry to resist deep cuts such as in housing assistance or safety net programs including Social Security and Medicaid, a medical program mainly for the poor and uninsured, saying it would disproportionately hurt urban areas with some of the highest rates of poverty and unemployment. The U.S. poverty rate currently stands at 14.3 percent, with the ranks of the working-age poor at the highest level since the 1960s. Some analysts believe the poverty rate will climb higher when new figures are released in September. "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," said Harrison, who is now a sociologist at Howard University. "One suspects that blacks who lost jobs in the recession, or who have tried to help family members or relatives who did, have now spent whatever savings or other cashable assets they had." Look, cuts are going to need to be made, this nanny state thing that we have going here just ain't working. And the policies being instituted by Barry "Almighty" are serving to do nothing more than to exacerbate an already very serious problem. We're broke, and nothing that is currently being presented by the Democrats is going to remedy that situation. Barry stubbornly refuses to do what needs to be done. And still, these morons continue to vote for Democrats!! And, AND, they will most likely vote again, and in large numbers, for Barry "Almighty."
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