Confirmed: Black and Hispanic Families Lost Most Wealth Under Obama
Despite their overwhelming support for radical Barack Obama, blacks and Hispanics lost the greatest percentage of wealth during the Obama years.
The New York Times reported:
Millions of Americans suffered a loss of wealth during the recession and the sluggish recovery that followed. But the last half-decade has proved far worse for black and Hispanic families than for white families, starkly widening the already large gulf in wealth between non-Hispanic white Americans and most minority groups, according to a new study from the Urban Institute.
“It was already dismal,” Darrick Hamilton, a professor at the New School in New York, said of the wealth gap between black and white households. “It got even worse.”
Given the dynamics of the housing recovery and the rebound in the stock market, the wealth gap might still be growing, experts said, further dimming the prospects for economic advancement for current and future generations of Americans from minority groups…
…The dollar value of that gap has grown, as well. By the most recent data, the average white family had about $632,000 in wealth, versus $98,000 for black families and $110,000 for Hispanic families.
All in all, Hispanic families lost 44 percent of their wealth between 2007 and 2010, the Urban Institute estimates, and black families lost 31 percent. White families, by comparison, lost 11 percent of their wealth.
Voter analysis shows Obama would have lost in 2012 if black turnout had mirrored 2008.