Monday, April 6, 2015

Smokescreen: While The Media Debates Who Can Get A Wedding Cake, Average Income For Black Family Drops To $11,000

The current media outrage over religious freedoms and who can get a wedding cake is really a distraction to what is happening to our economy under the Obama administration.

Median income has dropped across the board for all races, but none has been hurt more than the black families.  In 2007 the median income for a black family was $19,000 and since Obama took office the median income is now only $11,000!

While the media and gay lobby are protesting that they are being unjustly discriminated against and comparing themselves with the sufferings of the black population, nothing could be more untrue. In fact comparing average incomes, homosexuals make more than than their white counterparts. 

 The following charts from reflect these findings:

What was also a fascinating finding in a recent Princeton University Study is that a homosexual black male is more likely to be hired than a straight black male.

Why is it that homosexuals tend to make more and that the income gap is growing between blacks and whites?

One of the reasons financial experts agree on why homosexuals are currently making more is that research shows that 46% of them have a college bachelors degree or higher compared to about 33% of the heterosexuals

Residential segregation is a big reason home-ownership has created a big divide between blacks and whites, the researchers write, as it "artificially lowers demand" and therefore makes building equity tougher in a nonwhite neighborhood. And because whites tend to have more family inheritance and financial help, they also tend to buy homes earlier, giving them more time to build equity. Historic discrimination in mortgage lending added to this gap, as well as the fact that blacks have more of their wealth tied up in their homes than whites do. That means that when the housing crash came, it had a bigger impact on blacks than whites.

The intertwined racial gaps in income, employment, and education all add to this as well, making it harder to get the money with which to build wealth. Add to that the fact that blacks also tend to graduate college with more student debt than whites, and building wealth (even with a good education and a good job) gets all the harder. And as there are also employment, income, and education achievement gaps between Hispanics and non-Hispanic whites as well, the same factors might be at work in creating that wealth gap.