It's the Stupid Economy

The Center for American Progress released a report that has some telling data about unemployment and wage disparities between whites, Blacks, and Latinos. The unemployment rate for Black folks was at 12.6 percent in January. That’s the highest level since 1994. Latinos had a 9.7 percent unemployment rate in January—the highest level since 1995.

Here is some of the report:

The unemployment rate has steadily risen for all groups.

9.7 percent: The unemployment rate for Hispanics in January 2009, an increase of 3.5 percentage points from December 2007 and the highest level since 1995.

12.6 percent: The unemployment rate for African Americans in January 2009, an increase of 3.7 percentage points since December 2007 and the highest level since 1994.

6.9 percent: The unemployment rate for whites, an increase of 2.5 percentage points since December 2007 and the highest level since 1983.

The number of unemployed people in the United States has skyrocketed since the recession began, and the rate of increase has accelerated in recent months.

57.1 percent: The increase in the number of unemployed Hispanic workers between December 2007 and January 2009. In January 2009, 2.1 million Hispanics were unemployed in the United States.

43.8 percent: The increase in the number of unemployed African Americans from December 2007 to January 2009. In January 2009, 2.2 million African Americans were unemployed.

58.0 percent: The increase in the number of unemployed whites between December 2007 and January 2009. In January 2009, there were 8.6 million unemployed whites in America.

The share of the population that has a job has fallen to levels not seen in more than a decade.

61.1 percent: The share of the Hispanic population that was employed in January 2009, 3.2 percentage points lower than in December 2007 and the lowest level since 1996.

55.4 percent: The share of the African-American population that had a job in January 2009, 2.4 percentage points lower than in December 2007 and the lowest level since 1994.

61.3 percent: The share of the white population that had a job in January 2009, 2.1 percentage points lower than in December 2007 and the lowest level since 1986.

Large earnings gaps persist between whites and minorities.

$535: The usual median weekly earnings of Hispanic workers in the fourth quarter of 2008 (in 2008 dollars)—$207.20 less than white workers’ usual median weekly earnings during the same period.

$593: The usual median weekly earnings of African American workers in the fourth quarter of 2008 (in 2008 dollars)—$148.57 less than white workers’ usual median weekly earnings during the same period.

$748: The usual median weekly earnings of white workers in the fourth quarter of 2008 (in 2008 dollars).

The new stimulus package (which includes tax cuts, investments, and public aid) is unlikely to remedy these inequities. Shocking, I know. Basically the stimulus package does not provide for the already disenfranchised masses, especially not un- or under-educated folks, non-English speakers, and formerly incarcerated individuals.

For folks sending remittances back home, the crunch is felt even harder. Apparently remittances are down 35% from last year and so this American economic disaster is affecting poor people worldwide. Read here for more.

The only encouraging news I've read so far is that the government may demand a stake in bank Boards --> forgive me if I don't leap out of my seat with joy and trust in our federal government but it's a start.