When white America has a cold, black America has pneumonia. With the black unemployment at 15.7 percent, compared to 9.7 percent for whites, African Americans are facing an economic depression.
The House Oversight and Government Reform Committee, chaired by Rep. Edolphus “Ed” Towns, is holding a hearing today titled, “The Silent Depression: How are Minorities Faring in the Economic Downturn”:
The hearing will examine the disparate effects of the current economic downturn on minority populations in the United States, with particular attention on the recent increases in unemployment and home foreclosures. Additionally, the hearing will explore the effectiveness of Federal government initiatives in ensuring that minority populations are adequately included in the nation’s efforts toward economic recovery.
Chairman Towns said:
The inability to find gainful employment has crushed the hopes of achieving the American dream for so many families in minority communities. For us to move ahead as a nation, we have to examine why the African-American unemployment rate in several communities more than doubles that of whites. We must also take a look at the high rate of subprime loans and default mortgages within minority communities that are expanding an already enormous debt disparity.
Towns added:
The fact of the matter is that the current economic downturn has amplified an already burgeoning economic gap for minorities. The role of race in unemployment and other economic trends is something we must analyze because for minorities this is not a recession but is, in fact, a depression that could potentially alter decades of economic progress.
You can view a live webcast of the hearing here.
