Blacks Losing More than Any Others during Current Recession
- By Staff Writer
- Published 08/11/2009
- Economics
- Unrated
In an economic report which garnered little media attention, the Economic Policy Institute (EPI) recently revealed that African-Americans are the only group of American workers who have actually seen their median weekly wages go down during the current recession.
The EPI is a Washington, D.C.-based liberal research organization. The EPI report found that from the first quarter of 2007 to the first quarter of 2009, Black workers between the ages of 25 and 54 experienced a 3.7 percent ($23.00) decline in their median weekly wages.
Algernon Austin, the EPI sociologist who conducted the study, was recently quoted as saying if present trends continue, “Blacks will likely lead in the percentage-point increase in poverty caused by the recession.”
The report also suggests that the African-American economic decline actually began during the eight years of former President George Bush after improving during the administrations of former President Clinton. During the first six years (2000 to 2006) of President Bush, median African-American income declined by an average 1.3 percent a year. Thus far, the Obama administration has not been able to reverse the trend Bush administration policies may have helped set in motion.
The EPI is a Washington, D.C.-based liberal research organization. The EPI report found that from the first quarter of 2007 to the first quarter of 2009, Black workers between the ages of 25 and 54 experienced a 3.7 percent ($23.00) decline in their median weekly wages.
Algernon Austin, the EPI sociologist who conducted the study, was recently quoted as saying if present trends continue, “Blacks will likely lead in the percentage-point increase in poverty caused by the recession.”
The report also suggests that the African-American economic decline actually began during the eight years of former President George Bush after improving during the administrations of former President Clinton. During the first six years (2000 to 2006) of President Bush, median African-American income declined by an average 1.3 percent a year. Thus far, the Obama administration has not been able to reverse the trend Bush administration policies may have helped set in motion.