Minorities, single women, youths hardest hit
Ed. Note: If you are black, Hispanic, a single woman, or young, then you are most likely to have voted Democrat and most likely to have been hurt most by Democrat economic policies. See the statistics and be careful how you vote in future elections. Republished from WashingtonTimes.com, bSeptember 12, 2014.
Politics is often filled with paradoxes, and here is one that nearly defies explanation. The demographic groups that voted most heavily for Barack Obama in 2012 have suffered the most from this president’s economic policies. Maybe the people in these demographic groups — blacks, Hispanics, single women and young people — are economically uninformed, or maybe for these groups, when it comes to voting, it’s not the economy, stupid.
In dollar terms, between the time the Obama recovery began in June 2009 and June of this year, median black household income fell by nearly $3,000, Hispanic households lost nearly $2,500, and female-headed households lost roughly $1,500.
The jobless numbers show pretty much the same pattern. July’s Bureau of Labor Statistics data (the most recent available) show a national unemployment rate of 6.2 percent. The highest jobless rates by far are for key components of the Obama voter bloc: blacks (11.4 percent), Hispanics (7.8 percent), those with less than a high-school diploma (9.6 percent). For teens, it’s 20.2 percent.
In the 1980s and 1990s, it was blacks and women who had the largest percentage income gains. Now that progress in reducing racial and gender income gaps has reversed course under Mr. Obama. The income gains under Mr. Obama have been concentrated in those in the top 20 percent of income.
One reason incomes haven’t risen for most groups is the steady decline in labor-force participation. That number has dropped to 62.9 percent from 65.5 percent five years ago. This means a 6.4 million drop in workers earning paychecks.
Income redistribution isn’t an economic strategy for growth. It’s a lifeboat strategy. It would be hard to point to a single initiative the Obama administration has proposed that would help businesses grow and invest. In fact, as the Burger King fiasco documents, companies are leaving the United States owing to taxes and regulation. The poor and minorities have taken the big hit — and that’s the real injustice of Obamanomics.
Stephen Moore is chief economist at the Heritage Foundation.
Ed. Note: Republished from The Washington Times. CLICK HERE to read the original.
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