For Immediate Release
azher Ali, UFE Communications Coordinator, 617-423-2148 x101 or 617-835-7725; mali@faireconomy.org
NEW REPORT: Economic Stimulus Better for Whites - Blacks & Latinos Continue to Struggle
New MLK Day Report Shows That Economic Policies Must Be Targeted to Address Racial Income and Wealth Gaps
BOSTON, Mass - A new report released today finds that African Americans and Latinos
are continuing to disproportionately experience economic hardships, and
that targeted economic policies are required to address the racial
economic divide in the US. The report, entitled State of the Dream 2010: Drained Jobless and Foreclosed in Communities of Color,
is the seventh annual Martin Luther King, Jr. Day report from United
for a Fair Economy (UFE). It is available for download at www.FairEconomy.org/dream.
In December 2009, The Congressional Black Caucus (CBC) boycotted a
financial reform vote, demanding that more be done to support suffering
Black communities being hit hardest by the recession. The CBC's action
was an important step, garnering $6 billion for targeted investments in
the House, but State of the Dream 2010 suggests that much more work remains to be done.
"As recent unemployment statistics confirm, the broad-based economic
recovery policies are not reaching those who need it most, including
people of color," said Brian Miller, Executive Director of UFE and a
co-author of the new report. "Our report contains ample evidence to
conclude that without targeted policies, such as those proposed by the
CBC, we will never reduce the wide gaps of income and wealth between
races."
In December, unemployment for African Americans and Latinos jumped to levels higher than any annual rate in 27 years.
Ajamu Dillahunt, co-author of the report and UFE Board member,
explains, "Families survive unemployment better or worse depending on
how much of a cushion they have, and African American and Latino
families entered the recession with a dangerously low median net worth.
In 2007, Blacks had only a dime and Latinos had only 12 cents of assets
for every white dollar."
The State of the Dream 2010
report contains a broad range of accessible data and analysis about the
current racial divide in terms of unemployment, median income, poverty,
net worth, and rate of foreclosures. It includes policy suggestions
that would target economic benefits to communities most deeply
devastated by the current recession.
"A good model is how we prepare for a potential flu epidemic," says
Mike Prokosch another report co-author and UFE Board member. "We give
vaccines to the most vulnerable populations first. Economic policies
should follow the same approach."
According to ranking CBC member Rep. Maxine Waters, "We can no longer
be in denial that certain sectors of our population, including the
African American community, are feeling the recession to a greater
extent."
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United for a Fair Economy is a non-partisan organization that helps people of all races, ethnicities and classes work to reduce economic inequality.