Skip to main content

Inequality Has Rigged Our Economy and It Is Time to Change the Rules

The economic crisis is built on the country’s long history of racial discrimination.


Seth Wessler @ Common Dreams - President Obama’s recent announcement to reappoint Federal Reserve Chair Ben S. Bernanke came on the heels of Bernanke’s meeting with world bankers who declared the global economy to be back on track to normal. But for most, “normal” is not something to look forward to.

Earlier this year I traveled the country researching race and the recession. From Detroit to Tucson, Providence to San Antonio, I met people for whom the recovery could mean very little if it fails to address the structures of racial inequity in the economy. And just as these disparities are hazardous to people of color, these structures are some of the same that helped push us all into recession.

People of color have been hardest hit by the recession. In July, Blacks experienced rates of unemployment 70 percent higher than whites and Latinos almost 50 percent higher. Strikingly, even before the downturn, Black, Latino, Asian and American Indian communities had faced recession-like levels of unemployment for decades. Moreover, people of color are paid less, often 60 cents to every dollar of white family income, and they hold pennies to every dollar of white wealth. They are segregated into low-wage jobs and face barriers to equal opportunity including discrimination and lack of workplace protections. Read more.

Comments

Popular posts from this blog

Elon Musk leads 116 experts calling for outright ban of killer robots

Some of the world’s leading robotics and artificial intelligence pioneers are calling on the United Nations to ban the development and use of killer robots.
Tesla’s Elon Musk and Alphabet’s Mustafa Suleyman are leading a group of 116 specialists from across 26 countries who are calling for the ban on autonomous weapons.  Read more.

Elizabeth Warren Says Days of 'Lukewarm' Policies Are Over

In a wide-ranging and fiery keynote speech last weekend at the 12th annual Netroots Nation conference in Atlanta, Georgia, Sen. Elizabeth Warren (D-Mass.) relentlessly derided moderate Democratic pundits calling for the party to move "back to the center" and declared that Democrats must unequivocally "fight for progressive solutions to our nation's challenges."  Read more.