Obama's Legacy Is the Destruction of the Black Economic Base

Now how can I say this? Mr. President, respectfully, I ain’t your bich and I could give a hoot about your legacy. And if I may keep it 100, in all honesty your legacy don’t amount to feces for any black person in America, with the exception of cats fortunate enough to have landed on the payroll of your administration and staff.

 

What is your legacy from my objective purview you might ask? Well first, since you took office, the seasonally adjusted labor-force-participation rate for black Americans across the board has declined and the number of black food-stamp participants has increased more than 50 percent. Add to this that the percentage of black Americans who own homes has declined sharply and that real median income among black households based on data from your Census Bureau has also declined, I’d say your legacy for a Nobel peace prize winning president for black folk is rather FCKD. One reason I find it hard to believe you could even form your lips to utter the statement: “Like the rest of America, black America, in theaggregate, is better off now than it was when I came into office.”

In general, even if you are not black, Bureau of Labor data notes that folks you claim to care about the most and structure your economic policy around to assist in the lowest income brackets, have suffered the most under your presidency. But this all makes since by my understanding of basic math for poor job growth and a sharp reduction in labor participation rates can only have one result – the reduction in real household income.

Now it appears as if you have a few additional problems with your legacy. Between you and the Federal Reserve bank trying to paint a rosy picture of the U.S. Economy (although it is not a sign that the labor market is improving when it is being filled-up by part-time jobs and cats holding more than one of said part-time jobs), your administration just ran an additional $587 billion budget deficit for the past fiscal year (about a 34% increase). Mr. President we both know that artificially low interest rates, if they continue will only result in one outcome – hyperinflation. Frankly, the majority of this political dysfunction is at your feet and remains a real threat to the viability of the U.S. economy.

If you would take the time to just compare the 2 year Treasury yield against the 10 year Treasury yield you would be able to see this. I am certain you know such economic indicators impact blacks at a more devastating level than the general U.S. populous; like they say we the last to be hired and the first to be fired. For example, currently we have the most multiple job holders since the recession of 2008 started and this number is steadily growing. This means a higher poverty rates for blacks since 2008, a reduction in the number of young black men with full-time employment and an increase in median white wealth providing them with more income at a pace way surpassing that of blacks under your administration. This is without me even mentioning the paltry rate of GDP growth since you took office.

Most Americans and even more blacks have entered in some form of debt collection.  If the overall proportion of U.S. citizens in debt collections is 35 percent, just imagine what the proportion is for black Americans.

Don’t take my word for it, a recent study entitled "Problems Unsolved and a Nation Divided" published by your Alma mater, Harvard University confirms my observations. The research indicates that your economic policies are basically serving to leave many Americans behind in the prosperity your policies have provided for the top 1 percent. The authors also note that the U.S. economy under your leadership has as continued to wane in the aftermath of the financial crisis of 2007-08. From their perspective, most of this is a consequence of failed leadership in the economic realm and a lack of an economic strategy from the federal government because the administration’s sole policy is to leave all economic policy decisions to the Federal Reserve via monetary policy alone. This means that our main problem is that job creation (the fact that job creation has failed to recover to the levels experienced prior to the financial crisis of 2007-08).

So again, Mr. President, I’m not your bich and you don’t have the authority to order or beg me to vote for you bottom bich.  I am neither your slave nor your trick – I don’t get down like that.