Tags: black | employment | numbers | trump | achievements

Credit Trump, Not Obama, for Tumbling Black Unemployment Rate

Credit Trump, Not Obama, for Tumbling Black Unemployment Rate

By    |   Friday, 03 November 2017 09:24 AM

The jobless rate for people in their prime working years — defined as ages 25 through 54 — fell to 3.6 percent, the lowest level since June 2007, a few months before the Great Recession began.

And for Americans with only a high school diploma, unemployment fell to a 10-year low of 4.3 percent.

While the main stream media largely ignores these numbers, the jobless rate for African-Americans receives scant attention anywhere. And also ignored is that Trump’s approval rating among blacks is rising.

The Washington Examiner notes that "Trump's numbers improve significantly among young African American voters, 42% approve and 53% disapprove. This number is up significantly since our last oversample in July; at that time 33% approved and 57% disapproved."

What’s driving the rise in approvals, according to Yahoo Finance, is that as the labor market is strengthening, the U.S. unemployment rate is hitting a 16-year low. Though wage gains were meager, the employment picture overall is looking healthy. In other words, despite the correlation between black employment and the overall employment picture, blacks benefit more from a tighter labor market, which is what the U.S. is experiencing now.

“But how about when you break down the 4.3% unemployment rate by race? Two groups fall below the overall level — with the white unemployment rate at 3.7% and the Asian unemployment rate at 3.5%. Meanwhile, the Hispanic unemployment rate is 5.2% and the black unemployment rate is 7.5% — its lowest level since December 2000.”

According to Heidi Shierholz, senior economist and director of policy at The Economic Policy Institute: “It’s not an aberration that the unemployment rate for blacks is significantly higher, since it’s consistently trended around double that of the overall unemployment rate. There are a couple of explanations for the increase in employment among African Americans. For one thing, data shows that African Americans benefit more when the economy improves. Meanwhile, African Americans are least likely to be in disappearing industries (e.g. manufacturing, farming, forestry and fishing).”

She adds that the black unemployment rate is twice as high in good times and in bad times.

“This means we see the overall unemployment rate and the black unemployment rate come down in lockstep.”

One of the ironies of expanding job prospects for blacks under Trump is that during most of Barack Obama's presidency, black unemployment was in double digits, hitting a high mark of 16.8 in March 2010. Between July 2008 (during the financial crisis) and February 2015, the rate remained above 10 percent.

William Darity, Jr., writing for The Atlantic, penned a story entitled “How Barack Obama Failed Black Americans.”

He proposes that the country’s first black president never pursued policies bold enough to close the racial wealth gap.

“Having a black president oppose reparations does not help the cause, particularly when that black president makes the case that an important source of black disadvantage is black folk’s own behavior. But black America should have paid attention to the experience of post-colonial black Africa and the Caribbean; leaders who look like you but do not necessarily act in ways that benefit you,” suggests Darity.

So not until Obama left office, has black unemployment dropped, hitting a low since December 2000, when 7.4 percent of African-Americans looking for work were unable to find it.

Johnny C. Taylor Jr., president of the Thurgood Marshall College Fund, a nonprofit dedicated to helping students attend black colleges, told the Los Angeles Times that:

"In the first four months of his presidency, the Trump administration has been far more responsive to our community than the past administration."

The Hill agrees, writing that “It’s early for sure, but so far Trump has done more for black economic progress in six months than Obama did in eight years. The other issue that is critically important to black and Hispanic economic progress is good schools. No president has done more to advance school choice so that every child can attend a quality school public or private. In cities like Washington D.C. and Milwaukee, 90 percent of the children who benefit from these programs are black.”

Yet, most of the African-American community gives no credit to Trump for the black employment improvement.

It’s time Republicans embrace Trump’s achievements on behalf of blacks if they want to start attracting black votes in the next election. Democrats shouldn’t get any credit for this, but they will take credit anyway.

This is a good story that needs more attention. They don’t have to agree with all of Trump’s policies, but this is one policy that’s a win-win for everyone.

Neal Asbury is chief executive of The Legacy Companies.

© 2020 Newsmax Finance. All rights reserved.

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It’s time Republicans embrace Trump’s achievements on behalf of blacks if they want to start attracting black votes in the next election. Democrats shouldn’t get any credit for this, but they will take credit anyway.
black, employment, numbers, trump, achievements
Friday, 03 November 2017 09:24 AM
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