More sobering economic news coming out from the failed Obama economic policy, as minorities are also taking a big hit in the pocket book due to President Obama’s ongoing recession. While I agree with the point that minorities are being hurt because the majority of their wealth is tied to their homes, the fact still remains that higher taxes and government intrusion in the business sector has stifled economic growth, and resulted in the loss of thousands of jobs and a ‘stoppage’ of new jobs being created.
“From 2005 to 2009, Hispanic households saw their net worth drop 66 percent, while black households’ wealth declined 53 percent and whites saw a 16 percent decrease, a Pew Research Center study says.
Hispanics experienced the biggest decline in wealth because many bought homes in states where the real estate market bubble had the steepest plunge in value, some experts say. “The meltdown in housing prices disproportionately has affected blacks and Hispanics because a much higher share of their wealth is tied up in their homes,” says Paul Taylor, executive vice president of the center.
Across the country, nearly 8 percent of African-American and Latino mortgage borrowers have lost their homes to foreclosures, compared with 4.5 percent of whites, according to a study by the Center for Responsible Living.