A 7% National Unemployment Rate Is Not Good For Blacks?! : ThyBlackMan

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A 7% National Unemployment Rate Is Not Good For Blacks?!

June 24, 2013 by  
Filed under News, Opinion, Politics, Weekly Columns

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(ThyBlackMan.com) Black people in the United States live in a society where a segment of the majority white population is attempting to exert control economically and politically. What blacks are experiencing is what blacks experienced in South Africa, prior to the overturning of that racist system. A form of apartheid identified with South Africa that blacks are experiencing here in the United States is economically based.

Economic discrimination is evident when you see black people having the same problems of developing black businesses and the same high unemployment rates from one corner of the United States to the other. In other words, racial discrimination in these two categories is national in scope.
 
Federal Reserve Chairman Ben Bernanke recently announced that the Federal Reserve Bank will start putting together an exit strategy from the financial markets where it is buying federal government bonds at a rate of $85 billion dollars a month. He is apparently satisfied with what the program has news-politics-black-unemploymentaccomplished to date and that is keeping interest rates low, thus giving the economy an opportunity to recover from the 2008 downturn.

Invariably as the fed exits the bond market, interest rates will rise exacerbating already high unemployment among blacks. Mr. Bernanke indicated in a news conference that the fed’s targeted national unemployment rate is 7%. The current national unemployment rate for May is 7.6%. He states he sees the current quantitative easing program, which is what the bond-buying program is officially called, accomplishing this targeted unemployment rate by the middle of 2014. Thus, it is time for them to contemplate an exit strategy.

It does not mean the Federal Reserve Bank will immediately stop being the 800-pound gorilla in the bond market. However, it will be looking to wind down its purchases of bonds as its target of lower unemployment is met. The way the fed keeps interest rates low through buying bonds or buying debt, which is what bonds represent, is when the U. S. Government comes to the bond market for funds or financing, the fed stands ready to buy these bonds. This includes bonds issued by government housing financing agencies Fannie Mae and Freddie Mac at extremely low interest rates forcing other buyers to either buy the bonds at the same rate or find other means of earning a profit on their funds.

Those that can are forced to go into the stock market, which is why the market has been moving higher and making new historical highs daily. By announcing this exit, the fed sent stocks tumbling down over 353 points in a single day due to worries regarding higher interest rates, which are not good for stocks because of higher financing cost for corporations. Higher cost affects their profits. Some investors though, have suffered due to the fed policy of low interest rates because they have to buy artificially low interest rated government bonds. Some of these are federal, state and municipal retirement pension funds.
 
With the fed exiting the market and targeting the 7% national unemployment rate as a benchmark of success for the quantitative easing program, Mr. Bernanke is essentially leaving black unemployment at double-digit rates for the near future. As stated, the current national unemployment rate for May is 7.6%.

Historically black unemployment rates are generally always almost double that of white unemployment rates. White unemployment for May is 6.7%, while black unemployment is 13.5%. Among black males, the May unemployment rate is 13.5% versus that of white males, which is 6.4%. The Federal Reserve is essentially saying, it is up to the President and Congress to come up with a national job creation program.
 
With the immigration bill making its way through Congress, blacks are in for some tough times; a lot more tougher then even the most informed critics have predicted! If the immigration bill passes as anticipated by the end of the year, blacks as well as whites will find themselves in competition for available jobs with “the newly legal” Spanish-speaking immigrants. Many blacks however will be competing at the lower end of the job market in terms of skills, where the newly legal Hispanics are more prolific.
 
Now, more then ever, blacks as a political pressure group (if they have any common sense) need to put pressure on this president to bring a national job
creation plan to the table ( http://www.sslumpsum.com  ). They have an obligation to themselves and their children, who are in the job market. Blacks may want to bury their head in the proverbial sand ignoring this new development; however, it will be a mistake. What politicians do and do not do in Washington affect all our lives. African Americans have to get involved and get involved now!

They must not let Mr. Obama run away from the truth of their horrible situation and demand that he put a national job creation plan on the table. Based on this news, it looks like things are only going to get worst for blacks, as they will be the first in line to feel the pain of the Federal Reserve Bank’s decision with none of the benefits.

Staff Writer; James Davis

More information about JD and his Deficit Neutral Stimulus Plan Can be founded at http://www.sslumpsum.com.

One may also pick up this “brother” latest book which is entitled; Hey…God’s Talking To You The Study Book.

 

 


Comments

5 Responses to “A 7% National Unemployment Rate Is Not Good For Blacks?!”
  1. CD Smith says:

    You can’t make a pecan pie using apples…

    You can’t expect a job creation plan from an environment that believes in socialist government control.

    There is so much collusion between big business and government that REAL capitalism is disappearing.

    A socialist will not give the ordinary person the means or accommodation for the wealth creation to create jobs.

    Many blacks that subscribe to this are in for rude awakening once amnesty passes. The black vote and community will be an afterthought as Hispanics are the largest non-white group in America.

    The fight is lost at the moment..

  2. hoodgirl says:

    We are completely oblivious to what’s rapidly unfolding before our very eyes because information is handed to us from radio programs such as Tom Joyner, Steve Harvey, Rickey Smiley as well as political representatives, MSM, etc. whose vested interest depends on deceiving the general public and now we are urged to hold a second term President’s feet to the fire who gave his blessings on Uncle Ben’s quantitative easing program “QE 1-2-3” allowing Corprations to experience record profits at the expense of the working poor and middle class, too little too late!

  3. Vessey,

    Man, you mean you’re still around? I thought now that you’ve been exposed as a fraud using a phony name you you’d have the good sense to slide back under the rock that you came from and never be heard from again. Have me wondering if every conservative on the site is one and the same person. I’m still investigating that – and it’s not as hard to find out as you might think, Boyce.

  4. ROBERT says:

    BLACK AMERICAN’S are in for a tough ride over the next 5 year’s WHAT should have been a display of black political achievement[OBAMA];has turned out to be more fraud and could even be fatal to our existence as a people.THE foolish black/ liberal/ left joined a alliance of homosexual’s;illegal alien;s and a corporate controlled president that’s completely lawless.WITH the GAY agenda having been achieved now it’s time to unleash the countless million’s of illegal alien;s on to society with amnesty.I just hope the black liberal/left is proud that not only did they help to destroy AMERICA but also their very own people.

  5. Marcus Vessey says:

    Good article James.

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