Minorities voting for the party that has failed them

Rachel Alexander:
It is puzzling that so many minorities voted for Barack Obama over Mitt Romney considering how disproportionately they have suffered economically during Obama's presidency. Black unemployment under Obama increased at a higher pace than whites, from 12.7% to 14.1%, ending at almost twice the unemployment rate of whites. Now, one out of every seven blacks is unemployed. White unemployment barely increased under Obama, from 7.1% to 7.4%.

Blacks' median income has fallen 11.1% under Obama, more than twice as much as whites. The disparity in wealth between whites and blacks nearly doubled during Obama's tenure. According to CNN, the median net worth of the average white person is now 22 times as much as the the average black person's wealth, $110,729 to $4,995. The disparity between white and Hispanic wealth increased to a 15 to 1 ratio.

Despite these facts, a recent Pew survey found that the number of blacks who thought they were better off now than they were five years earlier almost doubled since 2007. Minorities put Obama over the top in the election. More Latinos voted for Obama in 2012 than in 2008.

It's not that Obama has deliberately targeted minorities. It's that his redistributionist schemes disproportionately hurt minorities more than whites. In part, this is because the net worth of minorities tends to be located morethan whites in home equity. Minorities lost much of that equity when the housing bubble burst. Last year, foreclosure rates for blacks were almost twice as high as for whites, 9.8% versus 5.0% for whites.

The Chairman of the Congressional Black Caucus (CBC), Rep. Emmanuel Cleaver (D-MO), admitsObama is getting special treatment due to his race, "With 14% unemployment, if we had a white president we'd be marching around the White House. The president knows we are going to act in deference to him in a way we wouldn't to someone white." Congresswoman Maxine Waters (D-CA) goes even further, explaining that her black constituents don't want their leadership to criticize Obama, “If we go after the president too hard, you're going after us,” she told her constituency.
Poor people tend to stay poor because they keep on doing the things that made them poor to start with.  Voting for Democrats is one of those things that has made them poor.  Democrat housing policies led to the financial debacle and the foreclosure crisis.   Since blacks and other minorities tended to be the ones most likely to use sub prime loans when they began to default it had a cascading effect on the price of homes in their neighborhood dragging down the value of homes of people who were not sub prime borrowers.

The sub prime loans were the product of the Community Reinvestment Act and Clinton era policies threatening lenders who did not make more loans to minorities whether they qualified for the loans or not.  Forcing lenders to make bad loans was disastrous for the borrowers and the lenders.

It is unfortunate that these minorities don't comprehend how badly these policies have hurt them, or if they do, they are too tribal in their voting to go against the guy who has hurt them the most because he is black.  You can see a similar pattern in many large cities where corrupt bad leaders have left their children in bad schools and their neighborhoods unsafe.


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