April 3, 2011- If you are black or young in America, the economy is not getting better.
According to the April 1st AFL-CIO blog,
Young people and people of color continue to experience the worst jobless rates which have remained high, with 24.5 percent of teenagers out of work and 15.5 percent of black workers and 11.3 percent of Hispanics jobless. Some 7.9 percent of white workers are jobless, as are 7.1 percent of Asian workers.
Dean Baker, who writes regularly for Truthout, noted,"Employment among blacks fell back almost to its low-point for the downturn."
Furthermore, despite the recent official drop of unemployment to 8.8%, the AFL-CIO points out the starker reality of joblessness: "While the official unemployment rate is 8.8 percent, it's 15.7 percent if unemployed, underemployed and those who have given up looking for work are included-more than 24 million people."
And Baker notes the ongoing wage stagnation for workers while CEOs reap record bonuses and shareholders high profits: "One serious negative item is that wages have been essentially flat over the last two months. Nominal wage growth over both the last quarter and year have both been 1.7 percent."
The trending of the "recovering economy" is toward a more divided class structure: the wealthy and the borderline poor, with black America left behind.
That's an economy that has redistributed its income in the job market, redistributed it downward when it comes to the working people of the US.