BOSTON, Mass.— United for a Fair Economy announced that its annual report on racial economic inequality is now available for download in Spanish. The report, State of the Dream 2010: Drained – Jobless and Foreclosed in Communities of Color, examines racial economic disparities in a range of areas including foreclosures, poverty, income and wealth.
Newly updated data in the report shows that people of color are experiencing a disproportionate share of the layoffs and foreclosures amidst the current recession, deepening inequalities that existed prior to the recession. Among Latinos, the widest disparity was in Minnesota, with Wisconsin and Pennsylvania joining as having a disparity at least twice as high as whites.
Some key facts in the report:
* Blacks earn 62 cents for every dollar of white income, and Latinos earn 68 cents for every dollar of white income.
* Blacks and Latinos are 2.9 and 2.7 times as likely, respectively, to live in poverty than whites.
* Black and Latino children are 3.3 and 2.9 times as likely, respectively, to live in poverty than white children.
* In at least two states, Michigan and Ohio, African-American unemployment is expected to exceed 20% in 2010.
* Unemployment disparities vary by region:
o In two Midwestern states, Minnesota and Wisconsin the unemployment rate for Blacks was at least 3 times that of whites.
o In another thirteen states, Hawaii, Connecticut, Alabama, Oklahoma, South Carolina, Arkansas, Mississippi, Colorado, Arizona, Kansas, Virginia, Indiana, and Nebraska, the unemployment rate for Blacks was at least twice as high as that of whites.
o Among Latinos, the widest disparities were in Minnesota, Wisconsin, and Pennsylvania, where the unemployment rate was at least twice as high as whites.
“Unemployment statistics continue to indicate that broad-based economic recovery policies just aren’t reaching those who need it most, including people of color,” said Brian Miller, Executive Director of UFE and a co-author of the report. “Our report contains ample evidence to conclude that without targeted policies we will never reduce the wide gaps of income and wealth between races.”
The Congressional Hispanic Caucus (CHC) earlier this year expressed their desire to rebuild broken Latino communities. “As our nation recovers from the worst downturn since the Great Depression, Latino families are being forced to make tough choices,” acknowledged CHC chairwoman Nydia Velasquez. “[W]e are committed to working with President Obama and our colleagues in Congress to ease the burden on the working class, and lay a new foundation for growth and prosperity.”
“Latinos and Blacks are earning on average 68 cents and 62 cents for every dollar earned by white workers,” notes co-author of the report, Jeannette Huezo. “When the bills are paid, Latinos only have 12 cents and Blacks only have a 10 cents for every dollar of white wealth. It’s like being on an economic treadmill – without a targeted recovery strategy, they’ll never catch up, and more will continue to fall off completely.”