Black Wealth Cratered Under Obama
- Thread starter Poitier
- Start date
by others you're referring to the banks and auto industry ?
Cel 510 kid ados forever
Veteran
Folks never gonna come to grip that Obama presidency outside of symbolism wasn't much for black people poitier it just wasnt
Piff Perkins
Veteran
Name one stimulus passed under Obama aimed at another race. This dumb shyt been repeated for years and no one can defend it.
The recession wiped out wealth. Wealth became recovering towards the end of his presidency. Traditionally black wealth grows alongside the country's growth. See: black wealth increased in the 90s (dot com bubble).
When the economy is doing good, everyone does well to some degree. Tell me, what pro-black policies did Bill Clinton implement lmao?
Cel 510 kid ados forever
Veteran
Name one stimulus passed under Obama aimed at another race. This dumb shyt been repeated for years and no one can defend it.
The recession wiped out wealth. Wealth became recovering towards the end of his presidency. Traditionally black wealth grows alongside the country's growth. See: black wealth increased in the 90s (dot com bubble).
When the economy is doing good, everyone does well to some degree. Tell me, what pro-black policies did Bill Clinton implement lmao?
Bill Clinton was trash too
U.S. Stock Ownership Down Among All but Older, Higher-Income
The Fed caused 93% of the entire stock market's move since 2008: Analysis
Whites far outpace Blacks in stock ownership and Obama inflated the stock markets and was a key cog in them regaining a lot of the wealth they lost.
Piff Perkins
Veteran
And yet black people did better under him (economically) than under any other president or period. The point is that tying black people's economic success entirely to a president does not make sense. What matters is the business cycle and the overall health of the economy.
We're almost ten years from the last recession. Typically the US economy experiences a recession every ten years. Some are more extreme than others; the 08 one was the largest since the Great Depression. Housing prices are ballooning again. Credit is limited. Household debt is growing (student loans especially). It's only a matter of time before shyt goes bad. A lot of people just now recovered from the last one...not a good sign.
There's a small economic window between now and when automation makes UBI inevitable/essential. The more economic disaster we face, the worse off people will be. And if we don't get republicans out of office, you can really kiss UBI goodbye.
Cel 510 kid ados forever
Veteran
Than if blacks do bad under Trump economically it wouldn't be his fault cause tying black people economic success to a president makes no sense right?
Piff Perkins
Veteran
How did Obama inflate the stock market? You realize Obama raised taxes, including the capital gains tax?
The stock market inflated as the economy improved, the dollar decreased (making US goods cheaper to buy globally), and the housing bubble began to rebuild. It has nothing to do with Obama policies. It's STILL rising, and would still be rising if Hillary was president. US jobs are lagging as US products are bought globally, online distributors (Amazon) make bank, etc.
Furthermore, now you're moving goal posts. Usually you guys claim we needed policies that directly impact black people. Like a "Black People Stimulus Bill." Yet no other race has that. I ask you for an example and you point to the stock market. Yet if I point to Obamacare as having a clear benefit to black people, you dismiss it and say "that wasn't directed at black people." Nevermind black people had a higher un-insurance rate. Can't have it both ways...
Piff Perkins
Veteran
Overall, sure. Even last year I was saying the next president would preside over a recession; at the time obviously I thought it would be President Hillary Clinton.
I think you can look at certain policies that could have a negative impact on individual races/classes. For instance you see Trump's tax plan? It raises taxes on the lower and middle class. If it passes, YES Trump policies would have a negative impact on people. BUT his tax plan isn't going to pass so it's not gonna happen.
Or if Trump gets his way on trade, and we enter a trade war? Of course people will be hurt. Probably not gonna happen though...
US presidents usually don't make enough institutional changes to the US economy to alter things for every day people economically. It would take something drastic to alter things (for instance: Trump trade war). Jar Jar Binks could have been president in the 90s and we still would have seen economic growth, because the dot com bubble would still happen.
Piff Perkins
Veteran
How did he? Quantitative Easing da fukk ......its not debatable that the Fed pumped tons of money into the markets
Since when does the president tell the Fed what to do? I'd imagine you're googling right now. Might as well google all the articles of people hand wringing that if Yellen increases interest rates it could hurt Obama politically.
You don't know what you're talking about, do you. No offense.