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.
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