The Great Recession has affected millions of Americans. One group the African-American community is the hardest hit community. From Fox News Channel:
The unemployment situation across America is bad, no doubt. But for African-Americans in some cities, this is not the great recession. It’s the Great Depression.
Take Charlotte, N.C., for example. It is a jewel of the “new South.” The largest financial center outside of New York City, it’s the showcase for next year’s Democratic National Convention. It was a land of hope and opportunity for many blacks with a four-year college degree or higher.
According to an analysis by the Economic Policy Institute, in Charlotte, N.C., the unemployment rate for African-Americans is 19.2 percent. If you add in people who have given up looking for jobs, that number exceeds 20 percent, which, according to economists Algernon Austin and William Darity, has effectively mired blacks in a depression.
“You’re looking at a community that is economically depressed in my opinion,” Austin said. “And we need action that will address that scale of joblessness.”