The unemployment rate for Black workers rose to 6.4% last month from 5.6% in February, even as the overall jobless rate declined lower to 3.8%.
This looks very problematic for President Biden who massively counts on the Black vote this November to defeat Donald Trump. While President Biden claimed that Bidenomics worked for low- and middle-income households, the evidence shows that his economic policy is hurting the very ethnic group that he relies on to win in November.
Source: U.S. Bureau of Labor Statistics
The recent increase in unemployment among Black Americans notably affected Black women, who saw their unemployment rate climb from 4.4% to 5.6%. Black women represent a significant portion of the Black electorate. In March 2024, the labor participation rate—the percentage of the population that is either employed or actively seeking work—among Black Americans inched lower to 63.6%, down from 63.7% in February. For Black women, the rate declined from 63.4% to 63%, while it decreased from 69.6% to 69.8% for Black men.
According to Algernon Austin, who is the director of race and economic justice at the Center for Economic Policy and Research, in 2023, the Black unemployment rate was at historically low levels, and wages for Black Americans increased. But the reality is that since President Biden took office, real earnings have plummeted as prices outpace wages. Why are Blacks the most affected by Bidenomics?
A poll conducted in November 2023 showed that most Americans reject President Biden’s economic policy. People have been worse off today than they were prior to Biden taking office. The truth is that Bidenomics is not working for the American people. Blowout spending that exacerbated inflation, elevated interest rates, and growing restrictions on consumers’ choice has been devastating for Americans’ confidence in the economy and contributing to the nation’s bleak economic outlook.
Democrats ill-informed, wasteful legislation inflated the market and forced the Federal Reserve to steadily increase interest rates over a period of two years. They’ve used the full power of the federal government to enact special interest tax breaks while leaving the financial well-being of taxpayers to fall to the wayside. According to the House Budget Committee, typical American households were forced to spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January 2021, right before inflation soared. Facing a cost-of-living crisis, it’s no wonder Americans are drowning in over $1 trillion of credit card debt as they struggle to make it from paycheck to paycheck, taking on multiple jobs as the highest level on record.
Black Americans are once again being sidelined by Democrats' policies that cause them more harm than good. This should be a wake-up call for Black Americans to perhaps finally understand that voting for government spending is not what makes the country richer and the community prospering.