CHART: Wealth Gap Got Worse for Minorities Under Obama’s Disastrous Economy

by Warner Todd Huston | December 14, 2014 12:54 pm

Obama has been disastrous in nearly every way for America’s minorities. From the bad economy and lack of jobs to the worsening race relations Obama has made things far worse for African Americans. And here is more proof of that with a chart that traces the widening wealth gap in the US during the age of Obama.

Unfortunately, the wealth gap for minorities has increased[1] since 2007.

America’s net worth—the combined assets of its households minus their debts—has rebounded from the Great Recession in recent years, driven higher by a vibrant stock market, and even notched a series of inflation-adjusted record highs. But the eye-popping gain in asset prices masks the fact that wealth inequality has actually widened since the recession along racial and ethnic lines, Pew Research Center says in a new report Friday.

The wealth of white households was 13 times the median wealth of black households in 2013, compared with eight times in 2010, according to Pew’s analysis, which mines the Federal Reserve’s Survey of Consumer Finances. That is the biggest gap between blacks and whites since 1989, when whites had 17 times the wealth of black households.

The wealth of white households is now more than 10 times that of Hispanic families, compared with nine times in 2010—the biggest gap since 2001.

Notice how the trend line for white families shows a slight increase since the end of the “Great Recession,” while the trendline for blacks and Hispanics shows a decrease.

Obama has been a disaster for all minorities, but especially for blacks.