This is a classic Depression for Black America, and few appear to be paying attention. Just look at the numbers.
This economic situation qualifies as a Depression for Black America
The definition of an economic depression is a severe economic downturn, one that typically last several years. The last depression the country as a whole experienced was in 1929. It lasted 10 years. It was marked by 25 percent unemployment, wages that declined 42 percent. And a total economic output that fell from $103 to $55 billion.
The current recession the nation is much worse for Black America. Of black men between the ages of 20 and 34, only 60 percent are currently employed. That’s down 10 points from 2001. Unemployment for African Americans is estimated to reach a 25-year high this year.
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