During this current recession, certain groups are being affected by job losses to a greater degree than others. The unemployment rate now stands at 7.2%, a 15-year high, and several analysts predict it could reach 9% or higher before the end of the year.
A report from the U.S. Department of Labor last week confirmed that Blacks are at the top of list of the most adversely affected, with an unemployment rate of 12.6%. The unemployment rate for Hispanics was 9.7% and the rate for whites was 6.9%.
The report also said adult men are losing jobs faster than women. The unemployment rate for adult men is 7.6% and the rate for adult women is 6.2%.
Older Americans are also among the hardest hit by unemployment. The labor department report said that the unemployment rate for workers over 55 years of age was a whopping 12.8%. The trend during this downturn has been for employers to lay off older workers who earn higher salaries in favor of younger workers that they can pay less. Also, since the baby boomers, who are approaching retirement, make up a very large portion of the workforce, they have suffered a larger share of the job cuts across all industries.
Taking those stats into consideration, it may turn out that older Black men may be the group at greatest risk during this recession. How Black men seem to have a tougher time when times are bad is a long-discussed topic in the Black community. But the greater hidden concern in these unemployment numbers is that the entire community of elderly Black Americans is at signifcant risk. Having a significant number of older Black Americans unemployed and unable to support themselves less than 10 years from retirement raises major challenges for the Black community.
Older Black Americans are already providing major support for younger struggling relatives, as many children have had to move in with parents or grandparents as the economy has faultered. If they lose their jobs, that support ends and a major crisis in the community looms. Many of these older Black Americans are also homeowners, and if they lose their jobs they will be at greater risk of losing their property, thus taking a significant amount of wealth out of the Black community.
The prospect of having many of the oldest surviving members of the civil rights movement approaching retirement with no jobs, heavily depleted 401(K)s, escalating health care costs, and a social security system that is nearly bankrupt, is chilling. And to have this happen just as a Black man ascends to the office of president of the United States -- something many of them thought they would never live to see -- would be an unfortunate development, to say the least. The financial health of elderly Americans will be a major issue for the country to deal with as the baby boomers reach retirement age.
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