Effects would add more hurt to Great Recession’s impact
By Charles Hallman
Low- and moderate-income people will immediately be adversely affected if the country plunges over “the fiscal cliff” at the beginning of the year, predicts a former Obama administration member. Automatic tax hikes and spending cuts will take place unless Congress and the White House reach an agreement by December 31. Last week, on a New America Media-scheduled teleconference with reporters, including the MSR, Center on Budget and Policy Priorities Senior Fellow Jared Bernstein said that “low-income people will feel [it] right away if we go over the fiscal cliff” on January 1.
“Current conditions actually are very tough on low-income people,” said Bernstein. “Fifteen percent of the population are in poverty, and if you look at folk who are disproportionately low-income, African American poverty is closer to 28 percent [and] Hispanics at 25 percent. Continue Reading →
By Marc Morial
President Obama’s decisive victory in this year’s presidential election signaled a shift in both demographics and attitude in America. While 93 percent of African American voters supported Obama, his victory reflected a cross-section of America, including substantial numbers of Whites and a growing number of Hispanics and Asian Americans. African Americans again made the difference in a number of key swing states. In fact, in hotly contested Ohio, the African American share of the electorate rose from 11 percent four years ago to 15 percent this year, with 96 percent of African Americans voting for Obama. Clearly, the president’s small margin of victory in Ohio was determined by an increase in the Black vote. Continue Reading →
Economy faces devastation without action from Congress
Ignorance is not bliss. However, there are too many of us who are ignoring the discussion about a legislative maneuver known as “Sequestration.” This is also known by a more descriptive term — the “Fiscal Cliff” (Federal Reserve Chairman Ben Bernanke coined this phrase). Unless this is updated, all financial rules and budgeting will come to a halt on December 31, 2012. Let me tell you about a few of the programs that are at risk. One program is the funding of our military. Continue Reading →