The consumer price index rose nearly 8% last month, the fastest rise in annual inflation in four decades. Prices are up across the board, with particularly high fuel and food prices, supply chains collapsing and store shelves emptying. To say that America’s current economic outlook is bleak is an understatement. But this current state of economic hardship is hitting people of color even harder.
Inflation is an invisible tax on the poor, and the percentage of poor black Americans is nearly double their percentage of the total population. According to the US Census, in 2019, black Americans made up 23.8% of the population living in poverty, while they made up only 13.2% of the overall population.
And because inflation hits the poor mostly, it disproportionately hits black and Latino families, as a Bank of America report released in November of last year revealed: Black, Hispanic and Latin Americans spent 7.1% of their after-tax income. on energy, compared to 5.4% spent by other demographics, and they spent 12.5% of their income on food, compared to 11.1% for everyone else.
Since the Democratic Party took control of the White House in January 2021, inflation has skyrocketed far beyond what it was when the Bank of America report was released. As of this week, the national gasoline price average has been well above $4.00, according to the AAA, and last month Americans suffered the biggest spike in food prices since 1981. .
All foods are affected, from fresh staples like eggs and milk to brand name packaged goods. Companies that have announced price increases include Tyson Foods, Coca-Cola and PepsiCo, each blaming supply chain issues and labor shortages.
This dire economic situation is not happening in a vacuum. The simple fact is that the Democratic Party’s reckless and economically devastating policies are driving up food and gas prices astronomically, while simultaneously stifling economic growth that could create jobs for black Americans.
The CPI has more than doubled since January 2021, and while many would like the American public to believe that this sad state of affairs is the result of Russia’s nefarious invasion of Ukraine, the truth is that this economic spiral The downward slide began the same day the Democrats took over the White House, not when Putin’s forces entered Ukraine. All available data show this clearly.
Fortunately, black voters see through this veil of lies. According to a CNN poll released last month, the percentage of black voters who approve of President Biden has dropped by 25%. We can only hope that as the economy continues to decline under the woefully inadequate leadership of the Democrats, his approval rating within the black community will also decline further.
The black community is finally waking up to the Democrats’ war on our wallets. We know what life was like before President Biden took office, and we’ve seen how quickly it has deteriorated since then.
The simple fact is that in America today, it is Republicans who are providing our community with a brighter, more secure, and more prosperous future. We know this because we just lived through a Republican presidency that saw the lowest unemployment rate in history in the black and Hispanic community. But that’s just the tip of the iceberg; by reducing taxes and regulations, the previous administration spurred an economic boom unprecedented in our lifetime. In 2016, gross domestic product only grew by 1.6%, but in 2017 it grew by 2.2% and an even healthier 2.9% in 2019.
And yet, unlike many economic booms that preceded it, black Americans directly benefited from this one. “The economy has grown in a way that has primarily benefited low-income and middle-class households, categories that cover a disproportionate number of black people,” writes Jason L. Wriley, senior fellow at the Manhattan Institute, author of black boom, in the the wall street journal. Wriley found that between 2017 and 2019, median household income rose 15.4% among black Americans and just 11.5% among whites.
For decades, the black community has been at the forefront of the fight to secure freedom, equality and progress in America. It’s time to fight for economic freedom, equal opportunity and future prosperity for our community.
If the black community as a whole continues to vote for politicians who willfully mismanage the economy, they will be voting for their own destruction. The Republicans are the party that represents our economic interests.
DaQuawn Bruce is the executive director of Concerned Communities for America, an organization focused on facilitating political liberation and social transformation communities of color across America.
The opinions expressed in this article are those of the author.