Known also as Black Tuesday, October 29th left stockholders shattered with recorded losses reaching $40 billion dollars (Kelly, n.d.). Many banks and financial institutions began collapsing which led to irretrievable, uninsured deposits and savings. Fearing further loss, people began spending less which led to a decrease in production and an increase in unemployment. As companies began to fail, the government devised the Smoot-Hawley Tariff in order to protect American businesses. The Tariff placed high taxes on imports leading to a decline in international trade.
Many working class Black Americans struggle to obtain affordable housing. More than half of all African Americans rent and 53% of those spend more than 30% of their income for their rent. 30% is the recommended threshold that a family should pay for housing costs. Having to use so much of their income for housing makes it much more difficult for African Americans to make ends meet. Their gross amount of rent is 776.00 a month.
It limited them from voting and also segregation in a sense as African American were seen as illiterate and less important. It could be said that Booker T Washington had helped with education and development he had founded Tuskegee Institute in 1881. After 1900, African Americans made some genuine gains. Between 1900 and 1917, illiteracy fell by a third to about 30%. The number of black-owned businesses rose from 20,000 to 40,000.
This discouraging figure, along with the prohibitively high cost of a higher education has led to a second wave of slaves in the twenty-first century. These wage slaves work in industries such as customer service, construction, and retail. According to a 2014 study from the UC Davis Center for Poverty Research, 23% of poor Americans are employed, with 4% of full time workers beneath the poverty line, and 16% of part time workers beneath it. Because of this, these 10.6 million people receive Welfare, or some other form of assisted living. According to the Institute for Economic Policy, roughly
After World War Two the United States of America finally seemed to prosper after the Great Depression. The 1950s became the capitalist golden age. Society was classless; there were growing numbers of white-collar jobs, high wages for blue-collar workers, and few labor strikes. Everything seemed to be great, however the growth of the affluent society put many problems in the dark. African Americans were still unequal to whites; twenty percent of the nation had been in poverty, and the defeat of Nazism and imperialism brought on a new enemy to freedom: Communism.
As unemployment numbers continue to drop, the job outlook for college grads is increasing. This comes as good news for millions of new graduates getting ready to enter to workforce t be able to get the full-time job. According to a new Gallup poll, 73% of college graduates are employed as a full-time work that making them to be the group with the highest percentage of full-time employment. Compare to American with some college education, there is only 61% and 58% of those with just a high school degree are working full time. Gallup defines workers who are “fully employed” as those employed full time for an employer or themselves and those who are working part time and not seeking a full-time position.
The National Employment Law Project finds that about sixty-six percent of low-wage workers are employed by large companies or corporations, not small businesses. “It also found that more than seventy percent of the biggest low-wage employers have recovered from the recent recession and are recording strong profits, yet wages remains unchanged for their frontline employees. The minimum wage hasn't kept up with inflation, making those with families of three or more people well below the poverty level.”(National Employment Law Project) One group claims that by increasing the rate, small businesses will be strapped for making ends meet thus potentially having fewer available job positions. There is also the concern of having to layoff employees in order to make a profit. Another factor to consider is perhaps companies may have to raise the price of a consumer good or product to offset the increase in an employee’s wages.
Love mentions the 16th surgeon general of the United States, Dr. David Satcher, who proves, in the year 2000, due to inequality in health care, 85,000 African-Americans died. White Americans have higher life expectancies than African-Americans “by six or seven years” (378). Instead of wasting money on something that does not cause a change of the situation in the first place, the government should put more money in these inequalities to help eliminate poverty in the inner-city, which are heavily populated with minorities such as African Americans In 1954 a test study was shown in Brown v. Board of Education case to show the psychological effects of segregation on black children by using a black doll and white doll. Researchers tested black children in Harlem from ages 4 and 5 years old. When the children were asked choose a doll, a majority of the children chose the white doll.
Higher education in America displays characteristics of segregation. Whites and Asians disproportionately enrol at University campuses, while African Americans and Latinos most often attend community colleges. Although this is bad news, the rate of African American dropouts has decreased by 11% in the past 25 years. There have been movements in America such as the “Black Nationalism on Campus” movement at colleges in Pennsylvania that encourages young students to maintain ethnic identity and self respect so that they can propel into the mainstream world of the white middle class. The percentage of all 18- to 24-year-old African Americans enrolled in higher education increased to from 21.2% to 32.6% in 20
This is a huge advantage compared to some the rigid university in Asian. Kim Han Soo, owner of Korean Restaurant in Puyallup but he was successful business men in his country, said: “I want two sons are studying in here, because in my country, they just have only one change, it is not, the future door will close with them…” (Soo, 2014). That is why at begin just “more than 11 percent of foreign-born workers have advanced degrees—slightly above the fraction of Americans with post-college degrees. Even more striking, more than 1.9 percent of immigrants have PhDs, almost twice the share of U.S.-born citizens with doctorates.” (Looney,