Black Families and Recession in the United States

Description

Black Families and the Recession in the United States goes beyond the massive loss of property among African Americans during the Great Recession of 2007–2009. It connects the housing experience to broader systems of inequality in America. Following the Great Recession of 2007–2009, the US elections of 2008, the impact of COVID-19, and widespread demonstrations resulting from the murder of George Floyd by police, the sociopolitical and economic status of Blacks in the United States is at a critical point in history, with demand for major transformation. The authors reveal a history of racist practices against Blacks in many systems, including education, policing, incarceration, wealth transmission, voting restrictions, and housing segregation. The social costs of the recession are manifested in the daily lives of African American families. In addition to financial losses, African Americans are more likely to be plagued with issues related to poverty, chronic illnesses, and lack of trust of social and economic institutions. Research, policy, and practical implications of this research include identifying social and economic supports unique to African Americans and determining strategies to strengthen families; paramount to addressing racial disparities. The interdisciplinary focus of this book appeals to a wide audience and areas of study. Cover Half Title Series Page Title Page Copyright Page Table of Contents Dedication List of illustrations Foreword Preface Acknowledgments Chapter 1 Introduction and overview Structure of the book Conclusion References Chapter 2 Perspectives and theoretical frameworks for studying African American families Intersectionality Color-blind racism and privilege Structural racism and intergenerational transfers The new racism Conclusion References Chapter 3 Race and its use in American society Systematic racism and how it is maintained The problem of the twenty-first century Structural racism: A tale of two Americas Conclusion References Chapter 4 The Great Recession of 2007–2009: Causes, consequences, and impact on African American family life What caused the banking crisis? Hidden costs of the Great Recession Labor market effects and social costs What makes the 2007–2009 Recession “Great”? How the Great Recession impacted African American family life The aftermath of the Great Recession: What brought the recession to an end? New financial legislation post-recession The Dodd–Frank Act Conclusion References Chapter 5 Housing and wealth: How the Great Recession shattered the American Dream A history of housing segregation in the United States Differential impact on American communities Predatory lending and racial discrimination Hardest-hit cities in the United States Black populations in the hardest-hit cities: Impact on specific African American communities Memphis, Tennessee Prince George’s County, Maryland Conclusion Note References Chapter 6 How the Great Recession changed household economics for African Americans Wealth and home ownership Changes in daily household expenses Loss of assets Need for public assistance following the Great Recession Conclusion References Chapter 7 The widening of the racial wealth gap during and after the Great Recession Household wealth Wealth and class differences Factors related to the accumulation of wealth Income disparities and household financial characteristics Demographic profiles by race/ethnicity: Family structure, education, and intergenerational wealth transmission College enrollment and completion Public sector layoffs among African Americans workers Cuts in public sector employment: More damaging for African American families Savings Retirement accounts and investments Recommendations for retirement security among Blacks The role of income in mending the wealth gap Conclusion References Chapter 8 The impact of incarceration on African American families Incarceration and the perpetual punishment of African Americans The impact of incarceration on children Conclusion: Policy considerations and future research References Chapter 9 Progress in African American communities during the Obama administration and beyond Enhancing health with the Affordable Care Act Education Criminal justice African American judicial appointees Conclusion References Chapter 10 Discussion Ten years after the Great Recession The effect of the financial crisis on home ownership among African American families ten years later Inequality: Historical impact on African Americans References Index