A paradox haunts America’s first black president. African-American wealth has fallen further under Barack Obama than under any president since the Depression. Yet they are the only group that still gives him high ratings. So meagre is Mr Obama’s national approval rating that embattled Democrats have made him unwelcome in states that twice swept him to power. Those who have fared worst under Mr Obama are the ones who love him the most. You would be hard-pressed to find a better example of perception-driven politics. As the Reverend Kevin Johnson asked in 2013: “Why are we so loyal to a president who isn’t loyal to us?”
The problem has taken on new salience with the resignation of Eric Holder. America’s first black attorney-general has tried to correct the gulag-sized disparities in prison sentencing between blacks and whites. His exit leaves just two African-Americans in Mr Obama’s cabinet. Given the mood among Republicans, it is hard to imagine the US Senate confirming a successor to Mr Holder who shares his priorities.
Well, since those priorities are racial discrimination and protecting Obama from accountability, I can live with that.
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Since 2009, median non-white household income has dropped by almost a 10th to $33,000 a year, according to the US Federal Reserve’s survey of consumer finances. As a whole, median incomes fell by 5 per cent. But by the more telling measure of net wealth – assets minus liabilities – the numbers offer a more troubling story.
The median non-white family today has a net worth of just $18,100 – almost a fifth lower than it was when Mr Obama took office. White median wealth, on the other hand, has inched up by 1 per cent to $142,000. In 2009, white households were seven times richer than their black counterparts. That gap is now eightfold. Both in relative and absolute terms, blacks are doing worse under Mr Obama.
But, thanks to carefully-cultivated racism, they don’t mind.