Roughly one out of eight Americans who presumably want to work, and were working before 2007, can’t find work today. On top of this, the great American nest egg was crushed by the collapse of home prices. The real estate assets of American households have lost a quarter of their value since the crash and show little sign of recovery. More than a fifth of American mortgages are underwater.
But no-one has suffered more from Obama’s mishandling of the economy than African-Americans. The unemployment rate for black teenagers doubled during the recession and shows no sign of improvement:
It’s hard to imagine that African-Americans, college students, and other constituencies who hailed Obama as a savior in 2008 will provide the same enthusiasm, not to mention turnabout, in 2012.
Update: Gov. Mitch Daniels made a similar argument in his response to Obama’s State of the Union address: ” The percentage of Americans with a job is at the lowest in decades. One in five men of prime working age, and nearly half of all persons under 30, did not go to work today.”