Black Jobless Rate: 11.1% In October

by Chris Sturr | November 07, 2008

From Bob Feldman:

Despite the election of a Democratic Party majority in the U.S. Congress in November 2006, the official unemployment rate for Black workers was still 11.1 percent in October 2008 under the current U.S. economic system, according to the latest Bureau of Labor Statistics data.

And if the conclusion of Harry Shutt’s 1998 book The Trouble With Capitalism is accurate, even the recent election of Barack Obama and the creation of a Democratic Party-controlled White House staff (headed by Rahm Emanuel–a former managing director of the Wasserstein Perella investment bank, before it became part of Dresdner Kleinwort Wasserstein) isn’t likely to soon reduce the Black jobless rate very much.

According to Shutt:

…An assessment based on historical evidence and analysis of the more recent conjecture of economic forces leads us to the conclusiion that only a veritable miracle could avert an eventual…world-wide financial and economic collapse such that the organs of state (whether national or international) will be too impoverished to prevent…Political attention must soon begin to focus on alternatives to the profits system…

…It must be doubted whether determination to maintain the status quo will survive the financial disaster which now seems inevitable…

–bf

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