A new story from Larry Elder


These programs twenty reinvestment act thing Tuesday bunch of people to buy homes should have bought recession comes they got wiped out which is the primary reason that third drop of net worth occurred for blacks between two thousand ten two thousand thirteen that's right a nearly one third reduction in black net worth occurred during two thousand ten two two thousand thirteen who's president than Obama can you blame Obama because people buy homes they should have bought because of the committee reinvestment get you care Obama was one of the many lawyers suing organizations like city court claiming that he is one hundred eighty three the plaintiff in this class action lawsuit were denied loans because they were black well settlement took place they got loans only sixteen of the mouse to have their home what have you done there's a piece we have up on Larry elder dot com call why did FDR's new deal harm blacks now when you were in high school you learn that FDR brought a white horse and rescued the flaws of capitalism from from total destruction view this article says FDR's new deal has been hailed for its lofty goals of reforming the American economy helping the underprivileged yet mounting evidence developed by dozens of economists across the country show that the new deal prolonged joblessness for blacks in black people were specially hard hit flagship of the new deal he writes was the national industry covering actresses by Jim Powell writing for the Cato Institute the national disaster recovery act was passed in June nineteen ninety three authorized the president to issue executive orders establishing some seven hundred industrial cartels which restricted output force wages and prices above market levels the minimum wage regulations made it illegal for employers to hire people who weren't worth the minimum because they lacked skills as a result some five hundred thousand blacks particularly in the south were estimated to have lost their jobs marginal workers like unskilled blacks desperately needed an expanding economy to create more jobs yet new deal policies made it harder for employers to hire people FDR triple federal taxes between nineteen nineteen thirty three in nineteen forty social security excise taxes on payrolls discourage employers from hiring new deal securities laws made it harder for employers to raise capital new deal antitrust lawsuits harassed some hundred and fifty employers and whole industries whatever the merits of this policy might have been it was bizarre to disrupt private sector employment when the median unemployment rate was seventeen percent the agricultural adjustment act was passed in nineteen thirty three aim to help farmers by cutting for production and forcing up food prices less production however meant less work for thousands of poor black sharecroppers in addition blacks were among the one hundred million consumers forced to pay higher food prices because of the a a a the Wagner act nineteen thirty five harm blacks but making labor union but labour union monopolies legal many of these unions had excluded blacks into dominant unions committed.

Coming up next