Obama's Address: 'Investing in Technology and Infrastructure to Create Jobs'

In his weekly address, President Obama said he took action this week to launch new manufacturing hubs and expand a competition to fund transformative infrastructure projects. Both are policies aimed at expanding economic opportunity for all by creating jobs and ensuring the long-term strength of the American economy. Congress can boost this effort by passing a bipartisan proposal to create a nationwide network of high-tech manufacturing hubs and taking steps to invest in our nation’s infrastructure – rebuilding our transportation system, creating new construction jobs, and better connecting Americans to economic opportunities.

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Obama's Weekly Address: 'Securing a Better Bargain for the Middle Class'

In this week's address, President Obama tells the American people that his plan for creating a better bargain for the middle class builds on the progress we've made, fighting our way back from the worst economic recession of our lifetimes.

Obama's Weekly Address: 'A Better Bargain for the Middle Class'

In this week’s address, President Obama tells the American people about his speech at Knox College on Wednesday, where he discussed the cornerstones of what it means to be middle class, including having a good job, a home that is your own, quality education, a secure retirement, and affordable health care.

Watch this week's Weekly Address.

Obama's Weekly Address: The President’s Plan to Create Jobs and Cut the Deficit

President Obama tells the American people about the budget he is sending to Congress, which makes the tough choices required to grow our economy and shrink our deficits. [Video / Transcript]



Once again, our president proves that he is the only adult in the room when it comes to national politics. Will he ever find someone in the Republican Party willing to work with him on behalf of the American people? Who do you think that Republican might be? We know it wasn't Mitt Romney...

Obama's Weekly Address: Working Together in the New Year to Grow Our Economy and Shrink Our Deficits

In this week’s address, President Obama talks about the bipartisan agreement that Congress reached this week which prevented a middle-class tax hike, congratulates the newly sworn-in members of Congress, and looks forward to working with the new Congress in the new year to continue to grow our economy and shrink our deficits in a balanced way. [Transcript / Video]

Obama's Weekly Address: Extending Middle Class Tax Cuts to Grow the Economy

In his weekly address, President Obama says that it's time for Congress to pass the middle class tax cuts for 98% of all Americans. Both parties agree that this will give 98% of families and 97% of small businesses the certainty that will lead to growth, and so there is no reason to wait. On Tuesday, the American people voted for compromise and action, and the President calls on Congress to come together in that spirit to help create jobs and strengthen our economy.



Elections have consequence. It is nice to see President Obama being assertive in his discussions with congressional leaders.

Obama's Weekly Address: 'One Million American Jobs Saved and a Stronger American Auto Industry

President Obama talks about his choice to rescue the American auto industry from collapse and save more than one million American jobs. This is one of his best accomplishments ... and it may be the reason that he wins re-election for a second term as our president.



You have to agree that Mitt Romney made a big mistake when he wrote editorial entitled, 'Let Detroit Go Bankrupt'.

Black Unemployment Crisis Continues; 14.4% Unemployment in June 2012

The United States added 80,000 jobs in June 2012 - making it 28 consecutive months of private sector job growth - and unemployment rate remained at 8.2 percent. U.S. job growth barely picked up in June, the latest sign that economic growth has slowed.

There are about 12.7 million unemployed people in the country - and our nation's unemployment metrics don't provide any positive movement for President Obama as we enter the final months of the presidential campaign against Gov. Romney.

The numbers in the Black community are bad!

The unemployment rate in the Black community rose in June 2012 to 14.4%. This compares to previous months:

• Mar 2012 - 14.0%
• Feb 2012 - 14.1%
• Jan 2012 - 13.6%
• Dec 2011 - 15.7%
• Nov 2011 - 15.5%
• Sep 2011 - 16.0%
• Aug 2011 - 16.7%

The Labor Department said private companies accounted for all of the growth in June payrolls, adding 84,000 jobs. Governments, meanwhile, cut payrolls by 4,000. The federal work force shed 7,000 positions.

Employment increased 47,000 in the professional- and business-services category, led by temporary-help services. Companies sometimes add temps before making permanent hires.

Manufacturing, a bright spot in an otherwise tepid recovery, added 11,000 jobs. The pace of factory hiring has tailed off, though, to an average of 10,000 a month in the second quarter from 41,000 a month in the first.

The health-care and wholesale-trade industries also added jobs.

What is your opinion of the unemployment data that was released today?

Black Unemployment Trickles Down to 14.0% in March 2012

The United States added 120,000 jobs in March 2012 - making it 25 consecutive months of private sector job growth - and unemployment rate ticked down to 8.2 percent. Job growth was widespread last month in the private sector, with large employment gains in professional and business services, health care and social assistance, leisure and hospitality, manufacturing, and mining. according to the Bureau of Labor Statistics.

There are about 12.7 million unemployed people in the country - and our nation's unemployment is near its lowest rate in almost three years. The trend of positive employment news continues to grow under the leadership of President Obama.

The news is still poor for the Black community.

The unemployment rate in the Black community dipped in March 2012 to 14.0%. This compares to previous months:

• Feb 2012 - 14.1%
• Jan 2012 - 13.6%
• Dec 2011 - 15.7%
• Nov 2011 - 15.5%
• Sep 2011 - 16.0%
• Aug 2011 - 16.7%

The overall message for the US economy is good. This is the 9th straight month with over 100,000 people entering the workforce. However, we are sad to report that the rate of unemployment in the Black community remains disproportionately high. That is why this blog is very happy to see proactive efforts to increase awareness of the power of Black Dollars. We have to look to ourselves to fix this problem!

What is your opinion of the unemployment data that was released today?

Obama's Weekly Address: Ending Subsidies for Big Oil Companies

President Obama says that America needs an all-of-the-above energy strategy that invests in new technologies and ends the $4 billion in annual subsidies to oil companies that are earning historic profits.





This seems like a 'no-brainer' for me. Why do we continue to give these large oil companies $4 billion a year?

Black Unemployment Rate Spikes to 14.1% in February 2012

The United States added 227,000 jobs in February 2012 - making it 24 consecutive months of private sector job growth - and unemployment rate remained at 8.3 percent. Job growth was widespread last month in the private sector, with large employment gains in professional and business services, health care and social assistance, leisure and hospitality, manufacturing, and mining. according to the Bureau of Labor Statistics.

There are about 12.8 million unemployed people in the country - essentially unchanged from last month. Our nation's unemployment is near its lowest rate in almost three years. The trend of positive employment news continues to grow under the leadership of President Obama.

The news was not positive for the Black community.

The unemployment rate in the Black community grew in February 2012 to 14.1%. This compares to previous months:

• Jan 2012 - 13.6%
• Dec 2011 - 15.7%
• Nov 2011 - 15.5%
• Sep 2011 - 16.0%
• Aug 2011 - 16.7%

The overall message for the US economy is good. This is the eighth straight month with over 100,000 people entering the workforce. However, we are sad to report that the rate of unemployment in the Black community remains disproportionately high. That is why this blog is very happy to see proactive efforts to increase awareness of the power of Black Dollars. We have to look to ourselves to fix this problem!

What is your opinion of the unemployment data that was released today?

Obama's Weekly Address: Continuing to Strengthen American Manufacturing

President Obama describes a series of steps to strengthen American manufacturing and create jobs here in the United States.





The President has been focused like a laser on the economy and creating jobs. Others are worried about contraceptives and rubbers and such ... while President Obama seems to be fighting for the regular peeps in American. Anyhow, do you have any thoughts on this week's message from the President?

Obama's Weekly Address: It's Time for Congress to Act to Help Responsible Homeowners

President Obama continues his call for a return to American values, including fairness and equality, as part of his blueprint for an economy built to last.

Black Unemployment Rate Drops to 13.6% in January 2012

The United States added 243,000 jobs in January 2012 - far exceeding expectations of about 150,000 jobs - and unemployment rate dipped to 8.3 percent. Job growth was widespread last month in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing according to the Bureau of Labor Statistics.

There are about 12.8 million unemployed people in the country. The unemployment is the lowest its been in almost three years. The trend of positive employment news continues to grow under the leadership of President Obama.

The news also contained positive progress for the Black community.

The unemployment rate in the Black community took a big dip in January 2012 to 13.6%. This compares to previous months:

• Dec 2011 - 15.7%
• Nov 2011 - 15.5%
• Sep 2011 - 16.0%
• Aug 2011 - 16.7%

The overall message for the US economy is good. This is the seventh straight month with over 100,000 people entering the workforce. The rate of unemployment in the Black community is still out of whack with what we see nationwide, but at least the statistics are trending in a positive direction.

What is your opinion of the unemployment data that was released today?

Obama's Weekly Address: America is Open for Business

President Obama tells the American people about a series of steps he's taken without the help of Congress to grow the economy and create jobs -- including a new strategy aimed at boosting tourism introduced this week. In next week's State of the Union Address, the President will outline his blueprint for creating an economy built to last.





Did you catch the Apollo Theater debut of President Obama?

Obama's Weekly Address: Helping American Businesses Succeed

President Obama discusses steps he's taking to ensure that more goods and products stamped "Made in America" are sold in the United States and around the world. [Transcript]





I encourage all villagers to check out BusinessUSA website that the president mentions in this week's message. BusinessUSA is a platform that consolidates information and services from across the government into a single, integrated network for American business owners and entrepreneurs.

The economic numbers are slowly beginning to creep in a positive direction. Have you noticed it in your community?

Black Unemployment Rate Falls to 15.5% in November 2011

The economy added 120,000 jobs last month according to the Bureau of Labor Statistics. There are about 13.3 million unemployed people in the country bringing our overall unemployment rate to 8.6% ... down to its lowest level since March 2009. This is good news for the re-election prospects of President Obama.

The news is not as rosy for the Black community.

The unemployment rate in the Black community did fall from 16.7% (August) to 16.0% (September) to 15.5% in November. However, that is still a ridiculously high rate of unemployment ... that is even worse when you look at the impact on African Americans without a college diploma ... and worse than that for those in the Black community who left school without a high school diploma.

The jobs gained in November were in the following industries: retail trade, leisure and
hospitality, professional and business services, and health care.

25% of Blacks Will Go Into Foreclosure

Foreclosure rates among African American homeowners are pretty much the same across all income groups, unlike those for whites whose foreclosure rates decline as income rises, according to a study published in November by the Center for Responsible Lending. [SOURCE]

The 47-page report , "Lost Ground, 2011: Disparities in Mortgage Lending and Foreclosures," said that 9 percent of mortgage loans to higher-income African Americans, based on mortgage originations made from 2004 to 2008, went into foreclosure, virtually the same rate of foreclosure for loans to middle-income Blacks. Among moderate-income Black homeowners, the foreclosure rate was 10 percent, and among low-income Black homeowners, the foreclosure rate was 11 percent.

"For African Americans, the foreclosure rate is highest among low-income groups, but there is not much variation across income groups," found The Center For Responsible Lending, which is based in Durham, N.C. "Among non-Hispanic whites, the completed foreclosure rate decreases as income goes up."

The foreclosure rate among higher income, non-Hispanic whites was just above 4 percent, compared with 5 percent for middle-income whites. Among moderate-income whites, the foreclosure rate was nearly 6 percent, and among lower- income whites, it was above 6 percent.

The organization defined low income as borrowers at 50 percent below the area median income; moderate income refers to borrowers at 50 percent to 80 percent of area median income; middle income referred to borrower at 80 percent to 120 percent of the area median income and high income referred to borrowers at 120 percent or above the area median income.

The center reported that the disparity in foreclosure rates among African Americans, Hispanics and whites is tied to mortgage-loan products.

"We find that borrowers in minority groups were much more likely to receive loans with product features associated with higher rates of foreclosures, specifically higher interest rates, hybrid and option ARMs [adjustable rate mortgages] and prepayment penalties," center officials reported.

The study found that 21.4 percent of African Americas with credit scores over 660, which is considered a high credit score, received high-interest-rate mortgages, 3.5 times higher than the proportion of non-Hispanic white borrowers receiving high-interest loans. The organization based its report on data provided under the Home Mortgage Disclosure Act.

So far, 25 percent of African American homeowners either have lost their houses to foreclosure or have become seriously delinquent, according to the report. The foreclosure rate has destroyed Black communities. In Detroit, for instance, more than 33 percent of African American homeowners have lost their houses to foreclosure, the center reported.

"This is a staggering statistic for a city that once had one of the highest African American homeownership rates in the country," the report said.

Center for Responsible Lending Officials noted that this is the fifth year of the nation's foreclosure crisis, and that it does not show any signs of abating.

So far, 6.4 percent, or 2.7 million homes, have gone into foreclosure, and 8.3 percent of families are at risk of losing their homes, the report said. Among African Americans, the center officials predict 25 percent will lose their homes to foreclosure before the crisis ebbs.

The foreclosure crisis will have a devastating effect on Black wealth.

"The average white household now has twenty times more wealth ($113,149) than the average African American ($5,667) household," the report said. "The ongoing foreclosure crisis will only exacerbate this growing inequality, as more African American households see their assets erode either directly through foreclosure or though loss of home equity resulting from concentrated foreclosures in their neighborhoods."

Video of the Day: 9-9-9 The Movie, Slay the Tax Monster

Herman Cain is trying to regain his footing in the GOP primaries. He created this 5-minute video about his 9-9-9 economic plan in this effort. Check it out:





What is your take on Herman Cain and his 9-9-9 video?

Obama's Weekly Address: Creating an Economy Built to Last

President Obama is on an international trip that finds him in Indonesia today. Of course, most of the GOP candidates for president couldn't find Indonesia if you gave them a world map. Fortunately, the President didn't talk about GOP ignorance ... rather he spoke about his administration's work opening up markets to support thousands of American jobs and keep us on track to double American exports by 2014.





What say u?