The Democrat Party has once again devastated Black America. Tyrannical Democrat Party governors insisted on shutting down their states for extended periods of time. This was done (in part) to hurt President Trump’s re-election prospects. Well this is the result: the financial ruin of Black small business owners. The cheap photo ops from Biden, Pelosi and Schumer will not bring these businesses back. Black Americans need to stop voting for the Plantation Democrats en masse. Blexit!
Did you know that the Democratic Party defended slavery, started the Civil War, founded the KKK, and fought against every major civil rights act in U.S. history? Watch as Carol Swain, professor of political science at Vanderbilt University, shares the inconvenient history of the Democratic Party.Pitch-in to PragerU so that more Americans watch this video and learn the truth about the Democratic Party.👉 http://l.prageru.com/2eB2p0h
Posted by Dennis Prager on Monday, June 8, 2020
Black business owners decimated by coronavirus pandemic, study finds
By Fox News, June 8, 2020
The number of African American business owners plunged more than 40 percent during the coronavirus pandemic and related economic lockdown, facing far steeper losses than any other racial group, according to a new paper.
The closure of nonessential businesses and strict stay-at-home guidelines decimated businesses throughout the country, but the losses were most pronounced among small business owners who are black, according to a paper published by Robert Fairlie, an economics professor at the University of California in Santa Cruz.
During the two-month period from February to April, the number of working black business owners dropped by 41 percent, plunging from 1.1 million to 640,000. Nationally, the number of active business owners declined by 3.3 million, or 22 percent.
The number of Latino business owners fell 32 percent from February to April, while the number of Asian business owners shrank by 26 percent. Immigrant business owners dropped by 36 percent.
“The negative early-stage impacts on minority- and immigrant-owned businesses, if prolonged, may be problematic for broader racial inequality because of the importance of minority businesses for local job creation (disproportionately for other minorities), economic advancement, and longer-term wealth inequality,” Fairlie wrote.
The damage inflicted by the outbreak of the virus, and the economic shutdown, is far more severe than the effect of the global financial crisis on small businesses. During the Great Recession, business owners decreased by 730,000 — representing a 5 percent reduction.
The report highlights a growing disparity in the economic toll of the crisis across racial groups. While the national unemployment rate fell to 13.3 percent in May from 14.7 percent in April, according to the Labor Department, the jobless rate remained persistently high among some minority groups.
The white unemployment rate dropped to 12.4 percent last month from 14.2 percent in April, but the unemployment rate for black workers climbed to 16.8 percent from 16.7 percent, and for Asian workers, it rose to 15 percent from 14.5 percent.
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