Recession Impacts Races Similarly
With the ongoing recession there has been a greater difference between older and younger Americans than between Americans of different races. According to Pew Research Center, among older Americans, 34% of whites, 42% of blacks, and 45% of Hispanics report cutting back on household spending over the past year because money was tight. For those under age 65, about 65% of blacks, 65% of whites, and 64% of Hispanics had to tighten their money belts.
This article originally appeared in the September 2009 issue of Black Enterprise magazine.