01 Nov 2019 Record-Low Black Unemployment Applauded by Black Activists
Project 21 Cites Low Taxes, Deregulation Among Reasons Blacks Are Back to Work
Black unemployment has hit yet another record low, and that is being cheered by members of the Project 21 black leadership network, who cite lower taxes and fewer regulations as major factors in America’s economic recovery.
“President Kennedy once said a rising tide lifts all boats, and this latest economic news shows the Trump Administration’s policies are helping all demographics – including black Americans,” said Project 21 member Christopher Arps. “Reducing taxes and regulations has always proven to be a boon for the economy.”
The U.S. Bureau of Labor Statistics (BLS) just released its October employment report, which shows a 3.6 percent overall unemployment rate – with black unemployment at only 5.4 percent. This is the lowest level recorded since the BLS began tracking jobless figures by race in 1972.
According to a Project 21 analysis of BLS data, this is the sixth time the black jobless rate has hit a new low during the Trump Administration. Over the last decade, the highest level of black unemployment was 16.8 percent in March 2010. This most recent decline in black unemployment began in February.
“Once again, unemployment for blacks in the U.S. has reached a record low. Trump’s policies of deregulation and low taxation have created one of the best environments for job creation in a generation,” said Project 21 Co-Chairman Horace Cooper. “When Americans – black or white – have a job and are independent and self-sustaining they are happier, their families are better off and the economy booms. This is a welcome change that should be applauded as well as maintained into the future.”
The BLS also reports a higher percentage of overall participation in the workforce, meaning that more people are either employed or actively seeking employment.
“Black Americans are doing well in a more competitive workforce. This is great news,” added Project 21 Co-Chairman Council Nedd II. “America’s growing energy independence, commonsense regulatory reform and other pro-business policies are helping create new jobs that are putting black Americans to work and allowing them to take full advantage of the American Dream.”
Congressional Budget Office data demonstrates a correlation between extensive job creation and economic growth in the U.S. and tax reform policies enacted during the Trump presidency. Reform has also helped invigorate economically distressed communities. Additionally, the Heritage Foundation reports that the Trump Administration has saved over $33 billion by cutting 13 regulations for every new implemented regulation.
Questioning those who have judged this presidency and economy through the lens of race, Project 21 member Derryck Green noted: “Since at least the early 1970s, American blacks have suffered periods of chronically high unemployment. The economic policies of our first black president exacerbated this during the recession – helping black unemployment reach or exceed 16 percent on 11 occasions in what we were told was the ‘new normal.’ But, since 2016, black unemployment has significantly and consistently declined despite our president being perpetually and falsely accused of racism. Yet his policies have done more to lower black unemployment. How do people square that circle? They can’t.”
To schedule an interview with a member of Project 21, contact Judy Kent at (703) 759-0269.
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