African-American Middle Class Eroding As Unemployment Rate Soars

The unemployment situation across America is bad, no
doubt. But for African-Americans in some cities, this is not the great
recession. It’s the Great Depression.

Take Charlotte, N.C., for example. It is a jewel of the “new South.”
The largest financial center outside of New York City, it’s the showcase
for next year’s Democratic National Convention. It was a land of hope
and opportunity for many blacks with a four-year college degree or
higher.

According to an analysis by the Economic Policy Institute, in
Charlotte, N.C., the unemployment rate for African-Americans is 19.2
percent. If you add in people who have given up looking for jobs, that
number exceeds 20 percent, which, according to economists Algernon
Austin and William Darity, has effectively mired blacks in a depression.

http://www.foxnews.com/us/2011/07/28/african-american-middle-class-eroding-as-unemployment-rate-soars/?test=latestnewsBy John Roberts — Fox News