Why are Democrats losing ground with black voters? The economy, stupid
Zachary Faria
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Earlier on Monday, I wrote about how the Democrats are losing ground among black voters, whom they have long taken for granted. A key reason: Black voters are losing ground economically under President Joe Biden.
The Federal Reserve’s Survey of Consumer Finances found that the net worth of black families had dropped 1.6% from 2019 to 2022 when adjusted for inflation. Hispanic families also saw a decline of 1.1%, while white families saw a slight increase of 1.3%. Uncertainty about income for black families has jumped by 14.2 percentage points from 2019, and uncertainty about income for Hispanic families is also up by 10.9 points.
INTEREST RATES FOR RETAIL CREDIT CARDS HIT RECORD AS FED WORKS TO CONTAIN INFLATION
In other words, the “Bidenomics” the president and his team are centering his reelection campaign on is making things worse for black and Hispanic families. Obsessing over “diversity” in executive appointments and making an incompetent, unlikable Kamala Harris the vice president have no effect on everyday black voters. Neither does promising to erase student loan debt for predominantly wealthy white graduates and postgraduate students. But inflation pricing them out of their previous lifestyles and adding uncertainty to their economic decisions does.
Black voters, for the most part, simply want to be safe and have a chance for economic prosperity, just like everyone else. Performative diversity and blatant pandering don’t help anyone get by in their everyday lives. Again, the opportunity is open for Republicans to continue making gains among black voters, so long as the party doesn’t get caught up in its own hubris as the Democrats have.