this post was submitted on 17 May 2024
999 points (89.1% liked)
Political Memes
5426 readers
1826 users here now
Welcome to politcal memes!
These are our rules:
Be civil
Jokes are okay, but don’t intentionally harass or disturb any member of our community. Sexism, racism and bigotry are not allowed. Good faith argumentation only. No posts discouraging people to vote or shaming people for voting.
No misinformation
Don’t post any intentional misinformation. When asked by mods, provide sources for any claims you make.
Posts should be memes
Random pictures do not qualify as memes. Relevance to politics is required.
No bots, spam or self-promotion
Follow instance rules, ask for your bot to be allowed on this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
A large portion of the personal wealth in America is concentrated in real estate (mortgage debt).
When Obama became president, he could have easily bailed out the 9 million American homeowners (predominantly low income black and Hispanic families), but instead he chose Wall Street, effectively facilitating the largest transfer of wealth from the black community to private capital in history.
In this sense, Obama prevented future generations of black communities from ever becoming homeowners again.
Similar trends are also happening under Biden’s policies today, the so-called “Bidenomics” where black unemployment has risen much faster than other demographics. These are all austerity measures designed to make poor minorities bear the brunt of the economic impact if only to slow the crumbling of the system itself.
But since "the government actually profited" it's all good, right?