Obama Administration rather silent on economic discrimination
Recently, I got to thinking about all of the “reverse discrimination” talk that one hears suggesting that minorities and women are taking over America. The falsity in this notion would be hilarious if it want so dangerous. A glance at the top leaders among major corporations would show few minorities. The same holds true among the top hedge fund managers, leadership within the top venture capital firms and even among the same holds true for the Board of Governors of the Federal Reserve System, which certainly does not look like a rainbow coalition.
Why is this important? The ability for people to improve their economic lot depends greatlupon access to capital. Small and minority owned businesses did not benefit as greatly from the stimulus bailouts as did major corporations and banks. And with the new regulations signed into law by President Obama, these same lending institutions are far less likely to take a risk on a young entrepreneur that has a great business plan but questionable credit or one who doesn’t have the connections to make the deal happen regardless of credit.
In February, Rap Music Mogul Sean Combs expressed his frustration with President Obama, stating that with black unemployment proportionally higher than whites, that the president has done little to address these concerns. Where I agree with Combs is that the bully pulpit that is the Oval Office provides a powerful opportunity to lay it out there and explain to the American people that the gaps in wealth remain vast because de facto Jim Crow still remains among those holding the purse strings. With respect to government contracting, it is even more inexcusable when one considers that all races pay state and federal taxes, but the most lucrative government contracts nationwide remain elusive to racial minorities and women. Combs is right—the president has been coy on this, perhaps out of fear of upsetting those same big money bosses that helped fund his historic election.
I am not suggesting that McCain, had he won, would have done better. But I am agreeing with Combs that overwhelming turnout among minorities and women helped seal Obama’s presidency. As such, it is his obligation to address the concerns of these two demographics—or face lower turnout next fall.