Volume 15
Number 3
September-December 2011
Lincoln
Review
                    Letter®

Editor’s Comment

Despite Being the Hardest Hit by Recession,
Black Americans Remain Confident About
Their Financial Futures

Despite severe losses during the current recession, the majority of black Americans see the economy improving and are confident that their financial prospects will improve.

That optimism, shared to a lesser degree by Hispanics, is in stark contrast to the deeper pessimism expressed by a majority of whites.

These are among the findings of a recent Washington Post-Kaiser Family Foundation-Harvard University poll that probed attitudes in the wake of a downturn that more than doubled unemployment and wiped away nearly a fifth of Americans’ net worth.

Blacks and Hispanics were more likely to be jobless and concerned that they lack the skills needed to shape their economic futures. But they also remained the most hopeful that the economy would soon right itself and allow them to prosper.

Nearly four in 10 black Americans said they adjusted their housing situations in the past three years to cope with the crisis and nearly one in three borrowed money from friends or relatives to get by. More than a quarter lost their health insurance coverage or other benefits in the past year.

Hispanics reported being hit even harder. Nearly four in l0 said their families would be in real financial trouble within one month if their paychecks stopped. Despite the setbacks, Hispanics also remain optimistic. Two-thirds said people can still get ahead if they are willing to work hard. Just over half predicted that their family’s financial situation will improve over the next year.

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