Fiscal Cliff is Devastating for Blacks

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  • The Obama administration released a report that explains how the so-called “fiscal cliff” impacts African Americans at a time when so many black families are struggling to make ends meet.

    The report highlights the number of middle class families impacted by a tax increase on Jan. 1, including the number of African Americans that could lose their tax credits for children, college and small business.

    It’s significant information to share since there are many black Americans who don’t fully understand details about the fiscal cliff simply because it hasn’t been broken down specifically for African Americans.

    It’s not entertaining, but it is important.

    The administration says in addition to the report, the White House is also hosting several African American groups and leaders at the White House to discuss how the fiscal cliff would adversely affect  African American families around the country.

    President Barack Obama met with several civil rights organizations including Rev. Al Sharpton’s National Action Network, the NAACP, the National Black Caucus of State Legislators, and the National Urban League.

    The administration’s efforts comes as Congress is wrestling with the “fiscal cliff” — mandatory cuts to domestic and military spending of $1.2 trillion over 10 years that begin in January unless Congress reaches a deal.

    “I believe America only thrives when we have a strong and growing middle class. And I believe we’re at our best when everybody who works hard has a chance to get ahead. That’s what I believe,” Obama said this week. “I believe both parties can — and will — work together in the coming weeks to get that done. We know how that gets done. We’re going to have to raise a little more revenue. We’ve got to cut out spending we don’t need”

    President Obama and First Lady Michelle Obama also conducted several interviews with national African American radio hosts, including Tom Joyner, Steve Harvey, Warren Ballentine, Yolanda Adams and Michael Baisden.

    “I want to send a very clear message to people here,” Obama said. “If Congress in any way suggests that they’re going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation — which, by the way, we had never done in our history until we did it last year — I will not play that game.  Because we’ve got to break that habit before it starts.”

    The White House says it plans to engage the public on the fiscal cliff, especially with African Americans, and provide examples of how black families could suffer financially.

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