Racial Resentment in the Political Mind by Darren W. Davis David C. Wilson

Author:Darren W. Davis, David C. Wilson [Darren W. Davis, David C. Wilson]
Language: eng
Format: epub
Tags: Political Science, General, Civics & Citizenship, Social Science, Ethnic Studies, American, African American & Black Studies, Minority Studies, Discrimination, Race & Ethnic Relations
ISBN: 9780226814674
Google: CQlHEAAAQBAJ
Barnesnoble:
Goodreads: 57331874
Publisher: University of Chicago Press
Published: 2021-12-27T00:00:00+00:00

An Objective Economic Reality

Leading economic indicators show that President Obama inherited an economic catastrophe. Stemming from the bursting of the housing market bubble in 2007, which many connected to subprime loans and mortgage defaults (low short-term interest rates), the resulting loss of wealth triggered cutbacks in consumer spending, collapse in financial markets, reduction in business investments, and significant job losses (loss of income and increase in poverty). By the fall of 2008, before Obama’s presidential election win, four major mortgage providers and three of the largest financial institutions had declared bankruptcy. As a result of the financial crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled. The stock market lost over 50 percent of its value, with the Dow Jones hitting 6,500 and the S&P 500 hitting 675. Just 18 months earlier, the Dow Jones had hit an all-time high of over 14,000 and the S&P 500 had peaked as well at over 1,560. The unemployment rate, which had been under 5 percent in 2007, increased to 9.5 percent in June 2009 and eventually rose above 10 percent. Making matters worse, the connected nature of the financial markets across the globe led to the collapse of many international markets and economies. These international pressures exacerbated the US recession and the government’s ability to recover quickly.

After assuming office, President Obama enacted several policies to stimulate economic recovery, but those very policies turned many people against him. Through the American Recovery and Reinvestment Act of 2009—enacted less than one month after his inauguration—President Obama pumped $412 billion into banks, troubled financial firms, and struggling automobile manufacturers such as General Motors and Chrysler. Criticized for being a government bailout, the combination of President Obama’s efforts fueled a conservative backlash that would propel dozens of Republicans into Congress, costing the Democrats control of the House in 2010 and bringing President Obama’s economic agenda to a halt. The slow economic recovery that followed was defined by political battles over the deficit, budget cuts, standoffs over the national debt, a compromise on tax cuts, and ideological banter about what role the government should play in directing the economy. By the 2012 presidential election, the US economy had turned around, with unemployment rates below 7 percent, consistent private sector job growth, significantly lower fuel prices, and a thriving automotive industry. Thus, while there were many factors and actors that did play a role in economic performance, the political standard for responsibility appraisals is the American president, unless there is a good reason to blame prior administrations or other factors (Peffley and Williams 1985; Rudolph 2003). Everything considered, President Obama likely deserves some responsibility for the economic recovery. Our foremost concern is whether or not racial resentment affects how much responsibility he deserves relative to others, and why individuals make such a connection.

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