Editor's note: Angela Glover Blackwell is founder and CEO of PolicyLink, a national research and advocacy organization that aims to advance economic and social equity. She is also a member of the White House Council on Faith-Based and Neighborhood Partnerships, and co-author of "Uncommon Common Ground: Race and America's Future" (W.W. Norton and Co.)
(CNN) -- Last month, the Center for American Progress highlighted the stark and disproportionate impact of the ongoing jobs crisis on people of color, with unemployment among blacks reaching more than 16%, compared with more than 11% for Latinos and more than 8% for whites.
Simultaneously, poverty rates in communities of color remain at an all-time high, especially among children. More than one third of today's African-American and Latino youth under the age of 18 are growing up in poverty.
When combined with the projected loss of more than a quarter of $1 trillion in black and Latino wealth between 2009 and 2012 due to the foreclosure crisis, what we're left with is an entire generation of Americans living without the security of a decent living wage, quality education, affordable health care or home ownership.
This is a crisis level that calls for comprehensive strategies concentrated on creating jobs now and making smart, sustainable investments that will stimulate growth and secure our nation's economic future.
Yet the Budget Control Act of 2011, signed into law this week after a lengthy, divisive debate in Congress, missed an important opportunity to address jobs and unemployment. Instead it focused on cuts that would erode funding for critical public investments and safety-net programs that offer much-needed support to America's poor and working-class families.
Share on video your thoughts on the economy and U.S. credit rating
The bill specifically failed to mention two vital programs that will expire by year's end: unemployment insurance and the 2% payroll holiday tax for the middle class. According to the Economic Policy Institute, failure to make these crucial extensions could:
• Cost our economy close to 1 million jobs next year.
(CNN) -- Last month, the Center for American Progress highlighted the stark and disproportionate impact of the ongoing jobs crisis on people of color, with unemployment among blacks reaching more than 16%, compared with more than 11% for Latinos and more than 8% for whites.
Simultaneously, poverty rates in communities of color remain at an all-time high, especially among children. More than one third of today's African-American and Latino youth under the age of 18 are growing up in poverty.
When combined with the projected loss of more than a quarter of $1 trillion in black and Latino wealth between 2009 and 2012 due to the foreclosure crisis, what we're left with is an entire generation of Americans living without the security of a decent living wage, quality education, affordable health care or home ownership.
This is a crisis level that calls for comprehensive strategies concentrated on creating jobs now and making smart, sustainable investments that will stimulate growth and secure our nation's economic future.
Yet the Budget Control Act of 2011, signed into law this week after a lengthy, divisive debate in Congress, missed an important opportunity to address jobs and unemployment. Instead it focused on cuts that would erode funding for critical public investments and safety-net programs that offer much-needed support to America's poor and working-class families.
Share on video your thoughts on the economy and U.S. credit rating
The bill specifically failed to mention two vital programs that will expire by year's end: unemployment insurance and the 2% payroll holiday tax for the middle class. According to the Economic Policy Institute, failure to make these crucial extensions could:
• Cost our economy close to 1 million jobs next year.
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