[World Side] US media: The black group of the U.S. "reducing fever" inflation has suffered to the greatest degree of blow

China Daily August 31 According to the US "Congress Mountain" website reported on the 28th, the Federal government's efforts on curbing inflation have a serious impact on the black American group, which has caused them to fall into borrowing and increased loans. Small businesses are facing the difficult situation of layoffs and shortening business hours.

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Since March, the Fed has implemented the fastest interest rate hikes in decades. The US Central Bank has increased its benchmark interest rates by 2 percentage points at a short four meeting, ranging from 2.25%to 2.5%, giving high inflation " "Anti -fever", but its actions have cracked down on blacks to the greatest extent, and they have always been deprived of the right to housing and affordable loans.

The purpose of the Fed's interest rate hike is to reduce the expenditure of consumers and enterprises by increasing debt costs including mortgage loans. With the Federal Reserve raising the benchmark interest rate, the mortgage interest rate will also rise. For those who want to buy new houses or use adjustable interest rate loans, monthly house repayment will become more expensive.

"African -American housing ownership rate is the lowest among the four major ethnic groups across the United States," Romie Tribble, a professor of economics at the Syberman College and secretary of the National Economic Association of the United States, told the media. According to the data of the Census Bureau, in the second quarter of 2022, only 45.3%of the black families had their own houses, while the ratio of white families was 74.6%, the proportion of Asian families was 61.1%, and the proportion of Spanish families was 48.3%. Essence "Now for them, it will be more difficult to get and support a home," Teriber said.

For a long time, the American black group has faced higher obstacles than white people in terms of housing ownership, which is one of the factors that cause the gap between the rich and the poor of the huge race. During the economic prosperity after World War II, American racism borrowing and prohibiting the ban from selling houses to non -white families would refuse millions of ethnic families outside the housing market. Although the US Congress passed the law aimed at stopping discriminatory lending in the 1970s, discrimination in the housing market still existed. The gap between the rich and the poor caused by housing discrimination, so that there are fewer resources obtained by black families and cannot help them obtain housing ownership.

A study by Harvard University in 2021 shows that for many black homeowners, regardless of income, interest rates are often higher than white homeowners. This is because black homeowners are regarded as greater financial risks than white homeowners.

After the financial crisis from 2007 to 2008, the Fed reduced the benchmark interest rate range to a level close to zero to help keep funds flowing in the economy. However, these ultra -low interest rates are not helpful for blacks without houses and other people on the edge of the housing market, and at the same time push house prices higher. "During that time, the Fed believed that ultra -low interest rates supported family wealth because it allowed households to reduce housing costs by re -financing, thereby improving their wealth. For ethnic minorities, the situation is completely different, "the author of" Unexpected Engine: The Future of the Fed and the United States ", Karen Shaw Petrou. "We have been 22 years now ... Policies have made low -income families, especially colored races, and it is even more difficult to become homeowners."

The impact of these high interest rates also penetrates from families into the business field. For many small business owners, the epidemic has seriously affected their survivability, and the companies owned by blacks have the greatest influence. According to data from the U.S. Department of Commerce's Minority Business Development agency, on average, black companies have paid 1.4%of interest than companies owned by whites. As interest rates rise, lending costs will increase.

"For a small restaurant, the rise in operating capital interest rates means for a small restaurant, which has to make choices in layoffs and shortening business hours, which in turn has exacerbated racial differences in unemployment." According to the Associated Press report The unemployment rate of blacks in various education levels is higher than whites.

(Compiled: Ma Rui)

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