While Trump Says the Economy is Booming, the Reality Points to a Black Recession
From spiking inflation to skyrocketing insurance premiums, there is no doubt that our nation is in the grips of an affordability crisis. The layoffs are coming fast and furious, and even folks bringing home six-figure salaries are being forced to take out loans to pay for their groceries. It’s bad out there, no doubt about it.
But let’s be honest. While the talking points and talking heads are all pointing out the recession fears and indicators, for Black America, it’s not about a future recession prediction. As National Urban League President Marc H. Morial said just the other day, “For Black America, the recession has already arrived.”
You want to talk about 4.2% unemployment? The Black unemployment rate was 6.6% in June, while President Trump says he’s “Doing very well with the Black jobs.”
The truth is that Trump’s war on DEI cost 300,000 Black women their jobs in one three-month span last year, and more than half a million Black men lost their jobs between November and February. 600,000 Black women are out of work right now, so “very well” is more than a little optimistic.
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Of course, it’s all heightened by the fact that 59% of Black Americans don’t have the savings to get them through a layoff (compared to 40% of white Americans), and with rising prices at the gas pump, grocery store and more, that’s probably a whole lot worse.
And that’s just to start because when America smells smoke, Black America is on fire. When America has a cold, Black America has pneumonia. When America sees rain, Black America is running from a flood. We’ve been the canary in the coal mine so long, we can’t sing through the black lung.
Thanks to Trump’s refusal to extend the ACA healthcare subsidies, insurance premiums shot through the roof, and now nearly 57% of Black Americans can’t afford healthcare. The Big Ugly Bill cut over $500 billion from hospitals and other essential care facilities, along with the biggest cuts to Medicaid and SNAP in American history. Guess who that hurts most?
Since Trump attacked Iran just two months ago, Americans have paid a combined $40 billion in increased gas costs. That hurts for everyone, but when the Black community was already so underserved, underpaid and downright ignored, it hurts even more.
Foreclosures just spiked to 18%. Black homeownership rate fell to 43.9% in the first half of 2025. Americans are facing $1.25 trillion in credit card debt, and 40% of cardholders can’t pay off their debt each month. People are using their credit cards to pay for the basic necessities they can no longer afford. But Kevin Hassett, the Director of the National Economic Council and Trump’s buddy, isn’t worried at all because the credit card companies are having a great year.
Grocery prices soared higher in April than they have in four years, and a pound of ground beef is more expensive than the minimum wage.
Oh, and while we’re at it, the Trump White House is working to make sure the biggest institutions supporting Black businesses, the Community Development Financial Institution (CDFI) Fund and the Minority Business Development Agency (MBDA), are things of the past.
So, let’s be honest. Recent headlines have white folks smelling the smoke of the economic crisis. But Black America has been on fire for more than a year.
So let’s do something about it.
