The Depression Has Been Going On a Long Time for People of Color

Nice overview of the "Silent Depression" for people of color.

While the general population has been in recession for one year, people of color have been in recession for five years. By definition, a long-term recession is a depression.

. . .

Extreme economic inequality (which the U.S. experienced in the 1920s and is again experiencing now) is often a key indicator of recession and/or depression. The Black depression of today may well foreshadow the depth and length of the recession the whole country entered in December 2007. A deep recession would see median family income decline by 4%. Thirty-three per cent of Blacks and 41% of Latinos would drop out of the middle class. The overall national rate would be 25%.