In March 2009, in the midst of our current recession, the national unemployment rate was 8.5 percent. Among whites, between December 2007 and March 2009, unemployment rose from 4.4 percent to 7.9 percent--substantially lower than the rates experienced by African American and Latino workers, even during so-called "good times." During the same period, the unemployment rate among African Americans and Latinos shot up from 8.9 percent and 6.2 percent, respectively, to 13.3 percent among African Americans and 11.4 for Latinos. And from 2000 to 2007, median income for Hispanic and African Americans declined--a total lost of $1,256 (2000 dollars) or $1,629 (2007 dollars), respectively. For whites, the median income declined a total of only $12 dollars, over the same period. It is no wonder that the median family of color owns only 15 cents in net assets for every dollar owned by the median white family.

The economic problems facing Americans of color have only been compounded by the wave of foreclosures, a direct result of the unfair, deceptive and reckless lending practices of the mortgage industry. The situation is so dire that within the African American community, United for a Fair Economy, a Boston based policy group, estimates that African Americans could experience the greatest loss of wealth since Reconstruction.

As we rebuild the economy, we have to do it in a way that is consistent with American values. It must be open and fair to all populations, so that no group is limited by the plan's design or effects as we have seen in past policies. Failing to do so will only widen the economic gap and threaten to leave so many further behind as the nation tries to lift itself out of recession.