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PrintMarch 3, 2009
Obama and his Jewish supporters
The Jewish electorate supported Barack Obama by a wide margin, greater than the population as a whole - giving him 78% of their vote, as opposed to 53% from the general population. Partly this was due to the leading role Jews have played in helping the African-American population, a Democrat-leaning cohort, and concern over the economy given the decline in the stock market and the economy as the campaign came to a close. Jews trusted that Obama would help America recover and, incidentally, support the America-Israel relationship.
How is that support now working out? Obama is wavering in his support for the America-Israel relationship; how are those assurances on the domestic front playing out?
Jews are older on average than the rest of the American population. They also probably have a higher rate of home ownership. Because of a history of employment discrimination, they also have a higher rate of ownership of small businesses. Likewise, they probably have a greater percentage of their assets in the stock market. Education is a strong value among Jews: a college degree is considered a way to develop skills that would insulate Jews from discrimination. They also give a higher percentage of their income to charity -- and not necessarily focused exclusively on Jewish charities. There is a religious obligation in Judaism to give to help others.
Since Obama's win, and the election of a Democratic Congress impervious to calls for bipartisanship, the stock and real estate markets and the economy have plummeted. Which group is probably hurting disproportionally? That is right: the Jews.
Obama has gone on the warpath, trash-talking the stock market and business in general (possibly helping spark antisemitism as he demonizes Wall Street and bankers -- old antisemitic tropes). He actually dismissed concerns about the collapse of the stock market in a remark that received almost no coverage but certainly was unpresidential and, frankly, scary.
The stock market fall has devastated the retirement plans of millions of Americans, and the older cohort (disproportionately Jews) will suffer disproportionally. Savings meant to pay for the college education of children have been eviscerated.
A raft of new regulations will make it more difficult for small businesses to operate. Higher marginal rates will take a toll. The new rules on tax deductibility of mortgage interest will hurt homeowners. The cut on deductions taken for charitable donations will impact the ability of Americans to fund their charitable plans.
These harmful consequences harm all Americans. But, because of the demographics and dynamics of the Jewish community, the impact will fall very harshly on that group. Undoubtedly, many will be happy about this state of affairs.
Will his Jewish supporters feel happy? Are they feeling happy now?
