Steven Malanga addresses the point that Bill Cosby and Juan Williams both understand and speak to, and which Barack Obama does not. And Obama lovers deem him progressive!

Barack Obama’s much-discussed speech in Philadelphia earlier this week was not only about race. It was also about economics and, specifically, about poverty. Measures of group wealth, or the lack of it, are often used to support claims that our society is racist. Obama’s speech revealed that though he may be, to many people, a refreshingly new kind of post-racial politician and a healer, when it comes to notions of poverty and economic advancement, his ideas are right out of the 1960s and 1970s.

At one point in his speech, for instance, Obama suggested that some black poverty today can be attributed to the “legalized discrimination” that existed in America prior to the civil rights laws of the 1960s, which, in his telling, prevented black families from accumulating “wealth to bequeath to future generations.” Obama seemed to suggest that families in America escape poverty by patiently accumulating wealth and passing it on to future generations—when in fact millions of Americans of all races leap out of poverty within a single lifetime through their own initiative, not their inheritances. We are long past the time when the legacy of Jim Crow laws and other forms of official discrimination can explain black poverty rates.

Reading Obama’s speech prompted me to look at his larger economic policy proposals, especially those aimed at combating poverty. Clearly, he believes that our economy is failing many Americans, and to help the impoverished, he proposes everything from tax credits for the working poor to a higher minimum wage. In fairness, on these issues, he’s not much different than his Democratic opponent, Hillary Clinton.

Yet both candidates are largely missing the point. While they insist that strengthening labor unions or protecting homeowners from foreclosures will alleviate the hardships of the poor, the latest data from the U.S. Bureau of the Census remind us that the breakdown of the traditional two-parent, married family is a far greater contributor to poverty in America than many of the supposed shortcomings of our economy. It’s hard to imagine that America will make much more headway on reducing persistent poverty until it halts this long-term trend.

The Census Bureau’s study on the living arrangements of American children appeared in mid-February. The data show that the number of children now living in two-parent families has dipped just below the 70 percent mark for the first time since the Census began collecting data on family formation nearly 130 years ago. After peaking in the 1950s—when about 87 percent of all children lived with two parents—the traditional family went through a rapid decline beginning in the 1970s and has continued to shrink over the last three decades, though the rate of decline has slowed somewhat. As part of this sweeping change, the percentage of children living with married parents has fallen more rapidly, down more than two full percentage points, to 66.6 percent of all kids, in the last 10 years alone. Consistent with these decreases has been a sharp rise in the number of children living with single parents and with unmarried parents.