WHEN African-Americans go to the polls next week, they are likely to support Barack Obama at a level approaching the 95 percent share of the black vote he received in 2008. As well they should, given the symbolic exceptionalism of his presidency and the modern Republican Party’s utter disregard for economic justice, civil rights and the social safety net.

But for those who had seen in President Obama’s election the culmination of four centuries of black hopes and aspirations and the realization of the Rev. Dr. Martin Luther King Jr.’s vision of a “beloved community,” the last four years must be reckoned a disappointment. Whether it ends in 2013 or 2017, the Obama presidency has already marked the decline, rather than the pinnacle, of a political vision centered on challenging racial inequality. The tragedy is that black elites — from intellectuals and civil rights leaders to politicians and clergy members — have acquiesced to this decline, seeing it as the necessary price for the pride and satisfaction of having a black family in the White House.

These are not easy words to write. Mr. Obama’s expansion of health insurance coverage was the most significant social legislation since the Great Society, his stimulus package blunted much of the devastation of the Great Recession, and the Dodd-Frank financial overhaul added major new protections for consumers. His politics would seem to vindicate the position of civil rights-era leaders like Bayard Rustin, who argued that blacks should form coalitions with other Democratic constituencies in support of universal, race-neutral policies — in opposition to activists like Malcolm X, who distrusted party politics and believed that blacks would be better positioned to advance their interests as an independent voting bloc, beholden to neither party.

But the triumph of “post-racial” Democratic politics has not been a triumph for African-Americans in the aggregate. It has failed to arrest the growing chasm of income and wealth inequality; to improve prospects for social and economic mobility; to halt the re-segregation of public schools and narrow the black-white achievement gap; and to prevent the Supreme Court from eroding the last vestiges of affirmative action. The once unimaginable successes of black diplomats like Colin L. Powell, Condoleezza Rice and Susan E. Rice and of black chief executives like Ursula M. Burns, Kenneth I. Chenault and Roger W. Ferguson Jr. cannot distract us from facts like these: 28 percent of African-Americans, and 37 percent of black children, are poor (compared with 10 percent of whites and 13 percent of white children); 13 percent of blacks are unemployed (compared with 7 percent of whites); more than 900,000 black men are in prison; blacks experienced a sharper drop in income since 2007 than any other racial group; black household wealth, which had been disproportionately concentrated in housing, has hit its lowest level in decades; blacks accounted, in 2009, for 44 percent of new H.I.V. infections.