Biden’s huge problem: A rising racial wealth hole

Biden’s huge problem: A rising racial wealth hole

Biden gained the White Home with monumental assist from African American voters, which he acknowledged in his victory speech: “The African America

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Biden gained the White Home with monumental assist from African American voters, which he acknowledged in his victory speech: “The African American group stood up once more for me. They at all times have my again, and I’ll have yours.”

Now, his supporters say, he should ship.

“Had it not been for Black folks it might have been troublesome for [Biden] to win,” mentioned Ron Busby, president, CEO and founding father of the U.S. Black Chambers. Busby mentioned the pandemic uncovered inequalities which have lengthy existed: Black folks had been extra more likely to get the virus and die from it, extra more likely to be pressured to enter work and fewer more likely to be eligible for federal stimulus packages designed to prop up the economic system.

“We’ve obtained to repair that and maintain this administration accountable so we will present alternatives for our personal,” he mentioned.

Individuals near the Biden transition workforce say focusing on the upper fee of Black-owned enterprise failures — and the racial wealth hole extra broadly — might be a central focus of the brand new administration. Early measures to focus on the issue will seemingly embody language in any new stimulus bundle geared toward ensuring cash from the Paycheck Safety Program, which is targeted on aiding small companies, goes to companies that will not have gotten entry to earlier funds, particularly minority-owned companies.

“The administration…



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