By Roger Caldwell
As Vice President Harris and Governor Walz lay out their economic plan to America, Donald Trump’s economic agenda has failed our country at every turn. Under Trump, Black unemployment skyrocketed, and Black small businesses were left to suffer during the pandemic.
From Day One, once the Biden-Harris administration took over the economy, American families continue to get wealthier and are in better financial shape today. The federal data shows household net worth rose to a record $160.8 trillion in the first quarter of 2024, from $131.4 trillion at the end of 2020.
Even though household wealth has improved, inflation has left the price of everyday items such as groceries costing more. Rent and home ownership has increased and is least affordable on record, and no one can see prices coming down.
Poverty among Black children in the United States dropped nearly half from 2020 to 2021, following the expansion of the child tax credit. The Biden-Harris administration provided relief and support to help families stay in their homes during the pandemic with the emergency rental assistance.
Over 8 million households were served by emergency rental assistance, and as of June 2022, Black Americans were the largest group that received this help. The administration implemented a series of measures that protected homeowners from foreclosure, increased options for mortgage payment forbearance, and enhanced loan modifications to resolve delinquencies.
All of these federal programs helped Americans stay in their homes during the pandemic. It is so easy to forget businesses and homeowners that were able to stay in their property/business with emergency financial relief and support.
Under the direction of Biden and Harris, the Federal Housing Administration in fiscal year 2023 expanded its role in making homeownership more affordable, more accessible, and fairer for all. Many Black and Hispanics are not aware that this program exists, and it is important to get the word out.
Many Americans are asking the question how Vice President Harris implements the opportunity economy, but it already exists on a small scale with Biden’s administration. Biden has implemented a pilot program, which is part of a $6 trillion budget that will pay increased down payments, and give borrowers instant ownership.
With this new program, the Federal Housing Administration remains a leader in supporting wealth-building for Black and Hispanic borrowers. In June 2024, the Biden-Harris administration announced over 18 million new business applications had been submitted since they took office, and Black owned small business creation is at its highest level in 25 years.
“Today my Administration announced over 18 million new business applications since I took office, each one an act of hope and confidence. We’ve had the three strongest years for new businesses on record and small business boom that has powered our economic comeback continues,” says President Biden.
Since the pandemic, Black business ownership has more than doubled, Hispanic business ownership is up 40 percent, and women own a record share of businesses. As Vice President Harris rolls out her opportunity economy, she will work to close the racial wealth gap. By fighting for working and middle class, it will directly benefit Black families.
In a recent Financial Times survey, Harris was viewed more favorably on the economy than Trump, the first time in nearly a year. Her opportunity economy is starting to deliver more converts, and for many Americans financial wealth starts with homeownership.
Harris proposes to help in homeownership by providing as much as $25,000 to those buying for the first time and helping small businesses with up to $50,000 to get started. Giving all Americans an opportunity economy, will benefit and power Black generational wealth.
