Biden unveils measures to ‘narrow racial wealth gap’ | Business and Economy News

The steps are aimed at stopping housing discrimination and supporting businesses in minorities during the Tulsa Massacre commemoration.

The government of US President Joe Biden has announced a series of steps aimed at “helping to reduce the racial wealth gap and reinvest in communities left behind by failed policies”.

The White House announced the measures, aimed at suppressing housing discrimination and supporting minority businesses, in the centenary of Tulsa, Oklahoma. breed slaughter of 1921, in which a white mob killed as many as 300 black people in the Greenwood area, known as the “Black Wall Street”.

“The destruction that has taken place in the vicinity of Greenwood and his families has been followed by laws and policies that have made recovery nearly impossible,” the White House said in a statement Tuesday.

The administration added that the subsequent policies closed Black Tulsans out of home ownership and access to credit; that the construction of federal highways in Greenwood cut off the Black population from economic opportunities; and that chronic disinvestment ‘gave Black Wall Street a reasonable chance to rebuild’.

“These are the stories of Greenwood, but they resonate in numerous black communities across the country,” the White House said hours before Biden traveled to Tulsa to commemorate the massacre.

The new measures include the start of a first attempt to tackle intergenesis to address inequality in household taxes, and to exercise a rule to aggressively combat housing discrimination ‘, and the use of the’ purchasing power of the federal government ‘to increase the government’s contracting with’ less privileged enterprises by 50 per cent ‘.

The administration also highlighted a series of awards included in Biden’s American Jobs Plan, a $ 2.7 billion package aimed at rebuilding the U.S. economy and infrastructure after which the government worked to support Congress. to build up.

The grants in question would ‘create jobs and build prosperity in colored communities’, the White House said.

Observers say racial differences in the US, it has remained so for generations, limiting wealth creation opportunities for black and Latino families and reducing their ability to transfer property to their children.

Data from the Consumer Finance Survey show that the average black household had a net worth of $ 24,000 in 2019, or nearly 90 percent less than the median white household.

Homeownership rates are also much lower in color communities, with only 49 percent of Latinos and 45 percent of black Americans owning their own homes, compared to 74 percent of white Americans.

Homeowner rates for black Americans have seen a larger decline since 2001 than for white Americans, which has dropped by 5 percent compared to the 1 percent drop for white Americans.

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