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By Megan Sayles, AFRO Enterprise Author, msayles@afro.com
In 2020, because the COVID-19 pandemic shut down the world, Black unemployment peaked at 16.8 p.c within the U.S. Now, White Home officers have reported that 2023 was the bottom yr for Black joblessness on file. It presently sits at 5.3 p.c.
Officers say the restoration was soar began by President Biden signing the American Rescue Plan into legislation, which offered stimulus checks to People, deployed capital to hard-hit small companies, prolonged unemployment advantages and expanded tax credit.
“Due to the actions of this administration and the grit and dedication of the American folks, we’re experiencing essentially the most equitable restoration in American historical past,” mentioned U.S. Division of Treasury Deputy Secretary Wally Adeyemo. “As we’ve succeeded in driving a historic equitable financial restoration, we’ve additionally been rising our long run financial exercise by the president’s Investing in America agenda.”
Biden’s agenda includes the Bipartisan Infrastructure Legislation, the CHIPS and Science Act and the Inflation Discount Act. Every coverage was created to drive private and non-private funding in manufacturing, repairing roads and bridges, delivering high-speed web and creating clear transportation.
The insurance policies additionally intention to generate good-paying jobs, together with union jobs.
“Beneath President Biden, 2.6 million extra Black People have jobs. The most recent jobs report additionally exhibits the share of Black People within the workforce is above its pre-pandemic stage and close to its highest stage in over a decade,” mentioned Adeyemo. “We’ve additionally seen Black People earnings rise quicker than inflation. Earnings for the everyday Black full-time employee are up 7.1 p.c since earlier than the pandemic.”
Black wealth has additionally elevated by 60 p.c since 2019, the biggest progress on file. Nevertheless, the nation’s stark racial wealth hole nonetheless persists. In accordance with information from the U.S. Census Bureau, median Black wealth was $24,520 in 2021 in comparison with $250,400 for Whites.
“The hole between Black and White wealth in America remains to be too nice. That’s why the president’s been centered on doing issues like ensuring we’re offering entry to small companies, particularly underrepresented small companies, with the instruments they should construct out the economies and communities they stay in,” mentioned Adeyemo. “[This includes] $1.4 billion being offered to Black-owned and Black-operated banks in America that won’t solely make these banks extra secure, however will enable them to be ready the place they will lend to companies of their communities, which historically are typically run by folks of coloration.”
Whereas in workplace, the Biden-Harris Administration has continued to extend federal spending on contracts to small companies. In Fiscal Yr 2022, the administration hit an all-time-high by delivering $163 billion in procurement {dollars} to small companies, $70 billion of which was awarded to small deprived companies.
The U.S. Small Enterprise Administration has additionally eclipsed $1 billion in lending to Black, small companies for the third yr in a row.
“The president and vice chairman got here into workplace on day one, dedicated to revitalizing our financial system from the center out and the underside up, combating earlier techniques which have left communities behind by many years of failed trickle down economics,” mentioned White Home Public Engagement Director Stephen Benjamin. “The unemployment numbers we’ve seen in the present day are actually historic, however it’s additionally vital to notice the financial system is getting basically stronger for African People as a result of this administration is making lengthy overdue investments in Black communities.”
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