Former Vice President Joe Biden announced on Tuesday a series of policies aimed at overcoming large-scale racial economic differences in the country.
In its plan, the likely presidential candidate for democratic policies insists on increasing funding for low-income housing, increasing capital for small businesses belonging to minorities, and increasing infrastructure spending on Black communities.
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Biden will officially unveil his plan Tuesday afternoon during a performance in his hometown of Wilmington, Del.
“To bridge the racial wealth gap, job gap and job creation for blacks and browns, Biden will make a historic effort to expand small business opportunities and expand in economically disadvantaged areas,”; Biden said in a statement issued by the president. .
The plan is the fourth in a series of “Better Better” policy developments Biden has voiced over the past month to spell out its national economic recovery program, which was slashed earlier this year as the coronavirus pandemic swept the country. Policy developments are taking place on the eve of the Democratic National Convention next month, when Biden will be officially appointed the leader of his party.
“Blacks and Latinos are three times more likely to be infected with the virus – and twice as likely to die from the virus than white people,” Biden said in a speech, according to excerpts published during his campaign.
“Nearly 18 million people are out of work. Black unemployment is 15%, Latin American employment is 14.5%. More than 40% of businesses working in black – 440,000 in total, as reported, had to stop,” – said Biden.
The former vice president’s economic talks are also taking place after two months of national unrest and protests – over police brutality against minorities and a history of national racism – sparked in May by the death of George Floyd, a black man who died in police custody.
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Biden’s aides told reporters that the former vice president’s latest plan does not contain any new spending proposals, but rather clarifies how money from previous plans should go to minority communities, businesses and households. And the campaign added that the latest proposals are the final plan of Biden’s economic plans.
Biden’s first plan was to accelerate American production with US proposals that would compete with President Trump’s “America First” platform, which helped him win the White House four years ago. Other economic underpinnings of Biden’s plans include combating climate change with a transition to a carbon-free energy sector, repairing the country’s infrastructure and helping families trying to care for their children and elderly parents due to coronavirus overstrain.
The proposals, unveiled on Tuesday, will bring in more than $ 50 billion in new equity and venture capital investment for entrepreneurs in economically disadvantaged areas.
“Black and brown entrepreneurs face unique barriers to obtaining the capital they need to start and grow a business. For example, three-quarters of venture capital goes to only four cities – and too little goes to black and brown businesses, ”said Biden.
The campaign also stressed that Biden would seek additional funding for small businesses belonging to minorities by $ 100 billion, improve infrastructure and opportunities in the Black and Brown communities, and called on the Federal Reserve to play a greater role in reducing racial income inequality. .
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Aides said that if elected, Biden would propose a bill that would expand the central bank’s current mandate to curb inflation and maintain full employment, as well as allow the Fed to use its powers to close “racial economic gaps.”
Biden also calls for those convicted of crime to be given a second chance at economic success so that they can fully reintegrate into society, earning a living. The campaign says Biden would do so “by helping states modernize their criminal justice data infrastructure and introduce automated record registration for selected categories of nonviolent crime, modernizing their criminal justice data infrastructure.”