Biden rolls out plan to combat racial inequity in economy

Former Vice President Joe Biden’s presidential campaign rolled out his plan to combat racial inequity in the nation’s economy on Tuesday as a part of his wide-ranging “Build Back Better” economic plan. 

The latest economic proposal focuses on improving racial equity for communities of color who have dealt with longstanding economic inequality and fallout over the coronavirus pandemic. 

The proposal includes a small business opportunity plan, meant to empower minority-owned small businesses through a “restart package” that would help these businesses come out of the pandemic stronger than they were before. 

The proposal also makes a commitment to equalizing federal procurement in an effort to combat inequities in the federal contracting system. Biden’s plan also calls for the construction of 1.5 million homes and public housing units, as well as a modernization of the criminal justice system. The plan involves the adoption of the practice of automated record-sealing for categories of nonviolent offenses. 

Additionally, the Biden campaign says the plan will advance the Federal Reserve’s focus on racial gaps in the economy. 

“Nearly 18 million people are out of work. Black unemployment is at percent, Latino employment is at 14.5 percent. Over 4 percent of Black-owned businesses — 440,000 in total reportedly had to shut down,” Biden will say in Delaware on Tuesday, according to excerpts of his remarks detailing the plan.

“And, everything is worsened by the crisis of presidential leadership,” he is expected to add. “A change of ‘tone’ over a few days does not change the facts of the last four years.”

The plan is a part of Biden’s broader $700 billion spending plan aimed at revitalizing the U.S. manufacturing sector through new federal government procurement programs and investments in domestic research and development.

The first part of the spending plan includes a $400 billion investment in federal purchases of American products, that will be used to rebuild U.S. infrastructure. Additionally, the plan also includes a call for a $300 billion investment in research and development for emerging technologies. 

The campaign unveiled another part of the broader plan to stimulate the caregiving economy with tax credits for people who care for seniors, disabled people and children. 

The economy has long been an area of strength for President Trump. However, some recent surveys now show Biden with an edge over Trump on the issue. 

Trump has, in turn, stepped up his attacks on Biden regarding his plan for the U.S. economy. 

“Our entire economy, and our very way of life, are threatened by Biden’s plans to transform our nation and subjugate our communities through the blunt force instrument of federal regulation at a level that you haven’t even seen yet,” Trump said earlier this month at the White House.

–This report was updated at 1:25 p.m.

Tags access to resources Biden economic plan black small businesses Build Back Better Donald Trump election 2020 Housing Joe Biden racial inequality small business loans

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