NewsBiden-Harris Administration Touts Black Business Gains, Historically Low Unemployment

Biden-Harris Administration Touts Black Business Gains, Historically Low Unemployment

Deputy Secretary Wally Adeyemo and Senior Advisor Stephen Benjamin discussed the Biden-Harris administration’s efforts to boost Black America.

In a press call Wednesday morning, White House Deputy Secretary Wally Adeyemo and Senior Advisor and former Columbia, S.C. Gov. Stephen Benjamin discussed the Biden-Harris administration’s efforts to boost Black businesses, Black unemployment, education, and more.

When President Joe Biden took office, Black unemployment skyrocketed as the COVID-19 pandemic took a toll on the economy. However, in the four years since, the Black unemployment rate has fallen to 5.3%, the lowest rate since the government began tracking it. 

Adeyemo noted in the press call that provisions made by the Biden-Harris administration in the American Rescue Plan ensured communities of color got the support they needed to get through the pandemic and build a better economic future.

Additionally, the latest jobs report shows the share of Black Americans in the workforce is above pre-pandemic levels and near its highest level in two decades. 

Adeyemo also discussed how the administration is fighting the attacks against Diversity, Equity, and Inclusion, especially in the technology and education fields, to ensure equitable opportunities for everyone.

Adeyemo added that companies with a diverse group of leaders and a diverse workforce yield better financial results.

The two men also cited other areas where Black Americans have made significant gains, including that two-thirds of new clean energy jobs are in communities of color, making sure Black Americans have equal access to home buying by cracking down on appraisal bias, cutting Black child poverty in half and lowering healthcare costs for Black Americans and fighting high prescription drug costs and not only making education more affordable for Black Americans but by canceling $137 billion in student debt and investing more than $7 billion in HBCUs.

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Source: Black Enterprise

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