Biden Releases Economic Plan That Would Seek To Fix Racial Inequity

( Joe Biden has a plan for fixing economic inequality.

On Tuesday, he rolled out his “Build Back Better” economic plan, and combatting racial inequity is one of the major points of it. Part of it includes a “restart package” that would help minority-owned small businesses emerge from the coronavirus pandemic stronger.

Biden’s proposal would also work to equalize federal procurement so minorities would have a better chance of winning federal contracts. The plan would build 1.5 million public housing units and homes.

It would also modernize the criminal justice system. Part of doing so would be automating the record-sealing process for a wide range of non-violent offenses.

Biden, the presumptive Democratic nominee for president, also would continue to have the Federal Reserve focus on current racial gaps that exist in the economy. As the proposal reads:

“[Biden] believes in an economy where every American enjoys a fair return for their work and an equal chance to get ahead. An economy more vibrant and more powerful precisely because everybody will be included in the deal. An economy where Black, Latino, Asian American and Pacific Islander, and Native American workers and families are finally welcomed as full participants.”

The campaign said Biden would seek to address job gaps, opportunity and racial wealth through a “historic effort to empower small business creation and expansion in economically disadvantaged areas — and particularly for Black, Latino [Asian American and Pacific Islander] and Native American-owned businesses.”

Biden plans to invest roughly $300 billion in research and development as a way to stimulate the economy.  Of that total, $30 billion (or 10%) would go toward creating a new small business opportunity fund. His campaign says that investment could yield roughly $150 billion in low-interest loans and venture capital.

The plan would also provide refundable tax credits of up to $15,000 for first-time homebuyers. It would also eliminate some housing regulations that are thought to perpetuate racial discrimination.

Student debt relief is also included in Biden’s economic plan. In addition, families with incomes of less than $125,000 would be able to send their children to public universities and colleges as well as historically Black schools for free. His campaign estimates this would cover roughly 90% of all Black, Native American and Latino households in the country.

As the plan reads:

“As President, Biden will enact legislation to ensure that every person can go to community college for up to two years without having to pay tuition.”

President Donald Trump’s re-election campaign fired back at Biden, attacking him for past comments he’s made and for his past relationships with senators who were segregationists:

“No one should listen to a lecture on racial justice from Joe Biden.”

Earlier this month while at the White House, Trump himself said:

“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.”