Communities of color in this country have suffered the double whammy of being hit hardest by the coronavirus as a disease and by the economic impact of the pandemic, a reflection of the long-existing disparities in health and economic conditions in this country. The previous administration did nothing to address that crisis; if anything, it worked to deepen it. So it's particularly important to see that the Biden administration doesn't just recognize the issue—it's committed to solving it. To that end, Vice President Kamala Harris and Treasury Secretary Janet Yellen are meeting with the Black Chambers of Commerce in a Friday roundtable conversation.
The initial rounds of aid to businesses, particularly with the Paycheck Protection Program, highlighted the disadvantages faced by businesses owned by women and people of color. (Disclosure: Kos Media received a Paycheck Protection Program loan.) PPP was structured to give out loans that were larger than many of these business need, or can afford to pay back if they can't meet the terms of the loans. Just getting the loans was a problem for these business owners, who often don't have established relationships with bankers to help them compete for loans. Some of those issues were addressed in the program, but it hasn't done nearly enough for the business owners or their employees.
The Biden campaign and now-administration have focused on the racial inequities in the crisis. That has included working with people like Wes Moore of the Black Economic Alliance, who has been advising the administration. “We have been having great conversations with the folks in the White House. And I think there is a clear understanding of why we are pushing on this measure. It's about the fact that every single day it’s not that we are just losing our children. It's a fact that we're paying for it," Moore told TheGrio. "And what I mean by that is that child poverty costs the U.S. economy between $800 billion and $1.1 trillion a year in terms of criminal justice costs, increase health expenditures, reduce adult productivity. So it's not like we’re just having this conversation in a vacuum," he continued. "There's a cost every single day if we do not do something about child poverty."
Biden's plan could cut child poverty in half just this year, researchers have found, with food assistance, unemployment benefits, family tax credits, and the survival checks. It could help 5 million children and their families rise above the poverty line, and many of the families in communities of color.
Addressing the racial disparities in the medical and economic response to coronavirus has been key to the administration, as spelled out in a fact sheet released with the plan. "President Biden is committed to addressing the disparities evident in the pandemic at every step, from ensuring equitable distribution of vaccines and supplies to expanding health care services for underserved communities," the White House asserted in its statement. "His proposal includes funding to provide health services for underserved populations, including expanding Community Health Centers and investing in health services on tribal lands. These funds will support the expansion of COVID treatment and care, as well as our ability to provide vaccination to underserved populations."
The fact that this meeting includes the vice president and the treasury secretary is a profound statement about the administration’s commitment. The roundtable is available at C-SPAN.