United States: The White House said U.S. President Joe Biden will share details on using the American Rescue Plan to eliminate the racial wealth gap, probably the most intricate economic inequality in the United States, in a speech to Reverend Al Sharpton’s civil rights conference in New York on Friday.

Focus on Black Community Support

Biden, who needs to garner more support from the Black community as he faces a re-election battle against former President Trump in November, will contrast the Democrats’ push for executive orders on racial equity, Medicare, the Affordable Care Act, and Social Security with the Republicans’ move to strike down the middle-class programs supported by those measures, as reported by Reuters.

According to new data from the Federal Housing Finance Authority, the difference in home appraisals in majority-white versus majority-non-white communities was cut by more than one-half (40%) following the organization’s efforts to purge the appraisal bias.

Home appraisals are just one component in a long that has lasted for two centuries, drawing creators of federal or local laws on employment practices to the construction of highways.

In fact, some data claims it is only getting worse, as hard as the president tries to do something about it.

Persistent Wealth Disparity

In the U.S., inflation-adjusted wealth of white households grew faster than that of Black and Hispanic households since March 2019 through the third quarter of last year. Surprisingly, Black households are now worse off than before the pandemic, according to the New York Fed report dated February 2021.

Although Biden got only 8% of the votes in the 2020 election, he still has fewer supporters on his side now than before because the Pew Research Center poll done in January shows that about 49% of black adults disapproved of Biden’s performance.

The White House pointed out that around USD 76.2 billion of federal contracting money, or 12.1%, was awarded to SDBs last year, approaching the goal of placing 15% of such deals with these businesses by 2025, as reported by Reuters.

Path to Mitigating Disparity

According to White House eggheads, if racial disparity in business ownership rates is mitigated, Black households and Latino households will be 22% and 17% closer in their wealth gaps to white households, respectively.