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What do you do for an entire race of people whose government has purposefully locked them out of the economy? How do you undo the effects of centuries of racism? Joe Biden, who has been a permanent fixture in Washington, wants to do something about it. Biden, who has been in Washington DC for nearly five decades, suddenly had an epiphany. His campaign released a plan to close the wealth gap between white and black Americans, but the plan does not go far enough to address the enormous wealth disparity between blacks and whites. Black Americans have been locked out of the economy at all levels, from homeownership to proper education, to lower pay, to lack of access to small business loans, and finally to Healthcare.
According to a recent survey, the “homeownership gap between Blacks and whites is greater now than it was when the Fair Housing Act was signed into law in 1968. According to the Census Bureau, seventy-six percent of white households owned their homes at the end of the second quarter of 2020, compared to just 47 percent of Black households. That 29-percentage-point gap, perpetuated by decades of housing and economic policies favorable toward white buyers and designed to exclude Black buyers, has only been exacerbated by the pandemic and before the 2008 financial crisis. Homeownership is the prime driver of America’s ongoing wealth gap.”
Biden’s racial economic disparity plan does not provide any specific as to how he plans to close a 30% gap in homeownership. The plan simply calls for a 15,000 dollars tax credit to qualified homebuyers in certain communities of color. But it does not take into account the systemic racism that allows banks to deny loans to qualified black Americans or charge exorbitant interest rates to qualified black applicants. In addition, for decades, the federal government has pursued economic policies designed to favors white homebuyers.
We have a plan for Joe Biden that could seriously address the economic disparity. First, no black person in this country shall pay taxes State or Federal for the next 90 years; second, the US government shall pay the down-payment for all qualified black homebuyers and the first three years mortgage payments for the next seventy-five years. To me, that kind of plan is what the black community needs. It took that long to create the wealth disparity; it will take at least 100 years of direct investment to close the gap. Anything different is merely politicians looking for votes blowing hot air into our asses.
