Biden to Urge Federal Reserve to Take on Racial Wealth Gap

Arnie said:
I saw this coming...



By Jacob M. Schlesinger and Sabrina Siddiqui
Joe Biden plans to unveil a new set of policies on Tuesday designed to narrow racial economic inequality, calling for greater funding for low-income housing, capital for minority small businesses and more infrastructure spending steered to Black communities.

Expanding on a series of earlier campaign proposals aimed at reducing income and wealth gaps between Black and white Americans, the presumptive Democratic presidential nominee also plans to use a speech in Wilmington, Del., Tuesday afternoon to ramp up pressure on the Federal Reserve to take on a greater responsibility for the gaps, campaign advisers said.

They said the former vice president will propose legislation that would broaden the central bank's current mandate of containing inflation and maintaining full employment -- and require the Fed to use "monetary and regulatory policies" to close "racial economic gaps."

Mr. Biden's new demands that the Fed do more to address racial inequality comes as politicians across the political spectrum have leaned on the central bank to address economic problems beyond its traditional mission, such as bailing out small businesses during the pandemic.

"The Fed plays an important role," a senior campaign adviser told reporters Tuesday morning, previewing the speech. "It seems like an obscure piece of the puzzle, but it's really important."

Biden aides said he wasn't proposing any new spending Tuesday and was instead specifying how money in earlier proposals should be directed to minority communities and households.

Tuesday's speech is the fourth in a series of policy rollouts that Mr. Biden has given over the past month to round out his economic agenda before the Democratic National Convention next month.

His first plan focused on boosting American manufacturing with proposals designed to compete with Mr. Trump's "America First" trade platform, which helped the president win many union voters in 2016. Mr. Biden's other economic pillars centered on combating climate change and easing the burden on families struggling to care for their children and elderly relatives under the financial strain of the coronavirus pandemic.

In rolling out the economic equality piece last, the campaign was trying to demonstrate that "the main thrust of this plan is to put racial equity at the core of our economic agenda in 2021," a senior Biden campaign official told reporters on a conference call ahead of the speech.
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While we're currently chasing mythical apparitions perhaps we could do something actually worth trying for and assemble a search team for Ponce De Leone's Fountain of Youth in Bimini no? That's far more real than the racial wealth gap.

 
The racial wealth gap is created by those who dont have what it takes to succeed.
I actually saw an interesting study regarding college degree’s by blacks. Many blacks simply choose majors that just dont pay well. That is not due to anything racial, its personal decision making and poor choices.
 
Ideally, economic prosperity would not correlate with race. One can argue how best to achieve this ideal state. On the other hand, one who argues that racial correlation with prosperity is inevitable, or worse yet, that it is desirable; can not possibly be part of the solution to an obvious problem in our society.

Nice to see Biden addressing this. Whether his plan is good will be worth debating. My own thinking is that what Biden proposes will help, but will prove relatively inefficient.

In the long run, a more effective measure toward achieving the same goal, I would think, would be a return to the public school philosophy extant prior to our failed experiment with Lyndon Johnson's Great Society.* To see improvement, however, we would have to go beyond returning to what worked in the past, because now our public schools have a different mix of children. As a start, we would for example have to halve K through fourth grade class size.
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*There can be no question that society derives great value from our public schools being integrated. However integration brought with it a "one size fits all" approach to education, elimination of tracking, shifting of responsibility from student to teachers and school, and a growing inadequacy of alternative educational opportunity. These unfortunate consequences have moved education in a direction that's bad for society.
 
Corky5 said:
The racial wealth gap is created by those who dont have what it takes to succeed.
I actually saw an interesting study regarding college degree’s by blacks. Many blacks simply choose majors that just dont pay well. That is not due to anything racial, its personal decision making and poor choices.
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May I just take a moment to say that this should have been our first black President. He is worth more than Obama and the previous 5+ before him.

 
Corky5 said:
The racial wealth gap is created by those who dont have what it takes to succeed.
I actually saw an interesting study regarding college degree’s by blacks. Many blacks simply choose majors that just dont pay well. That is not due to anything racial, its personal decision making and poor choices.
More...

What a dumb ass comment. Welcome to my ignore list.
 
Corky5 said:
The racial wealth gap is created by those who dont have what it takes to succeed.
I actually saw an interesting study regarding college degree’s by blacks. Many blacks simply choose majors that just dont pay well. That is not due to anything racial, its personal decision making and poor choices.
More...

Being born into inner city violence and all it brings with it is not a choice. Being born with a silver spoon and hand fed everything in life is not a choice.
 
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