State Of The Union: Biden Must Do More To Combat Wealth Divide

 President Biden delivered his first State of the Union address
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Photos: Twitter

(Washington, D.C.) – President Biden delivered his first State of the Union address Tuesday night after the speech was delayed following January’s omicron variant surge.

In the lead-up to his address, Prosperity Now encouraged the president to address the state of economic parity and discuss his plans to close the racial wealth divide:

“President Biden has shown leadership on closing the racial wealth divide in America, but his administration knows its work is far from complete. We expect the president to use his bully pulpit during the rest of this year to push Congress and remind the country that extending economic opportunity, prosperity and stability to historically excluded communities will sustain and strengthen our democracy far into the future.

“The administration and the Congress should be focused on helping to alleviate avoidable hardships from the lives of Americans. And if we are serious about reducing child poverty and racial economic disparities, we must renew the push for a permanent expanded Child Tax Credit, especially because of its positive economic impact among Black, Indigenous and Latinx communities, and among other families with limited incomes. It is critical to promote healing and show empathy for Americans who have survived Covid-19, inflation and racial upheaval.

“While the administration continues to do everything in its power to stabilize families who are at risk of losing their homes because of the economic impact of the pandemic, there is still work to be done. Housing costs are increasing for everyone, yet these burdens are particularly acute for households of color. Though homeownership is a key element toward closing the racial wealth divide, the racial homeownership gap is at its highest in over a century. Housing has an outsized impact on BIPOC financial security and wealth-building opportunities and is too fundamental an issue to ignore. Given the economic vision laid out by the president tonight, these investments in families are necessary to build an economy that works for all.”

Since 1979, Prosperity Now (formerly CFED) has been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance racial and ethnic economic justice by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact the entire ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Join Prosperity Now in creating a new, transformed economy that works for all of us. Gary Cunningham is the President and CEO. Visit us at www.prosperitynow.org.

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