Politics

Biden To Direct $100 Billion To ‘Disadvantaged’ Businesses To Help Close ‘Racial Wealth Gap’

President Biden on Tuesday will announce new actions meant to help close the ‘racial wealth gap,’ including directing $100 billion in federal contracts to “disadvantaged businesses.”

The announcement is being made to coincide with the 100th anniversary of the Tulsa Race Massacre, described by the Oklahoma Historical Society as “the single worst incident of racial violence in American history.”

The President will announce multiple initiatives that, as Axios reports, will “target homeownership and small business ownership” which the administration describes as “two key wealth-creators” for minority communities.

“Today … the Biden-Harris Administration is announcing new steps to help narrow the racial wealth gap and reinvest in communities that have been left behind by failed policies,” a statement from the White House reads.

RELATED: Biden Declares Economic Relief For Businesses Will Be Based Partly On Gender And Race

Funding Businesses Based On Race

President Biden’s announcement will include wide-ranging efforts to help close the ‘racial wealth gap.’

One such initiative will include “using the federal government’s purchasing power to grow federal contracting with small disadvantaged businesses by 50 percent,” according to the White House website.

This would “translate to an additional $100 billion over five years” being allocated to “helping more Americans realize their entrepreneurial dreams.”

Other initiatives will include:

  • A pair of rules designed to “end discrimination in housing” and “rethink established practices that contribute to or perpetuate inequities.”
  • A $10 billion community revitalization fund meant to target communities “that suffer from the effects of persistent poverty, historic economic disinvestment, and ongoing displacement of longtime residents.”
  • $31 billion in small business programs that “will increase access to capital for small businesses and provide mentoring, networking, and other forms of technical assistance to socially and economically disadvantaged businesses.”

“Because disparities in wealth compound like an interest rate, the disinvestment in Black families in Tulsa and across the country throughout our history is still felt sharply today,” the White House states.

It is unclear how the administration will identify so-called “disadvantaged businesses” to help close the ‘racial wealth gap.’

RELATED: White Reporter Files Civil Rights Lawsuit Against Chicago Mayor Lightfoot For Only Doing Interviews With ‘Black or Brown Reporters’

Biden Is Following Through

Just days before being sworn in as President, Joe Biden announced that economic relief provided by the federal government for struggling businesses would be based partly on the gender and race of the owners.

“Our focus will be on small businesses on Main Street that aren’t wealthy and well-connected, that are facing real economic hardships through no fault of their own,” Biden announced at the time.

He added, “Our priority will be Black, Latino, Asian, and Native American-owned small businesses, women-owned businesses, and finally having equal access to resources needed to reopen and rebuild.”

In other words, closing the ‘racial wealth gap’ means directing money to businesses based on the color of their owners.

It also means keeping money away from businesses with owners who don’t have the same skin color.

Racial discrimination is back in style in the Biden White House.

 

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Rusty Weiss

Rusty Weiss is a freelance writer focusing on the conservative movement and its political agenda. He has been following and analyzing the political climate for several years, and his writings have appeared in the Daily Caller, FoxNews.com and more.

View Comments

  • This is pure Racism. I've never heard a president and so many politicians say "we will only help people of color and not whites" using taxpayers money is as unfair as you can get. There are whites that need help too. Believe it or not. I've lost all faith in the government.

  • Investing in private business is a good thing, the problem is the same old use of racism black or white. Is this why they delayed help and opposed help to businesses that closed because of COVID and not will only fund black businesses. That is the very definition of racism and its no coincidence the white supremacists of the DNC that fought for slavery are doing it this way. "No racist act an opportunity that should not be explored", should be the DNC's motto.

  • Biden is a white Al Sharpton.
    Sewing racial division wherever he goes to advance his cause.
    He's a typical self-serving career politician.

  • I'm always surprised by how racist government officials are. Why can't we all follow Dr. Martin Luther King's hope, to be judged by the content of our character and not the color of our skin?

  • This administration is a joke! They can not provide for one group over another based on skin color or race. They will loose in court on this one too.

  • What did people expect when he walked into office and signed more executive orders than the previous 3 presidents - he is a complete communists and Hollyweird is right behind him - do not watch any movies anymore that give any of those lunatics 1 penny and the gas prices - its only going to get worse - everybodys hand is in the pie - thats all this is - lets see who gets the richest off the people - at least Trump donated his salary to charity - I bet Kammie and China Joe keep every dime - what a shame these people are to America

  • This administration is in the process of buying votes for future elections. It is a disgusting transparent plot. All business owners who pay taxes are entitled to this help this regime is sending out. All people regardless of race who were burned out during the violent hate of all Americans who are not blm affiliated are entitled to this money. Biden you are a pitiful excuse for a president. You said you would represent the American people. You are a liar. You only go after special interest to keep you gang in place. You are spineless.

  • As a functional paraplegic I now rely on care givers to do the things I cannot do myself. Actually I want to do everything on my own but do know in some areas that just isn't possible and I am fine with their help. But the problem is that many times, thinking they are helping me, they are actually frustrating me. In short, the philosophy here is don't help me when I have not asked for help. So Mr. President, or should I say IDIOT? Don't help me. You think you're helping me but you are actually making things worse. Your help always comes with a munumental hidden cost. These are costs that I and no one else really need. So, please, blather to Jill all you want and have her tell you what a good job you are doing. After all, you're her money tree so naturally she's going to tell you just what you want to hear. Honestly, America would be a much better place if you were not even in the picture. Unfortunately it's too late to fix that problem on the short haul. However if you just sat back and said nothing, something you do with your gaffs, nonsensical jokes, not to forget your womanizing, sexual predator pediofiliac tendancies in public, we all would be much better off. You've already done something no other president has accomplished. Today you hold the honor of being the worst president the US has ever had. So just do the rest of our nation a big favor and put a sock in it. In case you don't understand the meaning of that, just shut your damn mouth and never speak again. STFU

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