President Joe Biden Commits To Closing Racial Wealth Gap During Fundraiser With Black CEOs
President Joe Biden is hoping to be re-elected; and this time, he’s promising to eliminate racial inequality.
During a fundraiser in New York on Sept. 18, the 46th President of the United States said he is committed to closing the racial wealth gap, Bloomberg reported. At the event, hosted by several esteemed Black business leaders, Biden pointed out the fact that Black Americans are a key component of the country’s economic success. “Black Americans play a critical role in the economy, and disparities exist in every dimension in Black economic life, including representation, participation, and pay,” Biden said during the event at New York’s St. Regis hotel.
“I’m committed to addressing these disparities.”
Some of the hosts listed at the event included General Catalyst Partners LLC Chairman and former American Express Co. CEO Kenneth Chenault, former Darden Restaurants Inc. CEO Clarence Otis, former Merck & Co. Inc. CEO Kenneth Frazier, and co-founder of Yumanity Therapeutics Inc., Tony Coles. House Democratic leader Hakeem Jeffries (D-NY) and Maryland’s first Black Governor, Wes Moore, also attended as special guests, with Jeffries joining by pre-recorded video.
During his speech, Biden cited key points regarding the state of Black business, including low unemployment numbers, the growth of small Black businesses, and high labor force participation. He quoted that Black businesses are thriving at the fastest rate ever in 25 years. The President applauded his administration for awarding $70 billion in federal contracts to disadvantaged businesses.
The event kicked off Biden’s long bout of fundraising efforts, being present as a headliner for four other events in the Big Apple, including one on Broadway. During another event at the famous Lunt-Fontanne Theatre, Biden took the time to address the packed crowd, telling them one of his opponents, Donald Trump, is “determined to destroy the nation.” “Let there be no question, Donald Trump and his MAGA Republicans are determined to destroy American democracy,” Biden said, according to Associated Press. “And I will always defend, protect, and fight for our democracy.”
Biden may be counting on the Black vote to keep the White House address. His administration recently spent $25 million on ad campaigns, highlighting the rise of Black business owners and the decrease in Black child poverty, narrated by a Black woman. “On his first day in office with a country in crisis, President Biden got to work. For us,” the narrator says. “Cutting Black child poverty in half. More money for Black entrepreneurs. Millions of new, good-paying jobs. He’s lowered the cost of living and prescription drugs, but there’s more to do.”