Essence Fest 2023 Has a Surprise Political Guest This Year

Essence Fest is getting an unexpected guest this year! For the first time ever, a U.S. Treasury Secretary is heading to the annual New Orleans celebration of all things Black. Secretary Janet Yellen will discuss the systemic economic issues facing Black Americans and the administration’s efforts to help level that playing field. And what do you know, The Root got an exclusive look at what the Treasury Secretary plans to say!

First things first, let’s put this all in a little context. Over the last week, the administration has been touting what they and others have dubbed “Bidenomics,” i.e., the economic policy ethos of the administration. In a speech on Wednesday, President Joe Biden pitched his vision of Bidenomics, which includes pushing for policies that favor the middle-class and economically disadvantaged instead of the wealthy elite.

So far, it’s been hard to sell Biden as strong on the economy. Only 34 percent of Americans approve of Biden’s economic leadership, according to the latest Associated Press-NORC Center for Public Affairs Research poll. Proving his economic strength is key to his path to victory. And Biden will need Black voters, a crucial base for him, to buy into his economic vision as well if he plans on winning. And what better place to do that than Essence Fest?

In her speech, Yellen will center on the economic progress made by Black Americans during the Biden-Harris administration. For example, Yellen plans to tout the fact that Black unemployment rates have fallen to historic lows and that the number of Black businesses jumped 9 percent from the start of 2021 to 2022. The administration will also center its work on investing in Black-owned businesses and banks, which they predict will lead to an increase in lending to Black communities by nearly $80 billion over the next decade.

The speech won’t just celebrate the Biden administration’s wins. It will also acknowledge the massive barriers facing Black Americans in the economy, such as housing segregation, lack of resources, and access to wealth.

It’s clear that the administration is working hard to make a direct appeal to Black voters, who they’ll need in the Presidential election cycle if Biden has any chance at victory!