As Vice President Kamala Harris and Gov. Tim Walz lay out their economic plan for America, Donald Trump’s economic agenda has failed our country at every turn. Under Trump, Black unemployment skyrocketed, and Black small businesses were left to suffer during the pandemic.

From day one, once the Biden-Harris administration took over the economy, American families continue to get wealthier and are in better financial shape today. The federal data shows household net worth rose to a record $160.8 trillion in the first quarter of 2024, from $131.4 trillion at the end of 2020.

Even though household wealth has improved, inflation has left the price of everyday items such as groceries costing more. Rent and home ownership has increased and is least affordable on record, and no one can see prices coming down.

Poverty among Black children in the United States dropped nearly half from 2020 to 2021, following the expansion of the child tax credit. The Biden-Harris administration provided relief and support to help families stay in their homes during the pandemic with the emergency rental assistance.

Over 8 million households were served by emergency rental assistance, and as of June 2022, Black Americans were the largest group that received this help. The administration implemented a series of measures that protected homeowners from foreclosure, increased options for mortgage payment forbearance, and enhanced loan modifications to resolve delinquencies.

All of these federal programs helped Americans stay in their homes during the pandemic. It is so easy to forget businesses and homeowners that were able to stay in their property/business with emergency financial relief and support. Under the direction of Biden and Harris, the Federal Housing Administration in fiscal year 2023 expanded its role in making homeownership more affordable, more accessible, and fairer for all. Many Blacks and Hispanics are not aware that this program exists, and it is important to get the word out.

Many Americans are asking how Vice President Harris implements the opportunity economy, but it already exists on a small scale with Biden’s administration. Biden has implemented a pilot program, which is part of a $6 trillion budget that will pay increased down payments, and give borrowers instant ownership.

With this new program, the Federal Housing Administration remains a leader in supporting wealth-building for Black and Hispanic borrowers. In June 2024, the Biden-Harris administration announced over 18 million new business applications had been submitted since they took office, and Black owned small business creation is at its highest level in 25 years.