In a recent statement, President Joe Biden claimed that the racial wealth gap is the smallest it's been in 20 years [fce9c785]. This claim has been fact-checked and found to be partially accurate [fce9c785]. According to a report from the Federal Reserve, the wealth ratio between white and Black families did narrow slightly in 2022 and is the smallest it's been since 2001 [fce9c785]. However, the report also highlights that racial wealth gaps persisted and actually widened in 2022 when considering the dollar amount differences in median wealth between white and nonwhite families [fce9c785]. The median wealth for white families was still more than six times larger than that of Black families [fce9c785]. President Biden's claim, while partially true, leaves out this additional context and only covers half of the picture [fce9c785].
It is important to note that the Biden administration has taken steps to address income inequality for Black Americans, including expanded government benefits during the COVID-19 pandemic [fce9c785]. These measures have also contributed to reducing the wealth gap [fce9c785]. However, the persistence and widening of racial wealth gaps indicate that more work needs to be done to achieve true economic equity [fce9c785].
The fact-check rating for President Biden's claim is Half True [fce9c785]. While there has been some progress in narrowing the racial wealth gap, the disparities in wealth between white and Black families still exist and have even widened in certain aspects [fce9c785]. It is crucial to consider the full context and continue addressing the systemic issues that contribute to racial economic inequality [fce9c785].