As the 2024 election approaches, Vice President Kamala Harris is making a concerted effort to address the racial wealth gap, particularly as former President Donald Trump gains traction among Black voters. Harris's campaign is centered around creating an 'opportunity economy' that includes measures aimed at supporting first-time homeowners and entrepreneurs. Recent polling data indicates that her support among Black men has declined by 15 points compared to Biden's standing in 2020, prompting her to intensify outreach to this demographic [fa9ac8fb].
Harris has proposed a range of initiatives, including forgivable loans of up to $20,000 and down-payment assistance for new homebuyers, as Black homeownership rates currently stand at 45%, significantly lower than the 74% for White Americans. Between 2019 and 2022, while the average wealth of Black families increased by over 60%, the wealth gap actually widened by $50,000, reaching a staggering $240,000. Economists have called for substantial monetary transfers to help address these disparities [fa9ac8fb].
In her campaign, Harris has also acknowledged the importance of studying reparations as a means to rectify historical injustices. Housing affordability remains a central theme of her platform, especially in light of the challenges many Black families face in accessing homeownership. Meanwhile, Trump has been leveraging pre-pandemic economic conditions to appeal to Black voters, which has led to some skepticism regarding Harris's proposals among potential supporters [fa9ac8fb].
The Biden administration has highlighted wage gains and ongoing efforts to combat bias in home appraisals as part of its strategy to support Black Americans economically. As the election draws nearer, the effectiveness of Harris's proposals in winning back Black voters remains to be seen [fa9ac8fb].