Saturday, February 4, 2023
Village Voice News
ADVERTISEMENT
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
Village Voice News
No Result
View All Result
Home Global

U.S. Treasury Secretary Yellen warns of lasting impact of COVID on Black Americans 

Staff Reporter by Staff Reporter
February 7, 2021
in Global
U.S. Treasury Secretary Janet Yellen 

U.S. Treasury Secretary Janet Yellen 

0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Support Village Voice News With a Donation of Your Choice.

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Friday that economic crises hit people of color harder and longer, and the current crisis caused by the coronavirus pandemic would have a lasting impact on Black Americans unless action was taken.

Slideshow ( 5 images )

READ ALSO

Black History Month: Refrigerated Trucks, Invented by Frederick McKinley Jones in 1940

Black History Month: Garrett Morgan Invented The Three-Light Traffic Signal in 1923

“During the early days of the pandemic African-Americans were the first to lose their small businesses. They were the first to lose their jobs,” Yellen said in a virtual meeting she and Vice President Kamala Harris held with dozens of members of Black Chambers of Commerce from around the country.

“And we’ve seen early data that suggest Black workers will be the last rehired when the economy opens back up.”

Advertisement

Yellen said that was why the Biden administration’s $1.9 trillion stimulus plan was badly needed “to make sure that this pandemic isn’t another generational setback for racial equality, and better yet, to finally start building an economy that works for everyone.”

She said the package was structured to include grants for small businesses, stimulus checks and other measures specifically designed to start dismantling longstanding inequities, and that more steps to boost spending on infrastructure and create new jobs would be announced soon.

Yellen, a former Federal Reserve Board Chair, noted that the average white family still had roughly six times the wealth of the average Black family – about the same ratio seen before the civil rights movement of the 1960s.

Harris and Yellen both vowed to fix failures of the Trump administration’s previous relief efforts through expanded outreach and the use of “navigators” to help business owners.

The recession has hit women and minorities particularly hard, with Black-owned businesses closing at twice the rate of their white counterparts, and an estimated 82,000 Black women having lost their jobs.

Harris said research had shown that the government program for lending to small businesses hit by the pandemic had not been accessible to many Black-owned businesses partly because they did not have a relationship with big banks. Citing persistent and higher unemployment among Black Americans in the aftermath of the 2008 financial crisis, Yellen said: “That is what economic crises do: they hit people of color harder and longer.”



Support Village Voice News With a Donation of Your Choice



ShareTweetSendShareSend

Related Posts

Refrigerated Trucks, Invented by Frederick McKinley Jones in 1940
Global

Black History Month: Refrigerated Trucks, Invented by Frederick McKinley Jones in 1940

by Admin
February 4, 2023

If your refrigerator has any produce from your local grocery store, then you can credit African American inventor Frederick McKinley Jones....

Read more
The Three-Light Traffic Signal, Invented by Garrett Morgan in 1923
Global

Black History Month: Garrett Morgan Invented The Three-Light Traffic Signal in 1923

by Admin
February 4, 2023

With only an elementary school education, Black inventor (and son of an enslaved parent), Garrett Morgan came up with several...

Read more
Home Security System, Co-Invented by Mary Van Brittan Brown in 1966
Global

Black History Month: Mary Van Brittan Brown in 1966 Co-Invented Home Security System

by Admin
February 4, 2023

Before security systems became a fixture in homes, an African American nurse Mary Van Brittan Brown, devised an early security...

Read more
Next Post
FILE PHOTO: Former professional boxer Leon Spinks and unidentified guest arrive at the 2006 ESPY Awards at the Kodak Theatre in Hollywood, California July 12, 2006. REUTERS/Robert Galbraith/File Photo

Leon Spinks, boxing's former heavyweight champion, dead at 67 

EDITOR'S PICK

Minister of Legal Affairs, Hon. Mohabir Anil Nandlall (DPI)

Mandatory counseling for persons found in possession of 15 grams or less cannabis

January 28, 2021

GAWU wins right to represent  GRDB workers

December 13, 2020

The results of the CXC examinations reflect the candidates’lack of interest in subjects that are critical to making knowledge useful to human existence and endeavours

October 17, 2021
President Irfaan Ali

President Ali urges IDB Pivot Movement participants to spread ‘moonshot mindset’

November 1, 2020

© 2022 Village Voice | Developed by Ink Creative Agency

No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us

© 2022 Village Voice | Developed by Ink Creative Agency