The National Urban League Reflects on Biden’s Economic Legacy for Trump: Lower Black Unemployment, Declining Inflation, and a Stronger Economy

By National Urban League
Published12 PM EST, Sun Dec 22, 2024

NEW YORK, NY (December 6, 2024) — As the Biden-Harris administration nears the end of its term, the National Urban League reflects on the transformative economic progress achieved under President Joe Biden’s leadership. Taking office in January 2021 amid significant economic challenges, the administration delivered on its promise to foster an equitable recovery and create opportunities for historically underserved communities.

When President Biden assumed the presidency, the U.S. faced a national unemployment rate of 6.4%, with Black unemployment at an alarming 9.3%. Today, unemployment stands at a steady 4.1% with the Black unemployment rate at 5.7%. Black unemployment reached a historic low of 4.7% during his term—a milestone in economic equity. Under Biden’s leadership, the gap between Black and White unemployment narrowed to its smallest margin ever recorded, marking a significant step toward racial economic parity.

The stock market has also demonstrated resilience and growth under the Biden administration. The S&P 500 has surged nearly 50% since January 2021, signaling robust economic confidence that has benefited families and businesses across the nation.

 

January 20, 2021

December 4, 2024

Unemployment Rate

6.4%

4.1%

Black Unemployment

9.3%

5.7%

S&P 500*

3,798.91

6,086.49

Dow Jones*

30,930.52

45,014.04

*NASDAQ Stock Market News

The administration’s hallmark legislation, the American Rescue Plan (ARP), played a pivotal role in spurring this recovery. The $1.9 trillion package not only stabilized the economy but also delivered targeted relief to Black Americans. Through expanded Child Tax Credits, ARP cut Black child poverty in half within a single year, improving the lives of over 700,000 Black children. Additionally, Black-owned businesses gained critical support, with federal investments doubling the rate of Black business ownership since 2019.

Among the administration’s other achievements:

  • The Bipartisan Infrastructure Law: As enacted in the Infrastructure Investment and Jobs Act, authorizes up to $108 billion for public transportation – the largest federal investment in public transportation in the nation’s history. (Federal Transit Administration)
  • The CHIPS and Science Act: Invested roughly $280 billion in new funding to boost domestic research and manufacturing of semiconductors in the United States. The act includes $39 billion in subsidies for chip manufacturing on U.S. soil along with 25% investment tax credits for manufacturing equipment costs, and $13 billion for semiconductor research and workforce training, with the dual aim of strengthening the American supply chain and countering China. (Congressional Research Service)
  • The Inflation Reduction Act: Signed in 2022, the Inflation Reduction Act (IRA) makes the single largest investment in climate and energy in American history, enabling America to tackle the climate crisis, advancing environmental justice, securing America’s position as a world leader in domestic clean energy manufacturing, and putting the United States on a pathway to achieving the Biden-Harris Administration’s climate goals, including a net-zero economy by 2050. (DOE)
  • Landmark Labor Gains: Over 2.6 million new jobs have been created for Black Americans, contributing to the fastest and most equitable job recovery in modern history.
  • Investments in Infrastructure: Billions in federal funds are reconnecting Black communities previously severed by inequitable infrastructure projects, creating jobs, and restoring access to essential resources.
  • Support for Black Entrepreneurs: The Minority Business Development Agency was permanently authorized, with billions in funding to bolster Black-owned businesses and catalyze private-sector investment.

“President Biden’s unwavering commitment to racial equity has fostered transformative economic gains for Black Americans,” said Marc H. Morial, President and CEO of the National Urban League. “His administration has helped America recover and built a stronger, fairer foundation for the future. As we look ahead, these gains must be protected and expanded upon by future leaders.”

The National Urban League commends the Biden-Harris administration for its historic achievements and remains dedicated to advancing policies that create an inclusive economy for all Americans.