{"id":1904369,"date":"2023-03-24T12:27:21","date_gmt":"2023-03-24T16:27:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/washingtons-priorities-are-a-bad-sign-for-black-and-brown-americans\/"},"modified":"2023-03-24T12:32:22","modified_gmt":"2023-03-24T16:32:22","slug":"washingtons-priorities-are-a-bad-sign-for-black-and-brown-americans","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/washingtons-priorities-are-a-bad-sign-for-black-and-brown-americans\/","title":{"rendered":"Washington\u2019s priorities are a bad sign for Black and Brown Americans"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwashingtons-priorities-are-a-bad-sign-for-black-and-brown-americans%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1904369&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">NEW YORK CITY- MAY 12:  People walk through a shuttered business district in Brooklyn on May 12, 2020 in New York City. Across America, people are reeling from the loss of jobs and incomes as unemployment soars to historical levels following the COVID-19 outbreak. While some states are beginning to re-open slowly, many business are struggling to find a profit with the news restrictions and a population that is fearful of the contagious virus.  (Photo by Spencer Platt\/Getty Images)<\/figcaption><\/figure>\n<p>By <a href=\"http:\/\/www.oann.com\/tag\/daquawn-bruce\">DaQuawn Bruce<\/a><br \/>March 24, 2023<\/p>\n<p><em>(Views expressed by guest commentators may not reflect the views of OAN or its affiliates.)<\/em><\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<\/p>\n<p>The federal government\u2019s current priorities are a bad omen for Black and Brown communities.<\/p>\n<p>Recently, the Treasury Department took <a href=\"https:\/\/www.cnbc.com\/2023\/03\/12\/regulators-unveil-plan-to-stem-damage-from-svb-collapse.html\">emergency action<\/a> to \u201cunwind\u201d two collapsing banks \u2013 Silicon Valley Bank in California, which catered to tech entrepreneurs; and Signature Bank in New York, which has been described as \u201ca popular funding source for cryptocurrency companies.\u201d<\/p>\n<p>In other words, they\u2019re banks for coastal elites in New York and Los Angeles. That might explain why the government is moving so swiftly to <a href=\"https:\/\/www.nbcnews.com\/business\/business-news\/treasury-says-will-back-silicon-valley-bank-deposits-rcna74570\">protect their depositors<\/a>.<\/p>\n<p>Government officials insist that taxpayers will not be on the hook, because depositors will be made whole using money from fees that banks pay to the FDIC. But what happens if other banks go under in the near future, perhaps after making reckless decisions motivated by the belief that they, too, will be bailed out?<\/p>\n<p>The Biden administration is working overtime to assure the public that bank deposits remain safe, but it\u2019s never a good idea to take politicians\u2019 words at face value.<\/p>\n<p>And what about unbanked Americans? <a href=\"https:\/\/www.nlihc.org\/resource\/four-ten-black-adults-and-three-ten-hispanic-adults-are-unbanked-or-underbanked\">As of last year<\/a>, about 40 percent of Black Americans and 30 percent of Hispanic Americans were either \u201cunderbanked\u201d \u2013 meaning they had an account, but still had to rely on costly (and sometimes predatory) services such as payday loans, title loans, or check cashing services \u2013 or completely unbanked.<\/p>\n<p>Folks who lack sufficient access to the banking system in the first place are justified in feeling deeply skeptical, if not outright resentful, of political schemes to protect \u201cthe banking system\u201d and those it serves, especially if those schemes sound like they might end up costing taxpayer money.<\/p>\n<p>Meanwhile, the Biden administration just released its annual budget proposal, which envisions at 25 percent increase in the corporate tax rate, from 21 percent to 28 percent.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/restoring-america\/fairness-justice\/bidens-tax-heavy-budget\">According to former Treasury official Bruce Thompson<\/a>, more than 1 million of the companies that would be affected by this tax hike are small businesses with receipts below $500,000, and most of them have fewer than 20 employees.<\/p>\n<p>Those are the sorts of businesses that tend to get overlooked by policy makers \u2013 especially at the federal level \u2013 but they\u2019re absolutely vital to the economic well-being of Black and Brown communities.<\/p>\n<p>Roughly <a href=\"https:\/\/www.blackbusiness.com\/p\/facts-statistics-black-owned-businesses.html\">100,000 Black-owned businesses<\/a> collectively employ just over 900,000 people \u2013 an average of about nine employees per business, putting them firmly in the \u201cvery small business\u201d category. But those businesses are often the lifeblood of their communities, and they\u2019re critical to building generational wealth for families that have historically faced far greater obstacles than most.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-2\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-2'); });  \t<\/script>  <\/div>\n<\/p>\n<p>Just because the politicians aren\u2019t specifically gunning for those businesses, doesn\u2019t mean they won\u2019t get caught in the crossfire. For many Black-owned small businesses, Biden\u2019s tax hike could be the difference between expanding and shutting down forever.<\/p>\n<p>So while politicians devote their attention to bailing out banks that cater to tech firms and cryptocurrency speculators and raising taxes on small businesses to pay for trillions of dollars in recent spending, the little guy \u2013 as usual \u2013 gets forgotten.<\/p>\n<p>Black and Brown Americans have every reason to be skeptical of what they hear from official Washington these days. Their priorities are most definitely not aligned with our priorities.<\/p>\n<p><em>DaQuawn Bruce is the executive director of Concerned Communities for America, a 501(c)(3) advocacy group that promotes economic empowerment, public safety, free and fair elections, and quality education for the black community.<\/em><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Kirk Litton<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Warner Mendenhall<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Roger Stone<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Jenna Ellis<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SHANGHAI (Reuters) \u2013 Chinese smartphone maker Xiaomi Corp on Friday posted a 22.8% drop in fourth-quarter revenue to 66.05 billion yuan ($9.6\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Danielle Broadway and Rollo Ross LOS ANGELES (Reuters) \u2013 When Cassidy Jacobson was 13 years old, she posted a video of\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Heekyong Yang and Hyunsu Yim SEOUL (Reuters) -South Korea\u2019s LG Energy Solution Ltd (LGES) said on Friday it would resume a\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Utah Governor Spencer Cox on Thursday signed two laws intended to restrict social media use by minors, becoming the first\u2026 <\/p>\n<\/p><\/div>\n<p><\/body><\/html><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK CITY- MAY 12: People walk through a shuttered business district in Brooklyn on May 12, 2020 in New York City. Across America, people are reeling from the loss of jobs and incomes as unemployment soars to historical levels following the COVID-19 outbreak. While some states are beginning to re-open slowly, many business are<\/p>\n","protected":false},"author":1298,"featured_media":1904370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[3884,7086,4212,6824,10632,4723,10783],"class_list":["post-1904369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-americans","tag-bad","tag-black","tag-brown","tag-priorities","tag-sign","tag-washingtons"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1904369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1298"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1904369"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1904369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1904370"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1904369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1904369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1904369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}