President Joe Biden on Wednesday emphasized his administration's economic focus on the middle class during a visit to Milwaukee that included a speech at the Wisconsin Black Chamber of Commerce and a stop at a Black plumbing contractor's store.
Biden touted the following additions: Fifteen million jobs have been created since taking office after a brief economic downturn caused by the coronavirus pandemic. “We're doing it by building the economy middle-out and bottom-up, rather than top-down. “Not much fell on my father's kitchen table in a top-down economy,” he said. “But you [build from the middle]If we grow the middle class, the poor will have opportunities, the rich will still do well, the middle class will do well, and we will all do well. ”
In his floor remarks, Biden highlighted his administration's $15 billion project to replace lead pipes across the country, including in Milwaukee, as part of the bipartisan infrastructure law of 2021. Mr. Biden was introduced by Rashaun Spivey, founder and CEO of Hero Plumbing. To date, Milwaukee has replaced 600 lead water pipes in the city.
“Lead exposure disproportionately impacts low-income communities and disproportionately impacts people of color,” Biden said, noting that children are especially vulnerable. “This is the United States of America, after all. Anyone can turn on their faucet and know that the water they're drinking is clean and pure and they don't have to worry about it.”
Biden attacked Sen. Ron Johnson, R-Wis., who voted against the infrastructure bill and the American Rescue Plan Act to fund some of the small business aid he touted Wednesday. He also criticized Republicans in Congress for trying to roll back provisions passed in the Inflation Control Act of 2022 to lower the cost of prescription drugs.
Biden's visit comes with news that his project to revitalize a historic industrial district on Milwaukee's North Side is a finalist to share in $130 million in federal investment in distressed communities. It contained an announcement. The U.S. Department of Commerce announced 22 finalists for the Recompete program established as part of the CHIPS and Science Act of 2021.
The Milwaukee project includes renovating an industrial area on 30th Street. century city business park. The 30th Street Corridor was once a manufacturing and employment center on Milwaukee's North Side, particularly in the neighborhood's predominantly black residential areas.
Biden called the district “the backbone of Milwaukee's industrial power.”
“Tens of thousands of Black people migrated from the South to the central part of the country in search of high-paying manufacturing jobs,” Biden said. Decades of discrimination, racism and economic disinvestment followed, “but today we are confident that Milwaukee will return,” he added.
of project The company is seeking about $50 million to use to grow its business, improve industrial sites and establish job training programs, according to the U.S. Economic Development Administration (EDA).
Commerce Secretary Don Graves said, “By targeting distressed communities across the country and providing good jobs and training to people where they are needed most, Recompete will foster long-term economic growth and strengthen regional communities. will help us carve a new chapter of opportunity.” The deputy chief of staff spoke at a news conference Tuesday ahead of Biden's visit.
Biden: President Trump 'certainly supported insurrection' on January 6th
The proposed project is being led by the Milwaukee Growth Coalition. The group is led by the Northwest Side Community Development Corporation and includes partnerships with the City of Milwaukee, Wisconsin Regional Training Partnership – Big Step, Milwaukee Regional Labor Council, Milwaukee Bucks, Flute Health and Rockwell Automation.
Biden and the White House also highlighted the growth of Black- and Hispanic-owned businesses since Biden took office three years ago.
Meanwhile, Biden told an audience at the Chamber of Blacks on Wednesday that “America has filed a record number” of new Black-owned businesses to start, a total of 15 million.
In the just-ended fiscal year 2023, the Small Business Administration provided $50 billion in aid to small businesses across the country, according to the White House. Officials said minority-owned businesses now account for one-third of the SBA's loan portfolio, up from 23% in 2020, and SBA loans to Black-owned businesses are at an all-time low in terms of volume alone. The number of cases has more than doubled.
“The United States is on track for the strongest three years in small business creation in history,” Joel Gamble, deputy director of the National Economic Council, said at a briefing Tuesday. Gamble said the number of Black small business owners doubled between 2019 and 2022, “growing at the fastest pace in 30 years.”
The White House said the administration's efforts include a record $70 billion in federal contracts awarded to disadvantaged small businesses in fiscal year 2022.
Additionally, the federal government is providing $12 billion in additional support to community lenders. The U.S. Treasury estimates this investment will increase lending to Latinx communities by $50 billion and lending to Black communities by $80 billion over the next 10 years.
An additional $10 billion has been set aside for states, tribes and territories to expand capital access to about 100,000 small businesses, including $79 million for Wisconsin, the White House said. It is said that it will be done.
Get the morning headlines delivered to your inbox