Among the more ambitious parts of Joe Biden's policy agenda, announced to little fanfare just before the pandemic hit back in February, is a relatively straightforward idea: make the federal housing voucher program — known as Section 8 — universal, available to every low-income family who qualifies.
That policy alone, the focal point of Biden's $640 billion housing plan, would go a long way toward solving this country's affordable housing crisis, according to Julian Castro, the former HUD secretary under President Obama.
The crisis has been exacerbated by COVID-19; an estimated 20 million people are at risk of eviction over the next several months, as state and local moratoriums enacted in March begin to expire along with the federal enhanced unemployment benefits. But even in the absence of an event like coronavirus, expanding Section 8 might be the single best — and most realistic — policy that a Biden administration could pass that would close the delta between families who need access to affordable housing, and families who actually get it, according to Castro. (Right now, an estimated 11 million people are left out).
While homelessness had been on the decline, it has ticked back up in recent years, partially, Castro said, because the Trump administration has not prioritized action on affordable housing
Education is clearly important, Castro said, but it gives a pass to the federal government's responsibility to invest in housing.
"There's no commitment in this administration to actually make those investments," he said, noting that there has been no action in the Republican-controlled Senate on the HEROES Act, which would provide $100 billion in emergency rental assistance for those affected by the pandemic.
But the root problem — spiking rents, not enough inventory, a general decline in the welfare state — long preceded coronavirus.
"The scale of the problem we have...requires significant federal government investment in more affordable housing," Castro said.
As President Biden's poll numbers fall with Black voters, Rep. Ayanna Pressley (D-Mass. 7th District) joined Cheddar to discuss what she feels could help the embattled administration: deliver on policies. Pressley pointed to stalled legislation such as new voting rights laws and Build Back Betters and canceling student loan debt, which would go a long way to improving his standing with Black constituents. "President Biden has the authority and the power to alleviate this burden, which would also help in closing the racial wealth gap, and he can do it by executive action with the stroke of a pen," she said. "And it doesn't require one vote from Congress. So, the Biden administration just needs to deliver to Black America in a tangible and impactful way."
Mayor Ras Baraka of Newark, NJ and Ayana Morris, co-director of the documentary 'Why Is We Americans?,' join Cheddar News to discuss the new documentary highlighting the impact of the Baraka family.
Former New York City mayor and lawyer to Donald Trump Rudy Giuliani made his singing debut on a taping of Fox’s The Masked Singer. However, Ken Jeong and Robin Thicke, two judges on the competition show, reportedly left in protest when Giuliani was unmasked upon being eliminated.
All Hands celebrates Black History Month by highlighting achievements in inclusivity and paying homage to those who have fought for equal rights. Rep. Maxine Waters (D-CA) joins Cheddar News to discuss voter suppression; Damali Peterman, CEO of Breakthrough ADR, elaborates on the biggest barriers for Black professionals; Andre Perry, senior fellow of Brookings Institution, dives into student loans and the racial wealth divide; and lastly, BET CEO Scott Mills discusses the company's initiatives for 2022.
All month long Cheddar News is celebrating Black History Month.
In our nation’s capital, Black history is being made right now.
cheddar's own Arielle Hixon puts the spotlight on three lawmakers making that happen, Rep. Lauren Underwood (D-IL), Rep. Cori Bush (D-MO), and Sen. Tim Scott (R-SC).
Representative Maxine Waters (D-Calif. 43rd District) joined Cheddar News to talk about the current political climate in America, including efforts to roll back voting rights in multiple states in light of Black History Month. "Why do we have to deal with those who still believe that somehow this country only belongs to the whites of the country and that somehow they have to do everything that they can to undermine our voting and do voters suppression to keep us from being influential and at the table by which to solve problems?" she asked. Waters chided "two Democrats" who she said were stymying attempts to rectify the issue and also spoke on President Biden’s promise to nominate a Black woman to the Supreme Court.
Wall Street saw another volatile day after the Federal Reserve left rates unchanged for now, with plans to raise rates in March at its next meeting in order to ease inflation. Fed Chair Jerome Powell said the Fed has not made decisions on the size of rate increases, adding that the Fed is not trying to get inflation below two-percent. Ken Johnson, CFA and Investment Strategy Analyst explains why Powell thinks that high inflation is a significant threat to the labor market.
