Yellen argues U.S. economy has 'never worked fairly for Black Americans'


Treasury Secretary Janet Yellen said in a Monday speech marking Martin Luther King Jr. Day that the U.S. economy "has never worked fairly for Black Americans — or, really, for any American of color," reports The Associated Press.
Referencing a portion of King's "I Have a Dream" speech that said "America has defaulted on this promissory note insofar as her citizens of color are concerned," Yellen said King "knew it was a more than a metaphor." King "knew that economic injustice was bound up in the larger injustice he fought against," she continued. "From Reconstruction, to Jim Crow, to the present day, our economy has never worked fairly" for people of color.
"There is still much more work Treasury needs to do to narrow the racial wealth divide," she said, though she argued the Biden administration's economic policies, like the American Rescue Plan, are meant to improve equity.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Yellen's speech was one of many on what would have been King's 93rd birthday. Members of King's family marched to advocate for voting rights legislation, writes The Washington Post, and King's granddaughter Yolanda Renee King urged people: "instead of idolizing my grandfather ... do something to help the community," per NBC News.
President Biden, meanwhile, echoed both Yolanda King and Yellen's sentiments, saying "it's not just enough to praise [King]: We must commit to his unfinished work, to deliver jobs and justice, to protect the sacred right to vote."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.
-
Nepal chooses toddler as its new ‘living goddess’
Under the Radar Girls between two and four are typically chosen to live inside the temple as the Kumari – until puberty strikes
-
October 5 editorial cartoons
Cartoons Sunday's political cartoons include half-truth hucksters, Capitol lockdown, and more
-
Jaguar Land Rover’s cyber bailout
Talking Point Should the government do more to protect business from the ‘cyber shockwave’?
-
US tipped to help Kyiv strike Russian energy sites
Speed Read Trump has approved providing Ukraine with intelligence for missile strikes on Russian energy infrastructure
-
Netanyahu agrees to Trump’s new Gaza peace plan
Speed Read At President Trump's meeting with Israeli Prime Minister Benjamin Netanyahu, they agreed upon a plan to end Israel’s war in Gaza
-
Russia is ‘helping China’ prepare for an invasion of Taiwan
In the Spotlight Russia is reportedly allowing China access to military training
-
Moldova gives decisive win to pro-EU party
Speed Read The country is now on track to join the European Union within five years
-
Interpol arrests hundreds in Africa-wide sextortion crackdown
IN THE SPOTLIGHT A series of stings disrupts major cybercrime operations as law enforcement estimates millions in losses from schemes designed to prey on lonely users
-
UK, 3 Western allies recognize Palestinian state
Speed Read Britain, Canada, Australia and Portugal formally recognized the state of Palestine
-
Russia slams Kyiv, hits government building
Speed Read This was Moscow's largest aerial assault since launching its full-scale invasion in 2022
-
China's Xi hosts Modi, Putin, Kim in challenge to US
Speed Read Chinese President Xi Jinping hosted Indian Prime Minister Narendra Modi, Russian President Vladimir Putin and other Asian leaders at an SCO summit