The reelection of Donald Trump to the White House is nothing short of historic. But for the many of us who backed Kamala Harris, we’ve been feeling some combination of confusion, disappointment, and even anger at the result. And in our hurried attempts to comprehend where things went wrong, there’s been a wave of blame-shifting, rather than listening and learning about how we can’t rely solely on government leaders to solve the problems this country faces every day.
Trump was not only chosen by the American people in a free and fair election, but also secured the popular vote while gaining more ground with people of color than any Republican candidate in almost 50 years. And I believe the most productive thing that any of us on the left can do is to acknowledge the loss, as well as the undeniable dissatisfaction among voters with the current Democratic establishment, and to view this as an opportunity to listen, learn, and double down on our efforts toward achieving socioeconomic equality in the U.S. We need to start locally, by helping our neighbors.
When change is vital, leaders need to do a better job of listening
For the past four years, people from the U.S. and around the world have been suffering from the impacts of high inflation and generalized post-COVID malaise. And if there’s one immediate lesson we can learn from this election, it’s that American voters have made radical, material change their top priority, particularly when it comes to the economy.
This includes a growing number of people of color and those living in underserved communities across the country, most of whom have been disproportionately impacted by the ongoing cost-of-living crisis. Feeling understandably frustrated with the state of the American economy, as well as a diminishing ability to trust the current administration, it seems that many individuals from historically marginalized groups feared that a vote for Harris would simply be a vote for “more of the same.”
For example, around 3 in 10 Black men under the age of 45 voted for Trump this year—that’s about twice the number he secured in 2020. Additionally, this election also saw Democrats losing significant ground among Latino voters, with Harris earning 56% to Biden’s 63% four years ago, and support for Trump growing from 35% to 42%.
Witnessing this shift has led to two key realizations. First, already faced with long-standing and widespread inequality, people of color in this country continue to struggle and care more about real change than political rhetoric. Secondly, leaders, business owners, and philanthropists like me need to acknowledge and take accountability for how these voters are feeling, working together to advance an entirely new narrative of the American Dream, and one that is accessible to everyone rather than a privileged few.
It’s on us to address socioeconomic inequality in our local communities
Now is as critical a time as any to make sure we don’t backtrack or completely abandon the fight for equal opportunity. On the contrary, our response to a more challenging political environment should be to ramp up local advocacy efforts, double down on impact, and make it clear to the American public that we’re in this fight for the long haul.
However, considering that we’ve spent the past nine months distracted by political warfare, much of it being distributed and consumed within an increasingly contentious and toxic information ecosystem, our recommitment to enacting positive change must begin with an honest assessment of the current socioeconomic landscape in the U.S.
For example, take the issues of economic inclusion, business growth, and entrepreneurship. According to the Federal Reserve, white Americans continue to hold 85% of all household wealth (comprising 66% of all households), while Black and Latino households hold only 2% and 4%, respectively (while comprising 11% and 14% of all households). Moreover, only 13% of Black-owned firms receive the full amount of requested loans each year, as opposed to 40% of white-owned businesses, further underscoring a persistent and consequential imbalance in access to opportunity.
Regarding workforce development, more focus and action are needed to close the gender wage gap that been plaguing this country for centuries. Despite breaking some ground on this issue over the years, the fact is that women continue to earn just 84% of what men earn on average, while women of color make significantly less at 63%.
Finally, the U.S. has a particularly urgent need to address the current housing-affordability and food-insecurity crises. More specifically, there is now a shortage of around 7 million affordable homes to support the more than 10.8 million extremely low-income families living in this country. And even where housing is available, the USDA reports that 13.5% of American households (or roughly 18 million) experienced food insecurity at some point in 2023, a sharp rise from the previous year, and one that has disproportionately impacted low-income, single-parent, and Black and Hispanic households.
Offer a hand up for people of color to thrive
We don’t always know exactly what’s best to move forward in the fight against inequality. But from my experience working on behalf of Business for Good and meeting a number of underserved business owners and entrepreneurs across New York’s Capital Region, I also know that making real, tangible progress on any of the above issues requires offering a support to people of color at the local level.
People of color deserve real help and a hand up from the people who have flourished. And I’m more than confident that if we can work together to recognize the talent within our neighborhoods, providing a hand up to underserved business owners and entrepreneurs, we can level the economic playing field and carve out a prosperous future not only for these groups, but also for entire communities across the nation.
Ed Mitzen is cofounder of Business for Good.