Just over one week ago Barack Obama once again made history. Raising his right hand in front of a worldwide audience, he swore the solemn oath and became the 44th president of the United States of America. The significance of the moment cannot be overstated. His election meant far more than the obvious political ramifications. For some, he stood and raised his right hand for generations past and generations to come, the embodiment of the hopes and dreams of millions around the globe. Change had indeed come in a sweeping and emotional leveling of the playing field.
The election of Barack Obama meant that our cherished American ideals are in fact a reality. The American brag that in our country, anyone can become anything if you're willing to work hard for it was settled forever. But what, if anything, did this historic election mean for the millions of minority, woman-owned and other disadvantaged businesses? How would this president's economic approach differ from the previous administration or from the Democratic Party platforms of the past? Barack Obama won 96% of the Black vote, 66% of the Hispanic vote and 56% of women's votes. Minorities had the audacity to hope. Will that hope be realized?
One answer to that question may be found in the president's recent actions to stimulate our sagging economy. Today, the House of Representatives passed his proposed 819 billion dollar economic stimulus plan. According to http://www.whitehouse.gov/ the president has put forth an American Recovery and Reinvestment Plan to "jumpstart job creation and long-term growth by":
*Doubling the production of alternative energy in the next three years.
*Modernizing more than 75% of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.
*Making the immediate investments necessary to ensure that within five years, all of America’s medical records are computerized.
*Equipping tens of thousands of schools, community colleges, and public universities with 21st century classrooms, labs, and libraries.
*Expanding broadband across America, so that a small business in a rural town can connect and compete with their counterparts anywhere in the world.
*Investing in the science, research, and technology that will lead to new medical breakthroughs, new discoveries, and entire new industries.
*Modernizing more than 75% of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.
*Making the immediate investments necessary to ensure that within five years, all of America’s medical records are computerized.
*Equipping tens of thousands of schools, community colleges, and public universities with 21st century classrooms, labs, and libraries.
*Expanding broadband across America, so that a small business in a rural town can connect and compete with their counterparts anywhere in the world.
*Investing in the science, research, and technology that will lead to new medical breakthroughs, new discoveries, and entire new industries.
What does this mean for minority businesses? For one, many of the proposed projects will be federal work that will expressly require minority contractors and/or subcontractors. The massive investment in technology and construction, in particular, will open significant opportunities for small and minority businesses that supply or are directly involved in those industries. Time will tell whether this legislation becomes enacted as envisioned and whether it will provide the needed boost for small businesses and the economy at large. Here is what we do know: President Obama has placed a significant opportunity on the table. Will you be there?
