Well you don't seem to be getting the message, so I inserted notes above. |
Can you please explain why cash is better than directly addressing the systemic causes of wealth gaps with better K-12, college and housing subsidies, universal health care, etc? Assume (because this is reality) that we can’t do both. It seems like somebody who gets $50k could put it to college, but then the returns to Blacks from a college education is lower than the returns to whites. Plus $50k covers less than half of a good state college, so where does remaining tuition come from? To buy a house in a better school district, you’d have to save that $50k for decades until it became several hundred thousand dollars. This is because $50k could be a deposit on a house, but it won’t pay the mortgage going forward, especially if this drives up housing prices and mortgage balances. So you need savings of hundreds of thousands of dollars to keep topping up the payments from your low income. What has that $50k accomplished, then? It hasn’t even helped prepare kids for college (fix failing public schools) or improved healthcare or improved housing choices. |
DP. I agree that an individual cash stipend won't solve this. It would be like every AA winning a very small powerball jackpot. Some shrewd jackpot winners save or invest their money, many spend it immediately and then fall back into old patterns which are hard to break and associated with poverty. IT really wouldn't end or address systemic racism; instead it would be more likely to end the public discussion. |
It won't end the whining... excuse me, discussion. |
You don't get to play that card if you don't recognize that there are all sorts of people in this country who have connections to people who were being raped and tortured long before Columbus sailed the ocean blue. It's not all about what may or may not have happened in the last 400 years. Go back further and further. The problem is with human nature. If you need someone to point the finger at, point it at Eve the original sinner. |
"Entitled Immigrant" certainly sounds racist. especially after you explained it. |
Rather than reparations, which have the tenor of simply compensating someone financially for a past wrong in return for future release of all claim- for example, the Saudi settlement with the families of 9/11 victims, I prose the creation of a sovereign wealth fund
The idea is that AA deserve to have some stake in the wealth of this country because their unpaid labor made America financiallly a viable country for hundreds of years, correct ? And that further, AA as a group disproportionately lack inherited wealth, correct ? So, to me it seems that rather than diffuse the value of any financial re-allocation of wealth by say mailing every AA 1million dollars or something, the majority of which would just get plowed back into the consumer economy, why not instead create a permanent sovereign wealth fund and keep it going in perpetuity? That is to say, real power and respect is confered on those who wield substantial economic power and resources ( KSA/ OPEC being another example of what Arabs have achieved despite that our cultures are in opposition in many ways ) So, the end of discrimination against AA could come if they were to be a coveted group with tremendous economic assets and power I would say some good economists could figure out what portion of US GDP in the last year before outbreak of civil war was due to unpaid black labor and that percentage would, going forward, be the amount in today’s dollars of course that was set aside from USA GDP into the sovereign fund . That fund would be invested by the cream of crop of money managers of world finance and , of course, be insured . A board made up of AA economists, ethicists, scientists and the like would then allocate those funds to the service of AA including lobbying Think APAIC on steroids That would go a long way toward ending the disrespect, the dismissiveness, the lack of a real seat at the table |
Btw, I mean that there would be an annual siphon of a certain percentage of USA GDP into this sovereign wealth fund, tax free of course, and that this would continue in perpetuity San as ur country exists
The Norwegian soveign fund is an example. In years when we had crisis in AA community where things needed immediate attention, a withdrawal could be made from the fund and in years of economic boom more would be contributed because there would be more GDP But unlike taxes, allocation of those funds would not be in hands of politicians who might be opposed . Instead, the money would, by irrevocable trust,from GDP be invested into the fund, managed as long term asset portfolio ( think the Vatican ) and, of course, insured Do you see the difference between THAT and a reparation check ? |
How are you proposing to distribute the money to those who hold an interest in the fund? Because if you aren't planning on sending frequent distributions to individual shareholders, it just sounds like another plan to steal from AA people to further the interests of professional activists. |
Well, this gets away from the personal check problem, but it still has other drawbacks. I don't think this fund will creat the respect you think it will. Native American tribes have funds like this and they don't get any more respect for it. However the fund managers do get respect... |
My first thought was of Native Americans. If you want to give a share of pre-Civil War GDP (people would quibble with that point in time) to this fund, soon there would be demands to turn over 100% of GDP to a Native American fund, because we basically stole all their land and brought in some capital. |
Instead of being defeatist about the sovereign fund idea, take a look at what it’s done for the Norwegian people in just the 30 years since its founding:
https://www.nbim.no Hint: it’s the largest fund of its kind in the world and starting from zero in 1996 now worth in the trillions ( 60 percent of which is return on investment and 40 percent the actual annual fund collection They seem to be managing it just fine. The point is: it creates inter generational wealth and a well capitalized interest group The Native Americans I believe negotiated for rights to Casinois small |
The Norwegian Sovereign Wealth Fund is paid out of oil revenues and it is for all Norwegians. It's not any form of reparation, it is not limited to one specific group, it is owned by the government, and I believe it pats for pensions. Also, what you are describing is not a sovereign wealth fund because it is not owned by a sovereign. "Defeatist?" Why do you assume getting whatever you propose is a victory and therefore dismiss objections as "defeatism." That's a good way to lock yourself in an echo chamber. |
As I’ve said before... There is "residual harm" from all of the various forms of oppression that have happened over the last 400 years. slavery - loss of language, religion, family, history, culture Jim Crow - segregation, monuments to celebrate white supremacy redlining - further segregation Segregation has led to decreased wealth, health, education, opportunity, etc. -- measurable harm in almost all aspects of life. |
Quick to pass the buck and blame a fictional person instead of taking some (collective) responsibility, huh? |