How would the US pay for this? I guess the Fed will just print the money. How would you qualify? How black do you have to be? Obama is half black half white, does he get the full amount? or does he just get half a check? And if he gets the full check, what if you're only 25% black, do you still get a full check? I don't even know what qualifies you for being black, maybe you could be as black as Elizabeth Warren is Indian. She claims to be Native American and she's 1/1000 Native American. If you're 1/1000 black, do you still get a full reparation check? I guess we just give everyone who claims to be black a check. I don't even know how we would police this.
Let's just assume we could do this correctly. Let's assume only black people got this check. Would this do anything to narrow the wealth gap? Absolutely not. What would the typical black family do? (I'm not being racist here, we are talking about reparations so this pertains to blacks). They would spend it, just like they do with all their money. That's why they don't have any savings because they spend whatever they get. As soon as they get their reparation check, they are going to buy stuff and it'll all be gone. I'd say inside a year, every penny would be gone. Just like lottery winners, most lottery winners go broke. This money would not be part of their net worth. Which black families will invest the money? The ones that are already rich. The ones that are already successful and have savings and brokerage accounts. They would take the check add it to the pile and get richer. But how does this help poor blacks? Yea it will be fun and they will go on a shopping spree, but then the money is gone and now what are they going to do? They're going to come back and say "oh, we need to give them more money, because now there's an even bigger wealth gap". People can actually end up being poorer, because what if they take on debt to buy a house they cant afford, and the house goes down in value. So the government will actually do more harm than good if they did this. How much inflation is there going to be, how much purchasing power is going to be destroyed to make these payments possible. Where is the logic in giving reparation payments to all these wealthy blacks like Obama and all these athletes, we need to give these guys money too? What about blacks who descended from people emigrated into the US after slavery ended? Why should their descendants be entitled to reparations. And in fact, there could be some affluent blacks who have emigrated into the US who have a lot more money than white people who have lived here their entire lives, and why should those poorer white people be taxed either directly or through inflation to pay reparations to a wealthy black guy who just got here? you know, there are a lot more poor white people then poor black people in the US. The rich are the only people who would add this reparation money to their net worth - its the people who are already responsible, and are already saving money. Everybody else will just spend it.
playing with house money
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How would the US pay for this? I guess the Fed will just print the money. How would you qualify? How black do you have to be? Obama is half black half white, does he get the full amount? or does he just get half a check? And if he gets the full check, what if you're only 25% black, do you still get a full check? I don't even know what qualifies you for being black, maybe you could be as black as Elizabeth Warren is Indian. She claims to be Native American and she's 1/1000 Native American. If you're 1/1000 black, do you still get a full reparation check? I guess we just give everyone who claims to be black a check. I don't even know how we would police this.
Let's just assume we could do this correctly. Let's assume only black people got this check. Would this do anything to narrow the wealth gap? Absolutely not. What would the typical black family do? (I'm not being racist here, we are talking about reparations so this pertains to blacks). They would spend it, just like they do with all their money. That's why they don't have any savings because they spend whatever they get. As soon as they get their reparation check, they are going to buy stuff and it'll all be gone. I'd say inside a year, every penny would be gone. Just like lottery winners, most lottery winners go broke. This money would not be part of their net worth. Which black families will invest the money? The ones that are already rich. The ones that are already successful and have savings and brokerage accounts. They would take the check add it to the pile and get richer. But how does this help poor blacks? Yea it will be fun and they will go on a shopping spree, but then the money is gone and now what are they going to do? They're going to come back and say "oh, we need to give them more money, because now there's an even bigger wealth gap". People can actually end up being poorer, because what if they take on debt to buy a house they cant afford, and the house goes down in value. So the government will actually do more harm than good if they did this. How much inflation is there going to be, how much purchasing power is going to be destroyed to make these payments possible. Where is the logic in giving reparation payments to all these wealthy blacks like Obama and all these athletes, we need to give these guys money too? What about blacks who descended from people emigrated into the US after slavery ended? Why should their descendants be entitled to reparations. And in fact, there could be some affluent blacks who have emigrated into the US who have a lot more money than white people who have lived here their entire lives, and why should those poorer white people be taxed either directly or through inflation to pay reparations to a wealthy black guy who just got here? you know, there are a lot more poor white people then poor black people in the US. The rich are the only people who would add this reparation money to their net worth - its the people who are already responsible, and are already saving money. Everybody else will just spend it.
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