Before you get too outraged, Dave doesn’t qualify for loan forgiveness because he lacks 10 consecutive years of on-time payments.
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Except the time he was sporadic was during Covid so there is that.
https://studentaid.gov/announcements-events/covid-19
Andy
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The story says that he was sporadic and late prior to April 2020.
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Good point Syke.
Andy
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If any group within the last 80 years in the US deserved reparations it is the African Americans. Instead we have a policy of locking them up as slave labor.
There is an assumption that if given money it will be recklessly wasted. That alone to me means we owe double for being ignorant towards Blacks.
This is a wealthy country till we talk about paying African Americans.
We had reparations after the Civil War. This time we would give the money to the slaves’ descendants instead of the slave owners.
We had reparations for the bankers in 2009 to 2010. Last I knew they were the guilty parties.
So how much do you think we should give for reparations? A specific number, and who get’s it? Any ancestor of a slave?
So how much are you willing to have your taxes raised? I would be willing to raise your taxes at least 20000 more a year.
Really, reparations? Tell me more about the reparations. This should be interesting.
So you were for that?
Andy
On April 16, 1862, President Lincoln signed the District of Columbia Compensated Emancipation Act. This law prohibited slavery in the District, forcing its 900-odd slaveholders to free their slaves , with the federal government paying owners an average of about $300 (equivalent to $9,000 in 2023) for each.
Compensated emancipation - Wikipedia)%20for%20each.
In the months following the enactment of the law, commissioners approved more than 930 petitions, granting freedom to 2,989 former slaves .
My comment when it comes to African Americans we never have the money.
I think it should happen later in the cycle when the factory buildout has created enormous economies of scale within the US. Meaning it is affordable. We do have to do it as we can more easily afford it.
Zoom out
China is on the rise. We are flat broke as a nation. Our financial system in ruins. We had just papered over a great depression in mortgage debt and that debt had then imploded.
Do we let China pass us or fix our financial system.
The great depression fell on those who were foreclosed on or went bankrupt. Individuals instead of institutions.
I am still trying to figure where you stood on it. It really is a simple yes or no answer.
Andy
to be clear you did say after the war, not during the war. I am thinking that the reason Lincoln did that was to shore up support for the war so that he wouldn’t have to fight people in his own capital.
Andy
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I agree that bailing out the banks was necessary.
Rarely do I feel like I need to be upset about things that cost the US government money. I do not measure it as my taxes and me alone in this world.
No politico is going to cheer the bank bail-out because that is only a vote loser. The public is never wrong. You know that.
I am not so sure because it made a lot of banks to big to fail, but that is in the past and I do realize that a depression would have been catastrophic. With that being said it seems we the people should have received more for our investment.
It’s not about being upset, it’s about having a discussion on how and what the Government spends their money on. Because we really only have so much money to go around. It’s just like when we talked about reparations. You were even thinking now might not be the right time. Telling me that you are thinking about how and when we spend money. It’s only natural for people to feel a need to budget. Most people do not have an understanding of exactly how much this will cost. 2 trillion maybe?
Andy
There are 29 million Blacks over 18 in the US.
@$100k that approaches $3 trillion.
A means test might be fitting. Around 5% of the group has $1 million. No point in including them.
Money does not solve the problem for the people with drug problems.
Money does solve the problem for the lower middle class and middle class African Americans in literally one generation.
The share of adults who are in the middle class varies modestly across racial and ethnic groups, ranging from 47% of both Black and Asian adults to 49% of Hispanic adults and 52% of White adults in 2021.
My comment, this would allow for educational advantages and business opportunities that were never available prior.
Like affirmative action? We know what a lighting rod that has become.
Steve
There are 45.7 million black people in the United States, California is saying 115,000 to 200,000. It’s possible it could be 8 Trillion. So I was just trying to see what number was possible. You think 3 Trillion, so let’s go with that.
You see Leap I have no problem giving people educational advantages, but let’s give it to everyone instead of just select groups. Educate everyone.
Andy
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We had affirmative action for 58 years was it supposed to go on forever?
Andy
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Then lets start with slavery and Jim Crow laws for everyone. Let’s pretend like all people are treated like Blacks today.
Perhaps lock up 50% more whites on charges that usually are ignored.
We do need to get past treating select groups differently. That is why we owe this money.
People purposely did not know what AA was. If 1% of African Americans had the education for a profession that was 3% of the workforce then .03% of that job category had to be hired as African American. It did not mean that if 10% of the public was African American then 10% of the job category had to be Black. People are so against hiring Blacks AA just required larger employers to hire in line with Black educational levels.
Ok then we need to pay all the Indians, all the Italians, all the Irish, all the Polish, all the Mexicans. I mean if we are wiping all the white guilt out we really need to just give this country up and go back to where ever our ancestors came from.
Somebody said that everyone came from somewhere and took land from somebody. That is exactly what the past was. Even the black people sold their own people into slavery, Maybe we need to go get the money from them.
Andy
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The numbers have been posted here before, how African American enrollment at the University of Michigan has fallen since affirmative action in college admissions was outlawed.
In 2006, after Michigan passed Proposal 2 (PDF), which banned race-conscious admissions, Black undergraduate enrollment at the University of Michigan dropped nearly by half—from 7 percent in 2006 to 4 percent in 2021
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