Author Topic: Racial Wealth Gap  (Read 1598 times)

Offline MindofShadow

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Re: Racial Wealth Gap
« Reply #1 on: February 19, 2018, 07:24:47 am »
white people never get this. they never understand

they see racism as only hood wearing klans men and segregation.

so since we "fixed" that, racism is gone.

Offline Battle

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Re: Racial Wealth Gap
« Reply #2 on: February 16, 2019, 07:12:15 am »
Friday, 15th February 2019

Will 'basic income' become the California norm? Town starts $500 no-strings payments
by Alexandra Yoon-Hendricks

(SACRAMENTO, Calif.) - After months of planning, Stockton, Calif., is sending debit cards loaded with $500 to a select group of residents starting Friday as part of a closely watched experiment in universal basic income, the first led by a U.S. city.

Stockton, once dubbed "America's foreclosure capital," was the largest city to seek bankruptcy protection before Detroit's 2013 filing. During the recession, unemployment soared toward 20 percent, and violent crime rose.

Today, one in four residents lives below the poverty line, according to the U.S. Census Bureau.

Now, as the city slowly recovers from financial disarray, officials and advocates look to the Stockton Economic Empowerment Demonstration, or SEED, to provide insight on whether a long-term basic income program is a viable creative approach to lifting residents out of poverty.

"The need has only been reiterated" in the last few weeks of preparation, SEED director Sukhi Samra said. "Folks are ready to use this money to pay bills, to save for the future, to pay off debt and pay for medicine."

Each month for 18 months, 130 adults living in the city's lower-income neighborhood will receive $500 to spend however they want.

Researchers with SEED will track, study and analyze how the income boost affects residents' spending and saving habits, and how it influences other factors such as quality of life and financial stability.

The money for the program comes from a $1 million grant from the Economic Security Project, a network organization that has raised $10 million to fund and explore universal basic income programs and their viability.

"I think (the program) will make people work better and smarter and harder," Mayor Michael Tubbs told NPR last year.

"We're not just designed just to work all day and run a rat race. We're designed to be in community, to volunteer, to vote, to raise our kids. And I think the more inputs and investments we can give in people to do those things, the better off we are as a community."

Last year, 4,200 letters were randomly sent to individuals living in areas with a median household income at or below $46,033, the city's median at the time.

That approach let the program target poorer communities while allowing selection of a diverse pool of participants, Samra said.

The only other eligibility requirement was that participants be at least 18 years old.

From the respondents, SEED selected a group of 130 recipients taking into account the city's gender, age and racial diversity, Samra said.

Researchers will regularly check in with recipients to conduct quantitative surveys and qualitative interviews -

"How are people feeling? How are people spending money? Are people spending more time with families? How are health outcomes changing?" Samra said.

The idea of universal basic income is simple - giving money to everyone, regardless of income level or employment status, with no restrictions on the expenditures.

As wages, particularly for low-skilled workers, have failed to keep up with inflation, and experts warn technological developments in nearby Silicon Valley herald an artificial intelligence revolution that could make many low-wage jobs obsolete, universal basic income has gained attention as a policy idea to address wealth inequality.

In California, U.S. Sen. Kamala Harris proposed a bill last year what would provide middle class and working families a tax credit of up to $6,000 a year that could be accessed as a monthly check of up to $500.

Gov. Gavin Newsom has said he supports pilot universal basic income programs.

Several other countries conducted similar cash-transfer experiments, including Finland and Canada. Tech incubator Y Combinator conducted a feasibility study in Oakland that gave a few dozen residents between $1,500 and $2,000 beginning in 2016, and will soon conduct an expanded trial involving 1,000 people across two U.S. states.

But UC Berkeley public policy and economics professor Hilary Hoynes said interpretations of what constitutes success for a universal basic income pilot program vary.

Will more individuals be able to shift toward jobs pursuing their interests with fewer worries about living paycheck to paycheck, or will fewer people work in the labor market all together - and is that a good thing?

Both programs in Finland and Canada have ended, with no plans to continue or expand.

Moreover, to implement a feasible universal basic income program, Hoynes said, policymakers and advocates would need to grapple with whether payments should be pegged to income levels – whether, when "you earn $20,000 or $60,000 or $100,000, (governments) start tapering out benefits," for example.

"A universal payment of $12,000 per year to each adult U.S. resident over age 18 would cost roughly $3 trillion per year," reads a new National Bureau of Economic Research working paper by Hoynes and UC Berkeley professor Jesse Rothstein.

Still, Hoynes said, there could be benefits to a pilot program such as SEED to better understand what recipients spend their money on, and the long-term effects of modest income increases on educational or employment decisions, in spite of its sample size and short duration.

Hoynes isn't convinced universal basic income will be the solution to mass unemployment spurred by an artificial intelligence revolution, but she does believe the concepts are helpful in discussions about wage stagnation among low-skilled workers.

For Samra, SEED is doing just that – fostering a dialogue to help reimagine social welfare and benefit programs for Americans.

"SEED has already contributed to that conversation and re-conceptualizing what dignity is and not tying to work," she said.

"Around deservedness and the poor and the working poor."

SEED hopes to feature the stories of some recipients beginning in March.

The program will run until August 2020.

Offline Hypestyle

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Re: Racial Wealth Gap
« Reply #3 on: February 16, 2019, 02:51:01 pm »
Hopefully this pilot program will be successful. I wouldn't mind something like that being started in Michigan, to help out poorer folks here. (and I'm still trying to get out of here, cute new governor notwithstanding).   ;)
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Offline Battle

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Re: Racial Wealth Gap
« Reply #4 on: February 17, 2019, 11:33:32 am »
(...cute new governor notwithstanding).   ;)

You're not kidding, Hype!

Offline Battle

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Re: Racial Wealth Gap
« Reply #5 on: March 13, 2020, 07:56:29 am »
Sunday, 22nd September 2019 (originally posted)
Universal Basic Income can work.

I know it could be the difference between life and death

by Kathy Lison

I am the daughter of a single mother, a mother who raised me and my sister with the help of food stamps, visits to the local food pantry and government-subsidized housing.

I’m the daughter, that is, of the sort of mother now at the center of a burgeoning national debate about universal basic income.

Does such a mother — and it is almost always a question of mothers — deserve, say, $1,000 a month from the government or candidate Andrew Yang, no strings attached?

Can we trust her with such a sum? Won’t she just use it to buy cigarettes and vodka?

It’s true my mother might have bought a few cigarettes — though she rarely drank, she did smoke.

What I remember most though is watching her scratch figures on a back page of her calendar, playing that month’s cat-and-mouse game of paying the bills.

As a teenager, I didn’t know the details of our financial situation, but I knew it wasn’t good.

It had never been good.

Toward the end of every month, my mother never failed to say, “I’m broke.”

She’d been born a farm girl and throughout her life retained a solid, Midwestern work ethic, even if farm chores didn’t exactly thrill her.

Her younger brother was the one who got sent to college, while she had to make do with high school.

At 18, she married my dad:

a nice Catholic boy who turned out to be an abusive drunk.

Giving birth to me gave her the courage to finally divorce him, after which she struggled through seven years of making ends meet only to get pregnant again.

Another mouth to feed actually meant hope for a while:

She went back to school, got a two-year degree in accounting.

When the economy went sour, however, even her new degree couldn’t keep her from getting laid off.

If you’re wondering whether $1,000 more a month (approximately $450 in 1987, when I was in high school) would have made an appreciable difference in our lives, I can tell you the answer is yes.


Because after years of trying and failing to get ahead, my scrupulously honest mother did something I’m sure she never thought she’d do:

took a job working for cash in a blue-collar tavern owned by an old friend, income she didn’t report to the unemployment office.

Mom had done the math; she knew the calculus.

There was no other way at that point she could do more than just get by. No other way to stop saying, “I’m broke.”

I seem to recall she made about $60 a shift bartending, something she usually did on Sundays.

Until the Sunday two men came into the bar, stole what money there was in the register and strangled her to death.

The irony of my mother’s murder was that it accomplished what she could not:

First, it pulled my sister and me firmly into the middle class.

We went to live with our uncle and his family, the younger brother who’d gone to college and had a good-earning job.

Second, and more important, after my mother’s mother, our grandmother from the farm, died, we each got half of a modest inheritance.

I graduated from college — as my mother had been determined I would — yet more than my education, the thing that helped me escape the poverty that might otherwise have been my destiny was that inheritance, her inheritance.

It was the money.

That money helped pay for school (I never had a student loan), freed me to study abroad (learning French made writing my first book possible) and made the down payments on my first several houses.

A little money can make a big difference.

I understand the fear that poor people will abuse anything given to them.

Or the feeling that they shouldn’t be given things, and the corollary to that, that they don’t deserve much.

That they are somehow to blame for their impossible situations.

I might think that way too had I not lived it.

Had I not grown up watching my mother and the many, too many, other mothers that filled our apartment complex fighting just to give themselves and their kids some place decent and safe to live, to put food on the table.

Fighting, that is, to get out.

My mother didn’t make it.

But with a little trust — and with some money — maybe there are others who will.

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Offline Battle

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Re: Racial Wealth Gap
« Reply #6 on: March 13, 2020, 08:02:18 am »
Friday, 13th March 2o2o
Representative AOC demands the government distribute a 'Universal Basic Income' and implement 'Medicare for all' to fight Covid-19
by Eliza Relman

Representative Alexandria Ocasio-Cortez and other progressive lawmakers are calling for a significantly more robust federal-government response to the coronavirus than has so far been proposed by both Democrats and Republicans.

The House is preparing to vote on Thursday on a coronavirus-relief bill that would provide Americans with paid sick leave, food assistance, free coronavirus testing, and more substantial unemployment benefits.

But Ocasio-Cortez pushed for a more sweeping response, including expanding Medicare or Medicaid to cover all Americans, a freeze on evictions, a universal basic income, ending work requirements for food-assistance programs, criminal-justice reform, and freezing student-debt collection.

"This is not the time for half measures," she tweeted on Thursday.

"We need to take dramatic action now to stave off the worst public health & economic affects. That includes making moves on paid leave, debt relief, waiving work req's, guaranteeing healthcare, UBI, detention relief (pretrial, elderly, imm)."

Ocasio-Cortez said the expansion of unemployment benefits wouldn't help the many millions of Americans, including tipped and contracted workers, who are suffering economically as a result of the pandemic but aren't necessarily losing their jobs.

Democrats are attempting to bring Republicans on board with the legislation, but the Executive Mansion and gop lawmakers are resisting it.

House Minority Leader Kevin McCarthy called the bill "completely partisan" and "unworkable."

Senate Majority Leader Mitch McConnell called the legislation "an ideological wish list that was not tailored closely to the circumstances."

But House Speaker Nancy Pelosi has remained defiant.

"We cannot slow the coronavirus outbreak when workers are stuck with the terrible choice between staying home to avoid spreading illness and the paycheck their family can't afford to lose," she said in a Wednesday statement.

On Thursday morning, Pelosi told reporters that Congress wouldn't leave Washington without passing legislation to address the pandemic and resulting economic crisis.

(Congress is scheduled to go on recess next week).

"We're bringing this bill to the floor," she said.

Meanwhile, the president has proposed a massive fiscal stimulus centered on a temporary Social Security payroll-tax cut that would add about $1 trillion to the national debt — more costly than both the 2008 Wall Street bailout and the 2009 stimulus bill designed to combat the Great Recession.

There is widespread bipartisan skepticism about the cost and effectiveness of drumphf's proposal, and it would face an uphill battle in the Democratic-controlled House.

Critics say the payroll-tax cut wouldn't be targeted enough and would disproportionately help higher-income Americans.

After calling for unity during an address to the nation on Wednesday night, drumphf attacked Pelosi on Thursday morning for refusing to back his plan.

"Nancy Pelosi all of a sudden doesn't like the payroll tax cut, but when Obama proposed it she thought it was a brilliant thing that all of the working families would benefit from because if you get a paycheck, you're going to take home more money," he tweeted, quoting a host of "fox and Friends."

« Last Edit: March 13, 2020, 08:15:22 am by Battle »

Offline Battle

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Re: Racial Wealth Gap
« Reply #7 on: March 13, 2020, 08:14:01 am »
Friday, 13th march 2o2o
Yes, Rashida Tlaib is Right to Give You Money

by Natalie Foster

For the small group of people who work toward establishing a guaranteed income professionally, we are used to the furrowed brows and looks of skepticism that come with explaining what we do to most people outside our network.

"You want to give people money?"

"Yes, exactly!"

The inevitable follow-up is why not invest instead in education or healthcare or housing?

We should have all those things, and we can afford all those things as a country, but we should also understand that the needs of each individual differ, and cash allows people the flexibility to take care of whatever's most pressing in the moment.

In fact, we have a lot of empirical evidence that shows that cash is one of the most effective ways to alleviate the harms of income instability and poverty.

When I first started working on a guaranteed income in late 2016, these conversations usually fizzled out quickly—even among my most open-minded friends and colleagues.

Now, less than three years later, the simplicity and common sense behind providing poor and middle-class Americans with cash benefits is no longer a radical idea.

In the past few months, we've seen leading political figures introduce different versions of a similar policy—providing credits to Americans through the tax system.

From Senator Kamala Harris's LIFT Act to Senator Cory Booker's Rise Act, policy solutions to the rising cost of living and increased income inequality are now a cornerstone of the progressive movement.

The latest entry into the push behind tax credits for the poor and middle class is Rep. Rashida Tlaib, who's set to introduce the Building Our Opportunities to Survive and Thrive (BOOST) bill in Congress.

The legislation would provide an income floor of up to $250 a month to individuals and $500 monthly to families.

Representative Tlaib says the inspiration behind the bill was sitting down with moms in her district who shared the struggles they face trying to make ends meet.

Their situation is increasingly common in an economy designed to siphon wealth to the very top, while those who toil in the hard work of supporting corporate profits find that a 40-hour work week is no longer enough to cover the bills.

In fact, even with the economy approaching full employment, nearly 40 percent of adults report that they have trouble meeting their basic needs – at the same time, the richest 0.1 percent of Americans now owns the same amount of wealth as the bottom 90 percent.

Cash is not only one of the most effective ways to address the varying needs of the poor and middle class, but this new generation of policies also marks an important shift in our cultural values around deservedness by challenging the harmful idea that a person's worth is directly correlated to their income.

Senator Booker's credit expands the definition of work to include unpaid caregiver and students, and Harris's extends to students.

Representative Tlaib's bill offers a monthly income guarantee to families making under $100,000, regardless of their existing income.

Contrary to popular conservative talking points, poor people aren't struggling because they're not budgeting well – they're struggling because a full-time job often doesn't meet basic needs, and because our current labor market structure's lack of paid parental and family leave along with shutting out of formerly incarcerated Americans leaves many potential workers without viable employment options.

The BOOST bill makes Representative Tlaib the newest entrant into a group of future-thinking policymakers who are driving a seismic shift toward the big idea of creating an income floor for all by providing cash to everyone in America who needs it most.

It also offers a way to implement a federal version of the local pilot work on guaranteed income being led in cities such as Stockton, CA and Jackson, MS – where recipients are reporting major improvements to their lives and livelihoods, such as being able to turn down overtime to help their children with their homework to being able to afford tuition to go back to school themselves.

It's time we break with outdated notions that the only way to measure the value of work is through a paycheck.

As any parent who's stayed up with a sick child all night or adult who's nursed a parent through terminal illness will tell you, some of the hardest, and most rewarding, labor that is done in this country comes without compensation.

We have the opportunity to change that, and doing so would benefit both our economy and our society.

Offline Battle

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Re: Racial Wealth Gap
« Reply #8 on: April 07, 2020, 04:41:19 am »
Tuesday, 7th April 2o2o
Spain is moving to permanently establish Universal Basic Income in the wake of the COVID-19 pandemic
by Joseph Zeballos-Roig

Spain is moving to implement a universal basic income as a measure to help workers battered by the Covid-19 pandemic.

Nadia Calviño, the country's minister for economic affairs, told Spanish broadcaster La Sexta on Sunday evening that the government is planning to introduce it as part of a barrage of policies to help people get back on their feet.

She said enacting basic income was "mostly aimed at families, but differentiating between their circumstances.

Calviño didn't offer a specific date as to when basic income could be rolled out in the country.

But she said the government hoped it would become "a permanent instrument."

"We're going to do it as soon as possible," she said.

"So it can be useful, not just for this extraordinary situation, and that it remains forever."

If the plan moves from proposal to reality, Spain would become the first nation in Europe to pass universal basic income, according to the Independent.

Finland had previously tried a two-year basic income experiment of its own that ended in 2019 with 2,000 unemployed residents, Business Insider's Aria Bendix reported.

Recipients reported they were happier and healthier, but many of them were still jobless.

It's not immediately clear what universal basic income could look like in Spain, given the proposal appears to be in its early stages.

But under the idea, the government would provide a monthly payment to citizens, free of any conditions.

Spain enacted a nationwide lockdown on March 14th to curb the spread of the virus, and effectively shut down the economy as restaurants, bars, and hotels were ordered to closed their doors.

The country reported over 135,000 cases so far and 13,000 deaths.

To date, Spain has rolled out scores of measures to provide relief to both corporations and average people.

The push for basic income in the US has its champions.

Tech entrepreneur Andrew Yang thrust the idea of basic income into the mainstream with his plan for a "Freedom Dividend" during his presidential run, which ended earlier this year.

The plan would have guaranteed payments of $1,000 a month — or $12,000 a year — to every US citizen over the age of 18 without any strings attached.

To help Americans deal with the fallout of Covid-19, the trunk administration signed a law to provide millions of Americans with one-time $1,200 stimulus checks.

Individuals earning below $75,000 and couples making under $150,000 qualify for the full amount.

« Last Edit: April 08, 2020, 02:27:16 am by Battle »

Offline Battle

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Re: Racial Wealth Gap
« Reply #9 on: October 13, 2020, 02:54:19 pm »
Tuesday, 13th October 2o2o
Mark Cuban: Every household in America should receive a $1,000 stimulus check every 2 weeks for the next 2 months
by Taylor Locke

With around 13 million Americans unemployed and thousands of businesses permanently closed across the U.S., experts warn that more stimulus will be needed for economic recovery amid the ongoing pandemic.

However, Congress is at an impasse, and it looks unlikely that a deal on another stimulus package will happen any time soon.

But “we need it as much now as we did back then,” at the start of the pandemic, Mark Cuban, self-made billionaire, investor on ABC’s “Shark Tank” and owner of the Dallas Mavericks, tells CNBC Make It.

Cuban says there are “two economies,” or two sets of realities, right now: One for those able to stay afloat and one for those unable to.

“Those without [help] are struggling badly,” he says.

“We need to get them help.”

To provide that help, Cuban supports more stimulus checks being dispersed, he says.

Cuban says that all American households, no matter their income level, should receive a $1,000 stimulus check every two weeks for the next two months.

He proposed this same idea in May and says “I still believe in doing it the exact same way” today.

Additionally, families would have to spend each check within 10 days, or they would lose the money, Cuban says.

He believes this “use it or lose it approach” would be beneficial because it would promote spending, which would help businesses stay open and stimulate the economy.

“I don’t care what they spend it on,” Cuban told KNX 1070 News Radio in May.

“It could be candy, it could be rent, it could be their mortgage, it could be anything they deem necessary or that they want.”

Without mandating the money be spent within 10 days of receipt, Cuban believes many Americans will save it.

“People are uncertain about their future, so rather than spending, they save,” he says.

He has a point: Many Americans have been saving more amid the pandemic than ever.

In April, the personal savings rate hit a record high, according to the U.S. Bureau of Economic Analysis.

With Cuban’s plan, “the whole goal is to get that money every two weeks into the economy,” he says.

“Once businesses start having demand, even if they’re closed and working online, then there is a reason for them to be able to bring back employees and retain those employees if demand is sustained.”

Cuban acknowledges this plan would be costly.

“There is certainly a lot of risk in this use it or lose it approach,” he said in a tweet in May.

“But it will allow for demand for non-essential products and services to increase, hopefully keeping most businesses alive.”

However, Cuban’s plan would work better if it specifically targeted those most in need, Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities, tells CNBC Make It.

“What’s good about [Cuban’s plan], and what’s important, is he reflects the urgency of the situation,” Marr says.

“But I think you target money first for people that are hurting. People who are hurting and don’t have other income, they’re going to spend. I think if you did stimulus payments, they need to be targeted by income.”

Affluent Americans and those who can work from home are able to save more, Marr says.

Giving them extra money right now won’t necessarily encourage them to spend more.

Marr would also do away with the “use it or lose it” approach pitched by Cuban, he says.

“I don’t think the ‘spend it now’ is workable,” Marr explains.

“The government could not keep track of that.”

All in all, it does make sense to support additional stimulus payments, on top of “substantial unemployment and nutrition support,” Marr says.

“That combination of unemployment insurance and the stimulus checks in the spring and summer was very effective,” he says.

“It kept support for low- and middle-income people.”

To support the economy and struggling Americans amid the Covid-19 pandemic, Congress passed a record $2 trillion coronavirus aid package known as the Coronavirus Aid, Relief, and Economic Security, or CARES, Act in March.

The legislation provided many Americans with a much-need boost, including a round of stimulus checks, enhanced unemployment benefits and insurance, and forgivable loans for small business owners through the Paycheck Protection Program, or PPP.

However, since many of the CARES Act provisions expired in July, that support is dwindling.

But Congress has yet to agree on a second stimulus package. Earlier this month, Senate Republicans failed to advance their “skinny” COVID-19 relief bill, as Congressional Democrats say the bill did not provide enough relief for Americans.

In a hearing on Tuesday, House Democrats reaffirmed their commitment to a deal that includes a second round of $1,200 stimulus checks.

Some experts say that the death of Supreme Court justice Ruth Bader Ginsburg and the debate over filling the now vacant seat will make an agreement nearly impossible going forward.

“What we’re seeing now [in Congress], is there is somewhat of a timeout, but there is no timeout for hunger,” Marr says.

“There is urgency [for a stimulus deal]. Congress needs to step up.”

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