In a spectacular display of what happens when woke politics intersects utter financial illiteracy, a San Francisco govt advisory committee on reparations has recommended the city spend eligible black residents age group 18 years and old $5 million apiece.
Gowns just the headline recommendation associated with the San Francisco African American Reparations Advisory Committee ( AARAC ), which was created by the city’s board of supervisors amid 2020’s nationwide racial tumult.
Next on the wish checklist : “ an extensive debt forgiveness program that clears all educational, individual, credit card, payday loans, etc . ” The group said this calculate will get blacks out of “ an inescapable cycle associated with debt” so they can “ construct wealth. ”
Rivaling the $5 million payment as an eyebrow-raiser, the committee also wants a welfare program that will targets a $97, 500 annual income for low-income blacks for the next 250 years .
That’s right: a quarter-millennium of near-six-figure per capita handouts. “ Centuries associated with harm and destruction associated with black lives, black systems and black communities must be met with centuries of repair, ” AARAC chair Eric McDonnell told the San Francisco Chronicle .
As with every single leftist agenda item, that one demonstrates a profound obliviousness to the influence of incentives on individual human activity: There’s no surer way of guaranteeing an individual will stay “ low-income” than promising to round them up to $97, 000.
But wait around — there’s more: Those who qualify for reparations must also receive payroll tax, business tax and property taxes credits, the panel says.
The city should also” create structures and pathways to mitigate tax consequences for recipients of reparations funds. ” Sounds like the plank of supervisors will get to take a fact-finding trip to the particular Cayman Islands.
Never mind that will California wasn’t a servant state, says the committee:
“ While neither San Francisco, nor California, formally adopted the institution of chattel slavery, the values associated with segregation, white supremacy and systematic repression and exclusion of Black people were legally codified and enforced. ”
The Chronicle approvingly known as it a “ bold” plan, and stated “ what happens next can show whether San Francisco politicians are serious about confronting the city’s checkered past. ”
To its credit, the committee seems wary of a brand new California gold rush composed of opportunistic reparations prospectors. To protect against a wave of black migrants cashing in, AARAC took a stab with incorporating time-in-residency prerequisites.
Their fiscal boundary wall, however , has huge gaps. Their listing of criteria applies a “ must meet at least two” approach, making it easier for new San Franciscans to sidestep the length-of-residency rules. For example , if you’re a descendant of the slave, and you were personally or a direct descendant of someone incarcerated for breaking drug laws, you’re in.
In a blow to the woke pillar associated with creative and flexible identification, AARAC shamefully stipulates that all applicants should have “ identified” as “ black/African American” for at least ten years. Let’s just hope body fat need for photo ID.
Financial acumen appears to be in short supply among the AARAC members. San Francisco’s budget is around $14 billion and there were about 47, 000 African Americans in the 2020 census. If just ten, 000 residents qualify, the $5 million transaction alone would cost $50 billion.
Diversity isn’t a strength from the reparations committee either: All 14 members are black. However , there’s a vacant seat right now — available simply to “ an individual who has lived or is currently living in community housing. ”
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