fantabolous
smart usage of data plan
You can't have it both ways, lift the debt from black folks but leave the whites saddled with the same debt. Not to mention you admitted that said debt doesn't even affect the wealth or wealth building potential of a percentage of the same whites. So big picture is you'd rather a black family not be able to build an investment portfolio at all because it will ultimately allow a white family to increase the percentage on the same investment portfolio they were going to have anyway. You can't possibly not see how ridiculous that is.
I'm going to try one last time and then I'm leaving this alone. I didn't say that student loan debt doesn't affect white people, it absolutely does. As an example, it may not prevent white homeownership like it can for blacks, but it may prevent acquisition of additional property that now helps allow minority homeownership. Now cancel everybody's debt and you're more likely to to see less effect on whites, allowing them to increase their ability to acquire resources. There isn't some endless supply available, and this in turn has disparate impact on black wealth acquisition. Add to this the overall lack of recirculation of the black dollar and where do you ultimately think the money will go?
I've never stated that black people wouldn't benefit from a program that eliminated student loan debt. It's just false to say we'll benefit more or that this helps level the playing field. My issue has never been that this won't help some, even plenty of black people. This would benefit plenty of Americans overall; this being sold as a way to reduce the racial wealth gap is just inaccurate and not the way things work on a macroeconomic level. I don't have a problem with plans to eliminate student debt, even all student loan debt. Eliminating ALL student debt for EVERYONE will not reduce the racial wealth gap and shouldn't be marketed as a way to do so. I think a progressive approach helps to balance out better (what Warren proposes)
Maybe race makes it hard, so just consider universal tax cuts. If you could cut everyone's tax liability to 0, the wealthy save considerably more than the poor. This doesn't help the lower class catch up to the wealthy, ultimately its only going to increase the gap. Yes the lower class have more money now, but overall the greater benefit is provided to the upper class.
From the study below:
At the median, forgiving student debt only for low- and middle-income households reduces the racial wealth gap for Black households.
A progressive student debt reduction policy would dramatically reduce the racial wealth gap among low-wealth households.
Eliminating student debt for all households would increase the racial wealth gap.
Less Debt, More Equity | Demos
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