SF reparations panel pitches $5M — each — to black resident

[Sparko]

This all goes back to the saying, "Give a man a fish and he will eat for a day. Teach a man to fish and he will eat for the rest of his life"

If they took that money and used it to help poor people of all races to get skilled jobs, they wouldn't need a handout. If they make all black people in SF millionaires (if they could actually afford that) then all they would be doing is causing crazy inflation and raising the prices of everything including the already overpriced real estate there. And as rogue said, they would be broke in a few years, either due to that inflation, their own greed, or being taken advantage of by others.

[rogue06]

This all goes back to the saying, "Give a man a fish and he will eat for a day. Teach a man to fish and he will eat for the rest of his life"

If they took that money and used it to help poor people of all races to get skilled jobs, they wouldn't need a handout. If they make all black people in SF millionaires (if they could actually afford that) then all they would be doing is causing crazy inflation and raising the prices of everything including the already overpriced real estate there. And as rogue said, they would be broke in a few years, either due to that inflation, their own greed, or being taken advantage of by others.

I didn't do it! Nobody saw me do it! You can't prove anything!

That was Mountain Man, although I agree and likely said something similar in the past.

But as you said, the solution will cause hyper-inflation. One great historic example is when the king of Timbuktu, Mansa Musa's (Musa I of Mali) passed through Egypt during his hajj to Mecca in 1324, he handed out so much gold that it lost most of its value (and took over a decade to rebound).

[Thoughtful Monk]

I'm surprised the money is actually going to individuals. I was expecting some amount to be allocated to NGOs that would, of course, skim lots of the top to enrich their leadership and then start more programs to help.

Of course, 5 million won't be enough. Expect demands for higher amounts to come out. Plus other groups showing up with their hands out.

[Thoughtful Monk]

Haven't we already poured trillions of dollars into poor black communities since the Great Society?

I've been wondering the same. If we've poured so much money into those communities, why aren't they better? Could it be money isn't the solution to their problems. (Ok, money might be part of the solution, but not the whole.)

[Thoughtful Monk]

As anyone figured out how many people might be eligible, multiplied it by 5 million, and figured the inflationary impact?

[Sparko]

As anyone figured out how many people might be eligible, multiplied it by 5 million, and figured the inflationary impact?

The article said it would cost $50 Billion, so that would be 10,000 people getting $5 Million. SF has a population of 815,000.

10,000 seems low, as SF has a black population of 44,000

[Thoughtful Monk]

The article said it would cost $50 Billion, so that would be 10,000 people getting $5 Million. SF has a population of 815,000.

10,000 seems low, as SF has a black population of 44,000

After reviewing the requirements in the OP, not a surprising drop in qualifications. Look to qualifications be changed. One that comes to mind, is resident of SF during the period described. It will eventually become all blacks in SF even those who moved in last week.

[Mountain Man]

SF couldn't pay me $5 million to live there. What a pit.

I would take the $5 million and immediately use it to move somewhere else.

[Sparko]

After reviewing the requirements in the OP, not a surprising drop in qualifications. Look to qualifications be changed. One that comes to mind, is resident of SF during the period described. It will eventually become all blacks in SF even those who moved in last week.

maybe they should do it like the lottery, pay it in an annuity, over 30 years.

[Mountain Man]

I've been wondering the same. If we've poured so much money into those communities, why aren't they better? Could it be money isn't the solution to their problems. (Ok, money might be part of the solution, but not the whole.)

I think one of the first things to do would be to teach people how manage their money. I think a lot of people would be shocked to realize that they actually do earn enough to make ends meet if they only managed their finances better.

[rogue06]

The article said it would cost $50 Billion, so that would be 10,000 people getting $5 Million. SF has a population of 815,000.

10,000 seems low, as SF has a black population of 44,000

What? Only around 6% of the population of the liberal mecca that is San Fran is black?

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