from ZeroHedge:
In a spectacular display of what happens when woke politics intersects utter financial illiteracy, a San Francisco government advisory committee on reparations has recommended the city pay eligible black residents age 18 years and older $5 million apiece.
That’s just the headline recommendation of 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.
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Next on the wish list: “a comprehensive debt forgiveness program that clears all educational, personal, credit card, payday loans, etc.” The group said this measure will get blacks out of “an inescapable cycle of debt” so they can “build wealth.”
Rivaling the $5 million payment as an eyebrow-raiser, the committee also wants a welfare program that targets a $97,000 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 of harm and destruction of black lives, black bodies and black communities should be met with centuries of repair,” AARAC chair Eric McDonnell told the San Francisco Chronicle.
As with every leftist agenda item, this one demonstrates a profound obliviousness to the influence of incentives on individual human action: There’s no surer way of guaranteeing an individual will stay “low-income” than promising to round them up to $97,000.
But wait — there’s more: Those who qualify for reparations should also receive payroll tax, business tax and property tax credits, the panel says.
The city should also “create structures and pathways to mitigate tax consequences for recipients of reparations funds.” Sounds like the board of supervisors will get to take a fact-finding trip to the Cayman Islands.
Never mind that California wasn’t a slave state, says the committee:
“While neither San Francisco, nor California, formally adopted the institution of chattel slavery, the values of segregation, white supremacy and systematic repression and exclusion of Black people were legally codified and enforced.”
The Chronicle approvingly called it a “bold” plan, and said “what happens next will show whether San Francisco politicians are serious about confronting the city’s checkered past.”
