Rep. Bowman: US can pay $14T in reparations without raising taxes

4,764 Views | 68 Replies | Last: 9 mo ago by BigRobSA
ProgN
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https://www.dailymail.co.uk/news/article-12976909/jamal-bowman-reparations-14-trillion.html
Quote:

New York congressman Jamal Bowman has defended his proposal to pay $14trillion in reparations to African Americans for slavery without raising taxes.

Bowman, a member of the so-called 'Squad' of young controversial Democrats in Congress, first introduced the bill, H.R. 414, in 2023.

It claims the US has 'a moral and legal obligation to provide reparations for the enslavement of Africans and its lasting harm on the lives of millions of Black people in the United States.'

Quote:

'Who says the $14 trillion needs to be paid out in one shot?' he told The Journal News.

He said the money would be divided between the 42million African Americans in the US - 12 percent of the population.

'It might be possible for it to be paid out over five or 10 or 20 years. You could take that $333,000 and break it up into monthly checks over X amount of time. There are creative ways to do the right thing and do what needs to be done.'

The $14 trillion sum would represent well over half the United States' entire economy.

The federal government spent about $7 trillion in 2020, about 28 percent of the nation's $25 trillion economy.

Bowman argued that the federal government could 'find' the cash - citing the response to the COVID pandemic as proof.

'When COVID was destroying us, we invested in the American people in a way that kept the economy afloat,' said Bowman.

'The government can invest the same way in reparations without raising taxes on anyone.'

The government added $3 trillion to the federal deficit, thanks to COVID. 'Where did the money come from?' Bowman said. 'We spent it into existence.'


Quote:

He even suggested that the sum be increased, saying it might have to be increased to $16 trillion to account for inflation that will occur before the bill finally passes.

'Let's say the investment of $16 trillion will yield $100 trillion on the back end,' Bowman said. 'It's just like when you invest in child care. Every dollar you invest in child care yields $14 on the back end.'



The "party of science and economics" my ass.

We are so screwed as a country with these dumbasses being elected and voting on legislation to better us all. We are in hospice.
UTExan
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"Why let lack of money get in the way of paying reparations?"
-the San Francisco Reparations Committee
“If you’re going to have crime it should at least be organized crime”
-Havelock Vetinari
agAngeldad
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As dumb as this is, I wouldn't be surprised to see this one day. Then all hell breaks loose.
C@LAg
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is this the same idiot that thought Guam would tip over?
Kvetch
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AG
If I actually thought saying yes to this would take away all race hustling and identity politics for the entirety of the future, I would say it's a bargain. But it won't, so it's just an unconstitutional scam.
Dan Scott
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AG
We increased the national debt by the same amount he's asking without raising taxes the last 7 years. What we spent it on I have no effing clue.
Kvetch
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AG
C@LAg said:

is this the same idiot that thought Guam would tip over?


Nah, he's too busy pulling fire alarms to learn where Guam is on a map.
kalltamu
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AG
The part that makes me laugh is the insanity of having to figure out how to distribute any money "we spend into existence".

I did a couple of DNA test a few years ago and there is a small portion traced to Western Africa. My direct ancestor came from Alabama and came to Texas right after the Civil War. Based on the % its not hard to figure out what happened based on the timing and if you go back to part of my family, they are a lot darker skinned. Now, I'm just about the pastiest white dude you've ever seen but clearly you can track it right back to the time period before the Civil War. We also know every single person in the line going back to my Great, Great Grandad. We don't know what happened in his history because he died in a hunting accident while my Great Great Grandmother was pregnant with my Great Grandad two years after the Civil War ended and not long after they got married.

So, my question is how the hell do they distribute that.... am I left out because I look like the ancestor that likely took advantage of my other ancestor? Or am I in because one of my ancestors was almost certainly a slave? Do I pay more in taxes to fund this because we can find that one of my ancestors on the other side of my family owned slaves? Does an African American whose ancestors weren't here during that era get money because they look like those who were? The absurdity of trying to make that decision seems crazy to me. In my family alone, you have nearly every side of the issue from a slave owner to what was almost certainly a slave. How on Earth does someone sort that out?

And I'm not even going to address the creation of 14 to 16 trillion because we did it during Covid. That is crazy on its face. I'm addressing the rest of it because agAngeldad is right... I would not be surprised if somehow we end up doing something nuts on this issue and actually doing it at some point. I do not think this should be done under any circumstances.
TexAgs91
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AG
"Freedom is never more than one election away from extinction"
Fight! Fight! Fight!
TexasRebel
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AG
Instead of deporting illegals, does he want to sell them to pay for this?
Muktheduck
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Ironically, the only way to generate trillions without raising taxes would be to conquer and enslave an entire nation of people
nortex97
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AG
Keep in mind the Democrats put AOC on the finance committee when she got into office, when at the time her credit score was 430.
MouthBQ98
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AG
Debts are always paid. With a fiat currency, it can be paid via inflation
fixer
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MMT is a helluva drug...

I see that there is some consistency in the current estimate for reparations being in the trillions.

Is there any serious, non-biased, economic analysis that shows the slave labor in the US over any specific period is even close to the trillions in 2023 dollars?

Rongagin71
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How does 14trillion come about?
Does any of it go to compensate the slave owners?
What about compensating Confederates for destruction of property?
I'll bet Mr Bowman wouldn't be so sanguine if those issues were on the table.
Fins Up!
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So after the reparations are paid, does this mean that we won't have to pay any more welfare?

If we paid cash reparations now, can we eliminate all forms of government assistance to the recipients and their descendants?

After all, won't the reparations fix everything?
DrEvazanPhD
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We call that the "Kamala Paradox"

What happens when one part of your family owned another part of the family?

I'm 1/4 black. Don't look it. But have an African grandfather. Do I get reparations?
Ginormus Ag
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AG
If we appointed the dumbest people to office we could find, they would still be smarter than these people.
JWinTX
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kalltamu said:

The part that makes me laugh is the insanity of having to figure out how to distribute any money "we spend into existence".

I did a couple of DNA test a few years ago and there is a small portion traced to Western Africa. My direct ancestor came from Alabama and came to Texas right after the Civil War. Based on the % its not hard to figure out what happened based on the timing and if you go back to part of my family, they are a lot darker skinned. Now, I'm just about the pastiest white dude you've ever seen but clearly you can track it right back to the time period before the Civil War. We also know every single person in the line going back to my Great, Great Grandad. We don't know what happened in his history because he died in a hunting accident while my Great Great Grandmother was pregnant with my Great Grandad two years after the Civil War ended and not long after they got married.

So, my question is how the hell do they distribute that.... am I left out because I look like the ancestor that likely took advantage of my other ancestor? Or am I in because one of my ancestors was almost certainly a slave? Do I pay more in taxes to fund this because we can find that one of my ancestors on the other side of my family owned slaves? Does an African American whose ancestors weren't here during that era get money because they look like those who were? The absurdity of trying to make that decision seems crazy to me. In my family alone, you have nearly every side of the issue from a slave owner to what was almost certainly a slave. How on Earth does someone sort that out?

And I'm not even going to address the creation of 14 to 16 trillion because we did it during Covid. That is crazy on its face. I'm addressing the rest of it because agAngeldad is right... I would not be surprised if somehow we end up doing something nuts on this issue and actually doing it at some point. I do not think this should be done under any circumstances.


If you really are curious, I doubt your claim would ever come close to 3/5ths…just in case you wanted a historical comparison.
Logos Stick
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At this point, I'm in the Scott Adams camp. The non stop anti white racist garbage from the left and playing the race card everytime something happens to blacks has worn thin.

If the government ever taxes us for reparations, I'll take my portion back and then some from a white liberal. Literally.
The Fife
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nortex97 said:

Keep in mind the Democrats put AOC on the finance committee when she got into office, when at the time her credit score was 430.
She couldn't finance her own mother's love.
She'd need a co-signer to pay cash.
Can't finance the steam off a hot dog.
She'd be 90 days past due if she loaned herself money.
She should be rich, she hasn't paid for anything.
Can't even pay attention.
The bank wouldn't loan her their pen.

Seriously though, could a regular citizen even get a clearance with credit that low? I'm assuming she has one somehow.
houag80
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AG
We are truly living in the land of idiots.
Phatbob
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AG
We keep giving the government more and more authority over our lives, when they constantly demonstrate a 100% lack of ties to reality. This is the biggest threat to our country.
houag80
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AG
Of course you can't...this is the great grift into perpetuity...you evil white person.
DallasAg 94
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Hungry Ojos
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And yet, somehow, without a single cent of reparations, he made it to where he is in life just fine. As does any other African American who simply tries.
Highway6
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AG
So if I'm doing the math correctly, that's about $300,000 per person. There aren't enough Escalades to go around
YouBet
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My favorite part of that is that he thinks we might have to increase money printing from $14T to $16T because of inflation.

People identifying as a Democrat should not be allowed to vote much less serve in office.
bobbranco
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AG
People who elected him are idiots.
javajaws
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AG
In other news today the stock prices of YUM, NKE, and MSFT are all higher today on long term forecast news.
Gigem_94
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AG
My wife keeps trying that "we spent it into existence" strategy but it isn't working for us. What are we doing wrong?
CrackerJackAg
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AG
Rongagin71 said:

How does 14trillion come about?
Does any of it go to compensate the slave owners?
What about compensating Confederates for destruction of property?
I'll bet Mr Bowman wouldn't be so sanguine if those issues were on the table.


Yeah, no one gives a **** about that.
D_Wag97
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AG
All that money will be reinvested on the back end? Bull.***** That money will be gone and hands will be out again. Where's all that back end money from welfare, education, food stamps, free phones,....?
usmcbrooks
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Reparations should be paid by the country that sold them into to slavery.......
BadMoonRisin
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AG
I feel like reparation talks, "studies" and "taskforces" is just putting the football down like Lucy to trick black people into voting for the Dems thinking it will actually happen. Then, it unsurprisingly, it also magically fizzles out immediately after the elections, and the football is again puled out from Charlie Brown's foot, yet again.

Weird.
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