Although investing choices matter, they are probably less important than differences in savings rates, marriage rates, and labor force participation, especially among males. https://www.bls.gov/opub/reports/race-and-ethnicity/2019/hom... "Among adult men (20 years and older) in the largest race and ethnicity groups, Hispanics (77.4 percent) continued to have the highest employment–population ratio. Black men (64.0 percent) had the lowest, also continuing a longstanding pattern. The employment–population ratios for Asian adult men and White adult men were 73.1 percent and 69.6 percent, respectively."
When black men (some of the earliest investors in the US project) were 100% employed they were poorer than ever due to racism. We can't seriously act like investment decisions during our 'inflationary present' can overcome the ~2 trillion hours of labor the US and its white citizens stole from black citizens, roughly $40 trillion of wealth.
Sure, African Americans have had a disadvantage, and some corrections are due. But we also need to listen to thought leaders like Thomas Sowell, Carol Swain [1] and others. They hold the idea that education (not direct payment) is key to helping others escape poverty. Teaching how to fish, not giving away fish, so to speak.
"Teaching to fish versus giving fish" doesn't enter the equation where debt is concerned. And this is debt, not charity. Victims don't need a lecture about the terms under which they will be repaid and debtors don't dictate terms of repayment.
I'm not surprised that some potential payers support/promote 'thought leaders' that argue for not paying the full tab but it's transparently self serving. Any attempted reframing of this debt to the African American community is an insult to history at minimum.
20% of millionaires inherited money. The other 80% did not inherit it-- they made it.
That's the result of financial education.
There are many people with high incomes (and low incomes) who live in debt. A tiny sliver are in debt due to medical issues, natural disaster, etc. The vast majority simply have made poor financial decisions.
Race has nothing to do with this-- financial education can benefit everyone. Period. Full stop.
It's the key to better living. And it should be made available to everyone.
Nobody is against education here, just making the point that debtors don't dictate the terms of payment. The onus isn't on African Americans to meet arbitrary requirements set by the offending parties.
If I ram a semitruck into your home, I don't get to require arbitrary action x,y,z from you as conditions for paying damages. It's silly to think you have the authority to... a lot of people arguing your position have this backwards and silly belief system.
