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U.S. senators and 2020 presidential rivals Elizabeth Warren (D-Mass.) and Kamala Harris (D-Calif.) both announced new plans over the weekend for government to redistribute private wealth differently according to recipients’ race.
Both announced these plans at a cultural and music festival hosted by Essence Magazine, a monthly magazine for African-American women. The festival attracted several high-profile speakers, including former first lady Michelle Obama and six 2020 White House hopefuls: Harris, Warren, U.S. Sens. Cory Booker (D-N.J.) and Michael Bennet (D-Colo.), former U.S. Rep. Beto O’Rourke (D-TX.), and New York City Mayor Bill de Blasio.
Harris - Warren - Opportunity - Proposals - Government
Harris and Warren took the opportunity to showcase new proposals aimed at government picking economic winners and losers according to race and sex.
Harris’ plan targets homeownership, pledging a $100 billion grant to support black families and individuals to secure homes in communities where financial institutions have historically denied loans to people of color, a practice known as red-lining. The money, Harris says, would be used to cover down payments and closing costs for as many as four million families or individuals.
Family - Wealth - Family - Harris - Audience
“A typical black family has just $10 of wealth for every $100 held by a white family,” Harris told the audience. “So we must right that wrong and, after generations of discrimination, give black families a real shot at homeownership – historically one of the most powerful drivers of wealth in our country.”
The program Harris proposed would be administered by the Department of Housing and Urban Development and provide home buyers of certain racial backgrounds up to $25,000 each from taxpayers. Families making more than $100,000 annually or $125,000 per year in high-cost areas would be ineligible for these taxpayer subsidies. The cap is lower for individuals, at $50,000 and $75,000 for those living in what bureaucrats would define as high-cost places.
Harris - Proposal - Government
Harris’ proposal also calls for more government...
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