Biden Fed Nominee ‘Supports More Reparations’ For Black Americans

Let us stipulate that slavery was an evil and racist institution. It took years to abolish and even more, years to achieve equality for African Americans in the Civil Rights Movement. But further reparations today would simply further institutionalize a system of second-class citizenship that plagues the African American community.

However, Joe Biden is considering nominating Lisa Cook, a professor at Michigan State University. The latter has openly talked about and written about programs of mass financial payments issued to African Americans as part of a modern reparations plan.

Biden seems to think that his promises for diversity mean that African American women should be added to the US Supreme Court and the Federal Reserve leadership regardless of their ideological positions and judicial philosophy. Cook thinks that this money transfer for African Americans would make up for monetary segregation and subjection. According to Fox Business, she said that everyone profited from slavery in a September 2020 EconTalk Podcast.

Cook said that she would deal with the historic disparity through reparations. She believes that there are numerous propositions on the table that are viable. She would like to concentrate on direct repayments. But she may be interested in other monetary recommendations being advanced if African Americans are sent checks from the federal government to redress the centuries-old problems associated with slavery. She thinks that these ideas should be generally approached thoughtfully. Seriously?

Cook has a long history of supporting race-based monetary remuneration. She believes that money for African Americans is only one part of the solution because the injury was racial. Therefore, direct payments should be connected to race.

Biden added Cook’s name to the potential Federal Reserve board members list on January 14. As the chairwoman, she would cast the deciding vote on the seven-person committee. Biden likes the idea of paying restitution. During the 2020 presidential campaign, he supported reparations and a House bill to create a blue-ribbon panel to analyze how the federal government could send African Americans money.

At the University of California Haas School of Business, Cook said she wants a reparations bill to pass Congress. She favors HR 40, which would set up a commission to concentrate on reparations for African Americans. She also said that it is troublesome to describe the specific arrangement. Of course, there could be a wide range of plans to accomplish the sorts of compensation that she wants. But everyone includes sending African Americans money, like the child tax credit program.

Members of Congress who object to this type of racialized legislation contend there is no way to reasonably disperse the money. Installments and remuneration are pointless given improvements in the condition of the state of African Americans over the last 60 years. Darity at Duke University gauges that a complete reparations program would only cost the US government some $12 trillion, which is more than social security costs the government for 12 years of payments.

Republican Representative Tom McClintock (CA) and Senator Pat Toomey (PA) voiced concerns about the reparations bill and plan. Using government power to require individuals who never enslaved people to pay people who never were enslaved means that African Americans are receiving money simply because of their skin color and the history of racial oppression in the United States and the rest of the world.