Beautiful Virgin Islands

Tuesday, Jun 03, 2025

New York Times Publishes Democrats Economic Manifesto Calling for Reparations

New York Times Publishes Democrats Economic Manifesto Calling for Reparations

The New York Times devoted its entire “Sunday Review” section this weekend to an economic manifesto that lays out a left-wing vision for redesigning the American economy in the wake of the coronavirus pandemic. The Times focuses on redressing economic inequality as the main challenge - not economic growth, or job creation.

The lead editorial, among other ideas, calls for the Federal Reserve to target black unemployment instead of overall unemployment: “Instead of targeting overall unemployment, the Fed can correct its aim by targeting the Black unemployment rate. If the Fed provides enough stimulus to bring down Black unemployment, everyone benefits.”

Other economic proposals in the manifesto include a plan for banks to pay reparations: “First, [banks] must apologize for their culpability for and complicity in structural racism. Next, they must commit to serving black people as they do whites.” Four additional steps are proposed: “Cancel consumer debt for black customers”; “Eliminate banking fees for black customers”; “Provide interest-free mortgages to black home buyers”; “Provide interest-free loans to black-owned businesses.”

Another proposal calls for raising the inheritance tax — what Republicans call the “death tax,” because it is payable by the deceased (or their estates):

There are plenty of sensible options for increasing taxes on inheritances. Returning the estate tax to its 2009 levels would raise $270 billion over the next decade. Further increasing the rate so that it rises to 65 percent on estates over $1 billion would raise an additional $100 billion.


An even better approach would be to replace the estate tax with an inheritance tax. Under an inheritance tax, heirs would simply pay income and payroll taxes on their inheritance above a large exemption, just as others do on their wages.

The manifesto also calls for a 28th Amendment to the Constitution to enshrine something called “voter equality,” which appears to mean a guarantee of high turnout among poorer voters. The amendment would grant “all adult citizens the right to vote in federal elections,” with no exceptions.

Another heartfelt essay calls on wealthy Americans to “give up your privilege.”

Prior to the coronavirus the U.S. economy was experiencing what President Donald Trump called a “blue-collar boom.” Minority unemployment was at the lowest levels in history. Wages for the lowest-paid workers were rising faster than wages for the highest earners. Inequality was in retreat, as economic growth created new opportunities, and the enforcement of immigration laws gave working-class Americans a chance to compete.







Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×