BET's founder doesn’t like Joe Biden’s plan to tackle inequality

This week, presumptive Democratic Presidential nominee Joe Biden outlined a series of proposals to target racial inequality, at a time when the subject is high on the list of voter concerns.

Among other initiatives, the former Vice President proposed requiring the Federal Reserve to report regularly on what they are doing to narrow socioeconomic gaps. However, the proposals left Robert Johnson, the co-founder of Black Entertainment Television, feeling underwhelmed.

“Investments and lending to small [Black] businesses simply do not work and will not close the wealth gap,” the wealthy entrepreneur told Yahoo Finance’s The Ticker, explaining why such programs are historically ineffective.

Johnson pointed to data published recently by Axios that outlines glaring differences between the income of White Americans and African Americans. Even when factoring in education, Black income badly lags that of Caucasians, the data found.


About Yahoo Finance:
At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.

Biden’s $150 billion plan aims to narrow the wealth gap between Whites and minorities by offering programs like a one-time student debt reduction of $10,000 per student. The proposal, however, does not specifically address reparations, a measure Johnson believes is the solution.

“The way to get wealth in the hands of the Black community is to transfer the wealth that was taken from Black people-- the 40 million people who are alive today after slavery and racism and Jim Crowism,” Johnson said.

The BET co-founder has proposed a $14 trillion reparations plan, saying about $8 a day from tax-paying White Americans, over 30 years, would let African Americans deploy the capital needed to close the gap.

“If Vice President Biden’s program says ‘I want to make a few people better off,’ he can probably achieve that,” Johnson noted.

“But if he wants to close the wealth gap and repay for slavery and attending over 30-40 years of systemic racism, $150 million ain’t gonna do it,” he added.
#JoeBiden #inequality #2020presidentialelection

Connect with Yahoo Finance:

Fill the pockets of certain people (black in this case)? Lol man, that's not how wealth is created, that's how you start inflation.

[jleongrae]

the walk away movement is real it is when the people wake up and walk away from the Democrat party I did

[seankennedy]

Reparations is dumber than people think. Imagine drawing a family tree of 327 million people.

[frankm]

Does Obama and Halle Berry have to pay or are they entitled to some of the money? This guy is a jerk.

[mgvable]

When he said " Every white person in America pays " you know he not even serious about this

[aimeekeel]

I like how he sits there with a net worth of $600 million talking about the “wealth gap”.

[robm]

Reparations are just a ridiculous idea. There are so many issues with it. Lol.

[geraldinepebdani]

This idea creates unforgiveness and devisive predujice which creates a war that is racially fueled

[blackjackmusic]

"Close the wealth gap" how bout ya get a job

[orgbortondave]

My ancestors are from the great North. I’m not paying reparations to ANYBODY.

[jeffreyboyd]

If it’s tax money everyone pays into it: black, Asian, white, Indian, Latino... so black people are still punished. So you’d have to tax white people specifically. Even the nice Iranian family who came here in the 1990s look white enough to qualify. But the gay Jamaican/Philippine couple who knocked down the Rodger’s house - after Mr. and Mrs. Rodgers downsized to an apartment when all the kids graduated high school - they get a check every year because of skin tone? I’m sorry if I offend anyone, but the Democrats bring up reparations every four years. The difference now is the admission that all their other government dependency programs have failed. The way to empower people in this country is to give them purpose.

[jamesshoemaker]

Ok I don't know alot about this gentleman, Robert Johnson. What I want to know is the average wages of his employees, their health care, their retirement plan. Does he practice what he preaches? Is so awesome, if not stfu.

[Tidewater_paddler]

Why dont you interview regular everyday black folk about this?

[JizzleGottaKeepItReel]

What most of the people opposing this plan fail to understand is that, yes slavery was many years ago and it’s maybe not a living slave from those inhumane times still here on earth today however, the fact is that if blacks were never enslaved there wouldn’t be the racial problems that exist in America today… “It’s not fair” “It’s not right” enslaving blacks, segregating blacks, making laws and efforts to make blacks lives harder isn’t right and white families who still reap the benefits from slavery isn’t fair (And how many white families do you think is ultimately in the position they’re in today due to the benefits from slavery?)… it’s a hard pill to swallow but, the truth will always be blacks in America were held back and whites had a major head start. This would be a huge step forward on resolving the problem that whites in America started.

[jaymcguigan]

First of all this guy has money to donate to charities and selectivly give it to communities

[Mark-zbfi]

Long as the Chinese will fund the cost of Reparations, I am all in!

[eddey]

How about black Americans improving themselves. Thats the only way

[erthman]

If anyone can trace their family roots back to slavery then they might try to sue the slave owners descendants in a court of law for perceived losses. Good luck with that one but you certainly don't have any claim on even one cent from me.

[Beastmannd]

So how brown do you have to be to be exempt for paying and how brown do you have to be in order to receive someone else's money?

[mbrad]

Once again, what does this have to do with investing and the capital markets?