re: New York Times Publishes Radical Economic Manifesto

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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.”

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“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.”

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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.

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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.

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