Jobs for those on public assistance could ease national debt
This is the third time in U.S. history that the “Black issue” is being handled poorly with a serious need for correction. All three instances were caused by greed, ignorance, or “because they could” while no one was watching.
The Civil War is the first and most obvious. The war resulted in a combined 1.5 million casualties. To the surprise and dismay of the defeated Confederacy, millions of African American slaves had attained their freedom. They represented nearly 40% of the Confederate states’ population. It is hard to imagine what America would look like if the South had prevailed.
The second major event that almost destroyed America as we know it was the financial crisis of 2008, dubbed “the Great Recession.” America, the free world, and capitalism were on the brink of crashing. The masterminds of the crisis all claimed they were “too big to fail.”
Former President Barack Obama’s greatest achievement was getting America through this momentous time. Obama’s willingness to work with Re- publicans and Democrats in im- plementing good policies re- sulted in the economic survival of the nation. The Great Recession, if handled poorly, could have easily dismantled America. The world would be a different place.
Here too the collateral damage to Black people was enormous. Many had mortgages that wrongfully exceeded the value of their homes, making them difficult to sell.
The reason we got in “this pickle” was because of the greedy, lying, and fraudulent actions of Wall Street bankers. They packaged and sold to unassuming financial institutions subprime mortgages they knew were toxic. They also knew that eventually a domino effect would kick in and it would be ugly.
These lenders “blindly approved” mortgages for overvalued properties with little regard to the credit worthiness of borrowers. This would not stand up to normal banking practices. They became known as subprime loans. These practices
mainly targeted Black people whose mortgages were at higher than normal interest rates. What those involved failed to grasp was that by bringing down Black people, their actions could have brought down all of America as well.
These financially sophisticated thieves made millions, if not tens of millions, while risking the economic fate of America. Yet, they were never held accountable. No one of note was ever arrested for almost destroying capitalism by using Black people as pawns in their game.
Now we come to #3 — the national debt partially caused by unfair employment practices. This third attack on America would leave an insurmountable debt to our children’s children and likely beyond them. By continuing on this path, America would need our “former” enemies to survive. And these enemies could become our “partners” — all without a shot being fired.
The easiest way to start to address
our debt problem is simple: jobs for those on public assistance. On an annual basis, there are about 60 million Americans who receive public assistance (yes, that is over 20% of America). They are not counted in the unemployment tallies reported regularly as they are not seeking a job. That does not mean they do not exist. Plus, they are costing working Americans over $2.4 trillion every year. And that number has increased by 20% in just the last 10 years. It is simply unsustainable.
It also is a major contributor to our having a less-safe America due to crime, mental illness and stress due to life’s instability. Most of the folks on public assistance are white but African Americans are second at a level disproportionate to the overall Black population.
That leads us to unchecked employment practices. These frequently adversely affect Black people. Just try to check. I say
this facetiously: It is easier to get top-secret documents from one of our intelligence agencies than for anyone to get the Equal Employment Opportunity Commission (EEO-1) records from Fortune 1,000 companies. These documents would reveal their employment practices — hiring, promotions, salaries, retention, and termination — for all levels of employees.
Fortune 1,000 and other large firms should step up. After all, many of the labor intensive manufacturing jobs over the decades went to Asia due to cheap labor. It has helped their shareholders on one hand but has contributed to crippling the American workforce on the other. There are at least 60 million Americans who could use the training and jobs that have been sent abroad.
As people are taken off the public assistance rolls due to finding employment, the less federal assistance would be needed from taxpayers.
Imagine setting a goal of removing 33% (or 20 million) off public assistance with new real jobs. It would reduce our annual deficit by nearly $1 trillion a year. An initial tax credit could be offered to the companies willing to participate. Together, we can start to save America, again, for a third time.
This is one of the best and easiest ways to address our national debt — jobs.
Poor and/or illegal employment practices and greed carry a huge price tag. They can destroy America like the Civil War and Great Recession could have easily done.
Gary Franks served three terms as U.S. representative for Connecticut’s 5th District. He was the first Black Republican elected to the House in nearly 60 years and New England’s first Black member of the House. Host: podcast “We Speak Frankly.” @GaryFranks/ Tribune News Service