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I couldn’t sleep last night. I tried to do everything that I normally would do to put myself to sleep, including watching reruns of old TV shows, drinking chamomile tea, browsing social media and listening to smooth R&B and Jazz; however, nothing worked, as my mind was racing. Thoughts about the current state of the USA’s economic and political affairs flooded my mind.

President Donald J. Trump just announced that he had signed the second coronavirus aid package this year, providing $800 billion in economic relief. This will equate to $3 trillion in aid during this year alone. Despite the prior $2.2 trillion dollar coronavirus aid bill signed into law on March 27, 2020, we find ourselves with a handout once again. This auspicious position provokes greater scrutiny into whether we are utilizing public policy intervention to truly correct market failures. Or if the previous stimulus packages during 2020 and 2008/2009 didn’t go far enough? My mind continues to race, as $2,000 isn’t enough — $1 million dollars per American is more plausible.

$3 trillion dollars will be expended to save the economy during 2020 and 2021. Similar in 2008 and 2009, both President George W. Bush and Barack H. Obama passed stimulus packages that provided the economy with more than $1 trillion dollars. During the Obama administration (2009-2017), the USA’s economy experienced record growth in jobs and an increase in stock market values. The overall sentiment for many was high and there were feelings nationally that the USA has once again rebounded. Black unemployment was at a high of 16% in 2010, but fell to 7.5% when President Obama left office in 2017. Currently, Black unemployment is about 10.3% compared to 5.9% for whites.

Following conventional wisdom as financial resources penetrate the economy, the vaccine becomes widely distributed and local economies open back up similar to 2009, Black unemployment will drop again. U.S. Census data further illustrates the economic challenges in the Black community — indicating a permanent underclass without radical policy change. The Black poverty rate is 18.8% compared to Hispanics at 15.7%, 7.3% for Asian Americans and 9.1% for whites. Despite the trillions of dollars once again entering our economy to stabilize it, perhaps our government has not gone far enough to truly support fundamentally changing the economic factors that impact it.

President Trump recently recognized that the bill he just signed into law did not go further enough in terms of providing stimulus to individuals and families. Major debate has ensued over giving $600 versus $2,000 in stimulus checks. President Trump argued that we need to go further to support families during these challenging times. I don’t often agree with our President but agree that $600 isn’t enough — and I’d go further to say $2,000 isn’t enough either.

If we want to forever change the trajectory of our economy or just save it, we should provide each American with $1 million dollars a piece. If we are to follow the previous recovery efforts, Black people and Latinos will continue to be an underclass and lag behind their white counterparts. Every American should be lobbying for $1 million dollars of stimulus for our population of 300 million people.

To take this thought further, here are some fundamentals that would make this program viable:

– The $1million dollars is tax free and allowed to be utilized for whatever an individual and/or family sees fit.

– Married couples should receive a maximum of $2 million dollars.

– Youth age 17 and under will not be eligible for $1 million dollars, instead $250,000 should be given to youth in the form of bonds, which can be spent after the youth turns 18 and has a major investment and/or purchase such as college, a home or a business. Baby Bonds is an idea of Dr. Darrick Hamilton and his colleagues. This equates to about 22% of the population that will not receive the $1million dollars but will receive “Bonds.”

– Individuals who have liquid assets of $1million or more would not qualify.

– Individuals who are imprisoned would not be eligible for the stimulus unless they will be released from prison within a six-month period.

– Individuals who are “wards” of the state and/or have been declared mental unstable should not directly receive funds; however, their caretakers, including institutions, should be in charge of said resources.

If the trend holds, Black people and Latinos will feel the long-term economic impact of the current recession. If we track historical trends and data, Black people and Latinos will continue to be an underclass. Radical policy intervention is required. We should all demand a fraction of the current stimulus to go directly to the pockets of Americans.

Long after COVID is over, many will criticize the size and scale of America’s intervention in the economy similar to 2008 and 2009 stimulus aid, calling many items a waste. I see nothing better than to put $1 million dollars in the hands of Americans and let them decide their fate. This could be a true equalizer or it can be a failed experiment. I’d rather experiment than to continue to do the same thing over and over again and expect a different outcome.

Let’s lobby and advocate for our $1 million dollars apiece instead of the small sums of money in the current stimulus that will not radically change American’s disposition.

radical

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