Tag: Truth

Kamala Harris’ claim on COVID-19 business loans not whole truth

Democratic vice presidential nominee Kamala Harris has indicated while campaigning in Michigan that only one Black-owned restaurant in the state received support through a federal COVID-19 relief program, an assertion that’s not true.

The U.S. senator from California who’s former Vice President Joe Biden’s running mate renewed the claim about the Paycheck Protection Program on Tuesday while visiting Flint and Detroit. The program, which has been criticized for how it’s treated minority-owned businesses, provided nearly $16 billion in forgivable loans for more than 120,000 Michigan entities by the end of June.

Democratic vice presidential candidate Sen. Kamala Harris, D-Calif., speaks at Headliners Barbershop in Detroit, Tuesday. (Photo: Paul Sancya, AP)

“I looked at the numbers in terms of the businesses, the small businesses, restaurants that received the benefit of the PPP in Michigan and only one Black restaurant received it of the hundreds of others that received it,” Harris told

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Why now is the time for truth, reconciliation, and reparations

  • Reparations for slavery are long overdue.
  • In the US, the federal government has paid reparations to other groups, including Japanese Americans, but never to descendants of the formerly enslaved.
  • In additions to cash payments, reparations could include tuition remission, student loan forgiveness, down payment and housing restoration grants, and small business grants.
  • There is some movement: Bills have been put forth in Congress, and states have developed their own plans for reparations. It’s time for a nationwide plan.
  • Click here to sign up for Business Insider’s “Closing the racial wealth gap” panel on September 25 »

Many Americans recognize the troubling ways that systemic racism is destroying our nation and preventing the United States from realizing its democratic ideals. To take the next step towards ending systemic racism, we must engage in a truth, reconciliation, and restitution process to atone for the legacy of slavery and its current manifestations.

Following

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Warren Buffett’s $300,000 Haircut Reveals a Brutal Truth About Success Few People Are Willing to Admit

According to Alice Schroeder’s The Snowball: Warren Buffett and the Business of Life, a young Buffett was sometimes heard muttering things to himself like, “Do I really want to spend $300,000 for this haircut?” (H/t to this Wall Street Journal article by Jason Zweig.)

Warren Buffett obviously never spent $300,000 on a haircut. The remark instead refers to the power of compound earnings over time, something Buffett later called “The Methuselah Technique”: The financial advantages of a long life, a high rate of return, and as Buffett wrote in his 1965 Buffett Partnership letter, “a combination of both (especially recommended by this author.”)

Of course he’s right: Where building wealth is concerned, time is your friend. Say you invest $5,000 and receive a relatively conservative 6 percent return. Over time, here’s are the gains on that $5,000:

Clearly time is your friend. But while money spent today is money that

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