Heres an interesting perspective about why Black Americans arent - TopicsExpress



          

Heres an interesting perspective about why Black Americans arent owed reparations: A survey of Florida lottery winners shows that this group is twice as likely to go bankrupt as others. The primary difference between winners of large sums and those who won smaller prizes is that the winners of large sums isn’t in bankruptcy rates but in timing: big winners took a bit longer to go bust. Lottery winners (contrary to myth) are actually older and more affluent than the typical American, but The Wall Street Journal summarized the research as follows: “Sudden wealth only exaggerates your current situation. If you’re unhappy, bad with money and surrounded by people you don’t trust, money will make those problems worse. If you’re fulfilled, careful with money and enjoy a life of strong relationships, the lottery could make those strengths better.” Today’s lotteries are too new to tell us much about what happens to the descendants of lottery winners, but history suggests that if reparations are meant to lift the economic status of American blacks who are poor, they will fail. Economists often cite the study of the Georgia land lottery of 1832, in which hugely valuable parcels of land were distributed randomly. What happened to the descendants of these fortunate few? Are they the richest families in Georgia? forbes/sites/kylesmith/2014/06/19/why-reparations-wouldnt-work/ I read this and Im like, Hold up. I know how to manage my money. And do it well. #SayItLoud #BlackandProud #Ujaama
Posted on: Sat, 20 Sep 2014 20:33:36 +0000

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