“They collect our data without our permission. They profit from our data. They fail to invest in processes to verify accuracy. And their models are not transparent. This puts Black and Brown consumers at a serious disadvantage.”
The Biden administration should implement its public credit registry proposal to shift power away from an oligopoly that exercises inordinate control over consumers’ financial prospects and towards a fairer system that better respects consumers and reduces racial inequality.
“The actual dollar amount, it’s hard to put that at a figure that’s enough to help everyone who is struggling. And because of that, I’d err on the side of doing more.”
An executive action for student debt cancellation would provide much needed economic relief to millions of Black and Latinx families in order to avoid financial catastrophe during the continuing global pandemic.
Credit reports and scores control access to public goods people need. Yet, in the midst of a global pandemic and economic collapse, remaking the nation’s credit reporting system is not the top concern.
“This is a microcosm of many intra-progressive, intra-left policy debates—whether it’s better to do something universal and achieve something with relative ease or ensure that only those struggling by some definition get relief."
If we are to survive this crisis—and imagine a more equitable, dynamic economy to come, we must start with a recommitment to the value of universal, inclusive public infrastructure.
"Imagine any financial transaction you make and someone says the price of this thing is $100,000, but you are very likely to pay nothing, but first you have to fill out all these forms."
"To say that people post-crisis, as they try to rebuild their lives, have to carry the impact of this is just another round of disadvantage and discrimination.”
Rather than cutting funds for public needs while allowing police budgets to swell, cities, states, and the federal government must shift funding to the real priorities of communities.
It is time for colleges, states, and the federal government to prove their commitment to Black students with policy action—not just well-meaning statements and gestures.
12 years after entering college, white men have paid off 44% of their student-loan balance on average, according to an analysis released last year by Demos, a left-leaning think tank.
Twelve years after starting college, white men have paid off 44% of their student loan balances on average, while black men saw their balances grow by 11%, according to an analysis from Demos.
Twelve years after starting college, the white female borrower has paid off 72% of her loan balance. Over the same time period, the typical Black female borrower's balance has grown by 13%.