WATCH NEOLIBERALISM WORK: Hillary Clinton has proposed a plan that will benefit people looking to start businesses in impoverished neighborhoods. Because her business plan specifically targets disenfranchised communities — those least likely to have it’s own wealthy business entrepreneurs — it will undoubtedly speed up gentrification in non-white neighborhoods.
Specifically, the plan will first defer, then forgive $17,500 in student loans to tech entrepreneurs who have a business that survives for at least 5 years in “distressed” communities. Tech entrepreneurs are already disproportionately white, so we may as well say Hillary’s plan is to further enrich white entrepreneurs.
Worse still, even if, for argument’s sake, we grant that these start-up businesses will (marginally) benefit the residents living in non-white neighborhoods, there is an undeniably high probability that the wealth drained from those neighborhoods will become yet another means to transfer wealth from the poor to rich white business owners.
As usual, the business plan is being sold as a way to boost “diversity” in tech companies. Precisely the opposite of what will most likely happen, unless the plan is specifically tailored to give access to & prioritize the poor, non-white people and small businesses owners WHO LIVE AND WORK in the disenfranchised neighborhoods her plan is allegedly meant to help.
It makes more sense, and would be more beneficial to simply forgive the student debt up front to any prospective tech startups — explicitly to those people who have lived in impoverished neighborhoods for more than 5 years.
This has all the earmarks of past government programs that, on paper, were ostensibly meant for everyone, but in practice disproportionately favored white people while increasing the poverty gap between whites and everyone else. With this program Hillary is specifically targeting poverty stricken, “distressed” neighborhoods, but not the actual people who live in those neighborhoods. Clinton’s tech plan is little more than another bailout for middle-class white people, without explicitly saying so.
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