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Neel Kashkari: Systemic racism hurts the economy

Plus: Q&A with Sen. Smith on George Floyd; the Powderhorn Park homeless camp grows; Target announces $15 starting wage; the Minnesota Zoo needs funding; and more.

Neel Kashkari
REUTERS/Ann Saphir
Neel Kashkari, president of the Minneapolis Federal Reserve Bank
Q&A with Minneapolis Fed President Neel Kashkari on racism and the economy. The New York Times’s Jeanna Smialek reports: “I think racism is an undercurrent of the status quo, and then, you have huge chunks of our population who are not getting a good education, who do not have good job opportunities — it absolutely holds our economy back. There are big chunks of our population whose innate human capital is basically being squandered because they are not getting an education that enables them to take advantage of their natural talents and gifts. That not only hurts them, that hurts all of us.”

Q&A with Sen. Tina Smith on the murder of George Floyd and how real change can happen. The Spokesman-Recorder reports: “If we really intend to honor George Floyd, we have to be willing to change the system that allowed this murder to happen. To me it’s a fundamental value. People should feel safe in their homes and in their communities and in their country. That is a fundamental right, and it’s not the case for Black and Brown people in this country. So the question is, what do we do? And the truth is, we have lots of ideas when it comes to reforming police and the criminal justice system. We are not working from a blank slate. Obama introduced a plan for 21st-century policing, and Keith Ellison has introduced some ideas.”

Powderhorn Park homeless camps grow. KARE’s Boyd Huppert reports: “From a handful of people six days ago, two camps have now sprung up on the east and west sides of the park, with roughly 100 residents now being fed by volunteers and living in mostly donated tents. … ‘We demand to know our elected officials’ response to the emergency humanitarian situation in Powderhorn Park,’ Lily Lamb, a neighbor who helped organize a meeting in the park on Tuesday night, said.”

Getting Lake Street up and running again. The Star Tribune’s Jean Hopfensperger reports: “In the weeks ahead, about 140 businesses are expected to receive stipends of several thousand dollars to help replenish inventory, repair broken glass and rebuild under a new project of Urban Ventures, a nonprofit supporting children and families in south Minneapolis. Many businesses also will be cranking out gift cards and gift certificates, which will be purchased by Urban Ventures and donated to the community to spark reinvestment and jobs in the neighborhood.”

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In other news…

It’s complicated: “Latest chapter of Keith Ellison and Mike Freeman’s partnership could define their careers” [Star Tribune]

Red-letter day: “Target announces starting wage of $15 per hour for all employees” [KSTP]

Endangered species: “Gov. Tim Walz says Minnesota Zoo may close without bonding bill” [KARE]