Basing a social welfare program around "historic" racial injustices is inherently ineffective, as the racial injustices being tackled should be *modern* racial injustices, instead of the injustices of the past.
Slavery and Jim Crow destroyed the lives of people whose descendants now appear to be less well off because of their skin color instead of due to historic prejudice and terrorism and exclusion from power networks
This argument caters to the assumption that all Americans with non-white skin tone are descendants of slaves. Historical prejudice is not a slavery-only-related issue. It applies to all minorities, regardless of nation of ancestry.