REPORT: Slavery reparations could cost $6.2 quadrillion — $18.96M for every American
The US Conference of Mayors declared its support for reparations for the descendants of slaves that could cost up to $6.2 quadrillion — magnitudes higher than the totality of the global economy.
One quadrillion is one thousand trillion. There is a total of US$37 trillion in circulation worldwide.
Washington Examiner reports that the nation’s mayors released a letter backing a national call for reparations to 41 million African Americans, as a payment for the slavery of their ancestors.
It’s worth noting that the descendants of most non-African Americans, including those who lived before the signing of the Emancipation Act, were not responsible for the horrors of slavery, nor did they partake in it.
“We recognize and support your legislation as a concrete first step in our larger reckoning as a nation, and a next step to guide the actions of both federal and local leaders who have promised to do better by our black residents,” reads the letter, penned by conference president Greg Fischer, mayor of Louisville, Kentucky.
“Our support of your bicameral legislation is not just an endorsement – it is a resolution. We have resolved to do better for our Black residents by promoting equal rights and opportunity through the implementation of policy reforms at the local level, as well as through our advocacy for action at the federal level,” it continues.
The letter states that the nation’s mayors are working on a national platform called the “American Breakthrough,” which will be led by mayors to promote “police reform” and “racial justice”, which has thus far only translated into defunding police departments in New York City, Seattle, Minneapolis, and other smaller cities to undertake the initiative.
The mayors also promise to engage in “dismantling systemic racism” — a contentious concept that conservative economist Thomas Sowell describes as having “no meaning.” In an interview with Mark Levin, the economist compared it to the “propaganda tactics of Joseph Goebbels.”
“We are committed to doing our role in local government to disrupt systemic racism, which inhibits the realization of a nation of liberty, prosperity, and justice for all,” the letter reads.
The letter, addressed to Sen. Cory Booker and Rep. Sheila Jackson Lee, pledges the mayors’ support for their effort to create the Commission to Study and Develop Reparation Proposals for African-Americans Act.
Washington Examiner reports that Lee, who introduced the bill to the House last year, said that the commission “aims to study the impact of slavery and continuing discrimination against African-Americans, resulting directly and indirectly from slavery to segregation to the desegregation process and the present day.”
“The commission would also make recommendations concerning any form of apology and compensation to begin the long-delayed process of atonement for slavery,” she said.
Naturally, the compensation will carry a steep price tag, which a study called the "Wealth Implications of Slavery and Racial Discrimination for African American Descendants of the Enslaved." Published in the Review of Black Political Economy, the complicated study found that the ultimate cost would amount to $6.2 quadrillion—or a payment of $151 million to each recipient.
The cost to every American would be $18.96 million, which is magnitudes higher than anything most Americans can afford.
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