Economist Calls for $800,000 in Reparations for Every Black Household in America
Duke University economist William Darity Jr. proposes $12 trillion fund
A leading U.S. economist has called for every black household in American to receive $800,000 in reparations.
Duke University economist William Darity Jr. has co-authored a report proposing $12 trillion in reparations for African-Americans whose distant ancestors were enslaved.
The figure which works out at approximately $800,000 per black household.
Darity Jr. and his wife Kirsten Mullen co-authored the report for The Roosevelt Institute, which argues that the Trump Administration is "culpable" and "must pay the debt."
"[The] US government—the culpable party—must pay the debt,” the report proclaims.
"Ultimately, respect for black Americans as people and as citizens—and acknowledgment, redress, and closure for the history and financial hardship they have endured—requires monetary compensation.”
The proposal has been criticized by conservative and libertarian economic experts, who say it would greatly damage the US economy and future economic growth.
"Our national debt is already now up to around $26-27 trillion given the money we’re spending on COVID,” said Cato Institute fellow Michael Tanner.
"And we’re losing more money because we’re not picking up the revenue because economic growth is so slow right now.
"This hardly seems the time to burden the economy with more debt, more taxes.
"Essentially what you want to do is stimulate economic growth for all our benefits.”
The economics aside, leading African-American political figures, including Housing and Urban Development (HUD) Secretary Ben Carson, have cast doubt over the feasibility of reparations, according to Breitbart.
"What I would say about reparations is, you know, show me a mechanism that works,” Carson challenged interviewer Jericka Duncan when asked about the concept in December 2019.
"You know, I did my DNA analysis. OK. I’m 77% sub-Saharan African, 20% European, 3% Asian. So how do you proportion that out to everybody?”
"Proportionately, you’re not going to be able to figure it out. And where do you stop it? It’s unworkable,” he added.
"I would much rather concentrate on how do we provide the opportunities for people to get into a better economic situation now.”
Nonetheless, the Burlington City Council voted unanimously on Monday to launch a task force to study reparations for residents.
Last month, a "racial equity” task force commissioned by the city of Durham, North Carolina, issued a report recommending the creation of a reparations fund to address "systemic racism.”