May 25, 2019

AND PUT IT IN AN IRA...:

What Reparations for Slavery Might Look Like in 2019: The idea of economic amends for past injustices and persistent disparities is getting renewed attention. Here are some formulas for achieving the aim. (Patricia Cohen, May 23, 2019, NY Times)

If you're surprised that the issue of reparations for black Americans has taken so long to resolve, blame the president. President Andrew Johnson.

As the Civil War wound down in 1865, Gen. William T. Sherman made the promise that would come to be known as "40 acres and a mule" -- redistributing a huge tract of Atlantic coastline to black Americans recently freed from bondage. President Abraham Lincoln and Congress gave their approval, and soon 40,000 freedmen in the South had started to plant and build.

Within months of Lincoln's assassination, though, President Johnson rescinded the order and returned the land to its former owners. Congress made another attempt at compensation, but Johnson vetoed it.

Now, in the early phase of the 2020 presidential campaign, the question of compensating black Americans for suffering under slavery and other forms of racial injustice has resurfaced. [...]

A recurring theme has been to return to that first official action promising 40 acres and a mule. Sherman drew up his order after posing this directive to a group of black ministers and leaders: "State in what manner you think you can take care of yourselves."

What would Sherman's promise be worth today?

Mr. Darity has been mulling that question for years, and is writing a book on reparations with Kirsten Mullen, due out next year. He begins with the cost of an acre in 1865: about $10. Forty acres divided among a family of four comes to 10 acres per person, or about $100 for each of the four million former slaves. Taking account of compounding interest and inflation, Mr. Darity has put the present value at $2.6 trillion. Assuming roughly 30 million descendants of ex-slaves, he concluded it worked out to about $80,000 a person.

...with an exemption for a first time home purchase.

Posted by at May 25, 2019 7:37 PM

  

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