Professors studying reparations come up with high-end estimate in the quadrillions

In a study entitled “Wealth Implications of Slavery and Racial Discrimination for African American Descendants of the Enslaved” 6 university professors calculated what they think the “total cost” of reparations for slavery and discrimination to African Americans.

Their study uses multiple models and assumptions to create estimates and the highest end estimate is in the quadrillions.

The professors who authored the study are Thomas Creamer (University of Connecticut), Trevor Smith (New York University), Brianna Harrison (University of Memphis), Trevon Logan (Ohio State University), Wesley Bellamy (Virginia State University) and William Darity Jr. (Duke University)

From the study:

“Wealth Implications of Slavery and Racial Discrimination for African American Descendants of the Enslaved”

Abstract:

We compare the 2018 per capita Black–White wealth gap of about US$352,250 with portions of the estimated total cost of slavery and discrimination to African American descendants of the enslaved.

For the period of slavery in the United States, we arrive at estimates of about US$12 to US$13 trillion in 2018 dollars using Darity’s land-based and Marketti’s price-based estimation methods, respectively.

Estimates using Craemer’s wage-based method tend to be higher ranging from US$18.6 trillion at 3% interest to US$6.2 quadrillion at 6% interest. The value of lost freedom (LF) based on Japanese American World War II internment reparations is estimated at 3% interest to amount to US$35 trillion and at 6% to US$16 quadrillion.

Further research is required to estimate the cost of lost opportunities (LC) and pain and suffering (PS). Further research is also required to estimate the costs of colonial slavery, as well as racial discrimination following the abolition of slavery in the United States to African American descendants of the enslaved.

Whether the full cost of slavery and discrimination should be compensated, or only a portion, and at what interest rate remain to be determined by negotiations between the federal government and the descendant community.

As TCO reported earlier this month, lead sponsor of a reparations bill Rep. Sheila Jackson Lee (D-TX) is calling for the passage of her bill to study slave reparations Wednesday.

The Texas Democrat argued it’s “the American government’s responsibility to pay her debt.” (She says it at 2:44 in the video below)

“We now have an opportunity, through H.R. 40, to have the highest level of discussion about systemic racism and race.” Jackson Lee argued Tuesday “And we are able to do it in a manner that is bringing people together; that acknowledges that Black lives matter; and acknowledges that there has to be a response.

“There is no better time for H.R. 40 to be part of the national dialogue, and part of the national legislative response.” she added.

WATCH: