New reparations proposal would cost $14 trillion in taxpayer money

Duke University economics professor William Darity is proposing $350,000 reparation payments to every black descendant of slaves in the country.

Darity’s proposed reparations would cost an estimated $14 trillion. He announced the proposal while speaking on Dr. Phil on Tuesday.

CALIFORNIA REPARATIONS TASK FORCE ANNOYED DOLLAR FIGURE IS DOMINATING HEADLINES

“The first condition is that reparations should be paid to black Americans whose ancestors were enslaved in the United States. The second is how much should be paid, and the amount should be dictated by the disparity in wealth between black and white Americans. Which at the current moment amounts to [an] excess of $840,000 per household,” Darity said.

He said the goal of the reparations would be to get rid of the racial wealth gap in the United States, saying the $14 trillion price tag would be divided evenly.

“It would be paid by the federal government in the same way in which the federal government has met the expenses that were paid out for the purposes of trying to deal with the great recession and also, most recently, with the economic downturn associated with the great pandemic,” Darity said.

Panelists on the show pushed back on the price tag, arguing that the money would come from taxes levied on future generations.

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Both the city of San Francisco and the state of California are among the jurisdictions considering reparations programs for black residents.

The California proposal calls for $360,000 to be paid to the roughly 1.8 million black residents in the Golden State. The San Francisco proposal calls for $5 million payments along with other benefits, including the elimination of personal debt and tax burdens, guaranteed annual incomes of at least $97,000 for the next 250 years, and homes in the city for $1 per family.