Mayors back reparations that could cost $6.2 quadrillion, or $151M per descendant
The nation’s mayors on Monday backed a national call for reparations to 41 million black people, a program that could cost taxpayers $6.2 quadrillion.
The U.S. Conference of Mayors released a letter backing a Democratic plan to form a reparations commission to come up with a payment for slavery.
“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,” said the letter from Conference President Greg Fischer, mayor of Louisville.
A new study from three college professors said that the ultimate cost could be $6.2 quadrillion. Quadrillion comes after trillion, and one quadrillion has 15 zeros.
The study suggests a payment of $151 million each, and the cost to every person would be $18.96 million.
The calculation is somewhat complicated, but it essentially studies the unpaid hours slaves worked, calculates a price for massacres and discrimination, and adds in interest. It is titled “Wealth Implications of Slavery and Racial Discrimination for African American Descendants of the Enslaved.” It was published last month in the the Review of Black Political Economy.