The Activist Teacher blog does the arithmetic and comes up with a number ($59.2 Trillion!) that will do nothing to help balance the United States’ budget, but perhaps should be paid nonetheless?
It is not difficult to calculate a MINIMUM amount of monetary reparation due to every single Black slave descendant living today in the USA.
If we leave out the reparations for physical violence, genocidal stress, inadmissibility to superior social classes, etc., and only take into account the stolen labor, at the today’s equivalent minimum wage, then the calculation for the minimum amount due to the descendants of slaves is a simple one, as follows.
This calculation includes only the money due to ancestors and their descendants, in terms of the stolen actual labor counted in person-hours, based on a minimal economic value of that labour, adjusted ata lowest reasonable rate of interest.
Every step in the following calculation will use the lowest possible evaluators, such as to produce a MINIMUM amount due.
In the 70 year period between 1790 and 1860, there were, on average, 2 million slaves at any time in the USA. In the same period the average US population was 14 million.
Moving forward to 2000, the US population was 309 million, with 40 million slave descendants.
To obtain a minimal (under estimated) annual interest rate, we use the population increase from 14 million to 309 million in the 140 years from 1860 to 2000. This gives a population annually growth rate of 2.2%.
Now capital value increase interest rates in the US have been much greater that the population growth rate. Nonetheless, we adopt the underestimate of 2% for the interest rate to be applied to the stolen income value. We further apply the interest rate starting only in 1860, rather than earlier, thereby making our estimate even more of an under estimate.
The value of the stolen labor, for the period 1790 to 1860, at today’s US minimum wage of $7.25 per hour is as follows. (Note that using today’s minimum wage automatically corrects for valuing the historic currency to its present value.)
70 years (1790 to 1860 period only)
2 million slaves (average number in the period used)
365 days per year (OK, maybe I should exclude one day off per week?)
10 hours of work per day (again a minimum)
$7.25 per hour
$ 3.7 trillion
Next, I apply the 2% interest rate (compounded annually)…
[continues at the Activist Teacher blog]