Latest News, Local News, International News, US Politics, Economy

California: Possible Black resident reparations could exceed $800 billion

A state reparations commission was advised by economists that Black Californians may be entitled to more than $800 billion in compensation for years of excessive police, incarceration, and housing discrimination.

The preliminary estimate, which includes the minimum $1 million per elder Black person for health inequalities that have shortened their average life expectancy, exceeds California’s annual budget of $300 billion by a factor of 2.5.

California Resident Reparations

The task force claims the state also caused two other harms, including depreciating Black enterprises and compensating people for a property that was wrongfully confiscated by the government.

Due to the possibility that the state may never follow the experts’ calculations, black residents may not get cash reparations anytime soon, if at all.

On Wednesday, the reparations task committee will study the numbers and vote on whether or not to accept the proposals or develop its own estimations. The five economists and policy professionals on the consulting team came up with the suggested number.

Because of the possibility that the state would never implement the computations, black residents may not get cash reparations anytime soon, if at all.

The reparations task force convened on Wednesday to talk about the statistics, and it will decide on whether to accept the ideas or come up with its own estimates. Five economists and policy professionals from a consultancy group provided the calculations and numbers.

Read more: How to claim unemployment benefits in 2023?

The Idea Needs Budget Analyst Input

california-possible-black-resident-reparations-could-exceed-800-billion
A state reparations commission was advised by economists that Black Californians may be entitled to more than $800 billion in compensation for years of excessive police, incarceration, and housing discrimination.

In an interview conducted prior to the meeting, Jones-Sawyer stated that before determining if the magnitude of payments is doable, he wanted to speak with budget analysts and other experts.

The projections are not recent. They were brought up in a presentation in September when the consulting team was trying to decide whether to use a national or California-specific approach to determine damages.

Yet as the deadline for recommending to lawmakers how California may atone for its part in supporting racist structures that continue to damage Black people approaches on July 1, the task committee must now decide on a financial sum. The state government has the last word on the issue.

Read more: Federal Reserve raises interest rates, but impact on volatile mortgage rates remains unclear

Leave A Reply

Your email address will not be published.