Robert L. Johnson, who based Black Entertainment Television, needs the United States authorities to pay up $14 trillion in reparations and he tells Vice News that the cash must also include an apology for slavery, race legal guidelines and racism that has affected blacks on this nation.
Johnson, America’s first black billionaire, says it shouldn’t matter how a lot a black particular person has earned in life. All blacks ought to profit from the reparations.
“Reparations would require the entire country to … admit that the result of slavery has been 200 years of systemic racism and for that reason Black folks have been denied $13-15 trillion of wealth and therefore we as a country now must atone by paying Black people of all stripes —the rich ones, the poor ones, and the middle—out of our pocket,” Johnson mentioned throughout an interview with Vice.
This isn’t the primary interview this month the place Johnson has been pushing for the reparations. He instructed “Squawk Box” in early June that “wealth transfer is what’s needed” on this nation to equal the taking part in discipline and from the sound of issues, he believes meaning simply blacks deserve the cash.
“Think about this. Since 200-plus-years or so of slavery, labor taken with no compensation, is a wealth transfer. Denial of access to education, which is a primary driver of accumulation of income and wealth, is a wealth transfer,” he instructed CNBC.
It’s been fairly just a few years for Johnson, who in 2019 mentioned the Democratic occasion had “move too far to the left.” During that very same interview, Johnson mentioned “I think the economy is doing great, and it’s reaching the populations that heretofore had very bad problems in terms of jobs and employments and the opportunities that come with employment … and so African-American unemployment is at its lowest level.”
Now Johnson thinks the easiest way ahead is to pay blacks $14 trillion. That’s fairly a rollercoaster experience over a two-year interval. That’s proper, over two years Johnson went from saying the economic system is doing nice to now saying the wealth hole is so off that wealth switch will resolve all the issues in society.
Nowhere is Johnson mentioning the wealth switch that occurred when COVID restrictions crushed small companies and led to black folks shopping for TVs from Walmart and Amazon with authorities checks. Black companies have been ravaged by COVID closures, in line with Forbes which estimates half of black small companies closed because of the pandemic. A report from the New York Fed painted a darkish image in August 2020.
“Nationally representative data on small businesses indicate that the number of active business owners fell by 22% from February to April 2020—the largest drop on record,” the report states.
I’ll be looking out for feedback from Johnson the place he’s sick to his abdomen that Amazon is sucking up each final greenback of black America whereas black enterprise shutter at report numbers. Or Walmart.
“Black businesses tend to hire Black people as a whole, so you create more Black businesses, the bounce back is going to more Black jobs,” Johnson instructed CNBC in February. “More Black jobs mean more Black people paying for home ownership, Black people … saving for retirement, Black people investing. In the end result, we make a giant step toward closing the huge wealth gap.”
Like I mentioned, it’s a rollercoaster attempting to maintain up with Johnson and his ideas on closing the wealth hole. One minute reparations will save the day, the following minute the American dream will get the job accomplished. Make up your thoughts, Bob.