• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
  • Emial Whitelisting
No Result
View All Result
China Secrets Revealed
  • Economy
  • Editor’s Pick
  • Investing
  • News
  • Stock
  • Economy
  • Editor’s Pick
  • Investing
  • News
  • Stock
No Result
View All Result
China Secrets Revealed
No Result
View All Result
Home Economy

The Surprising Beneficiaries of American Slavery

by
July 14, 2023
in Economy
0
The Surprising Beneficiaries of American Slavery

Slavery has never been legal in California. But that didn’t stop the California Reparations Task Force. In its final report, issued on June 29, it suggested that the state government pay $1.3 million to Californians who can demonstrate that they are the descendant of a slave or a freed black person living in the U.S. prior to 1900. This payment is to compensate those whose ancestors suffered from chattel slavery and its downstream effects, such as racism and lower life expectancies.

Here’s the problem. The reparations being proposed will take money from people, the vast majority of whom gained nothing from slavery, and give it to people who benefited immensely from slavery. 

Who suffered from slavery? The slaves themselves. They were brought from Africa against their will, and they were forced to work without receiving the full value of their labor. 

Who gained nothing from slavery? Except for the rare person who inherited an estate that slavery enriched, every contemporary non-black American gained nothing from slavery.

Who gained from slavery? Americans of African descent. 

The late economist Walter E. Williams said that slavery was the worst thing ever to happen to his ancestors, but the best thing ever to happen to him. Why? Because instead of growing up in Guinea-Bissau, Angola, Senegal, Mali, or the Democratic Republic of Congo, he enjoyed the opportunities, wealth, health, security, and freedom of the United States.

The descendants of slaves, such as Williams, received the bounty of being born in America, where the average per capita annual income for blacks is $24,509. While the enslaved people came from a variety of African countries, the five mentioned above have an average annual income of $1,650. Over a hypothetical 40-year career, the difference is hundreds of thousands of dollars. 

You might think the descendants of slaves suffered a financial loss because contemporary blacks have an annual income that is $17,600 below that of whites. But that’s an unrealistic comparison. If it weren’t for the forced relocations of the slave trade, those who would be getting reparations today would be Bissau-Guinean, Angolan, Senegalese, Malian, or Congolese, not American. 

The task force determined that most of the amount it claims are owed to black Californians, $966,918, is due to a lower life expectancy. But the task force mistakenly compared black Californians to white non-Hispanic Californians. The proper comparison is with black Africans, where life expectancies are about ten years lower. Using the task force’s assumptions, the figure would be $1.23 million, but in favor of black Californians.

All told, the value to the descendants of slaves of being born in America is well over one million dollars. It’s as if every black American won the lottery. The task force wants Californian taxpayers to pay them even more.

Slavery was odious. Today’s black Americans are not slaves, but are the indisputable, albeit unintended, beneficiaries of the slave trade and are due no financial settlement. 

Previous Post

American Compass Dystopia: The “Drain” In Talent

Next Post

How Should We Regulate the Sun (Since Our Government Regulates Nearly Everything Else)?

Next Post

How Should We Regulate the Sun (Since Our Government Regulates Nearly Everything Else)?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

WordPress database error: [Table 'chinasecretsreve_wp300.wpuw_popularpostsdata' doesn't exist]
SELECT SQL_CALC_FOUND_ROWS p.ID AS 'id', p.post_title AS 'title', p.post_date AS 'date', p.post_author AS 'uid', p.comment_count AS 'comment_count', v.pageviews AS 'pageviews' FROM wpuw_popularpostsdata v LEFT JOIN wpuw_posts p ON v.postid = p.ID WHERE 1 = 1 AND p.post_type = 'post' AND p.post_password = '' AND p.post_status = 'publish' ORDER BY pageviews DESC LIMIT 0, 4;

  • Trending
  • Comments
  • Latest
Stop Trying to “Contain” China in Southeast Asia

Stop Trying to “Contain” China in Southeast Asia

0
S&P 500 price forecast and why today is a special day for the index

S&P 500 price forecast and why today is a special day for the index

0
Is Supply@Me a good penny stock for 2023?

Is Supply@Me a good penny stock for 2023?

0
XRP price spikes 6% as crypto turns green – here’s why

XRP price spikes 6% as crypto turns green – here’s why

0
Stop Trying to “Contain” China in Southeast Asia

Stop Trying to “Contain” China in Southeast Asia

September 28, 2023

Why Stabilization Policy is Destabilizing

September 28, 2023
The State versus Entrepreneurs: Prosperity Always Loses

The State versus Entrepreneurs: Prosperity Always Loses

September 28, 2023
How Crazy Do You Have to Be to Support Dollarization?

How Crazy Do You Have to Be to Support Dollarization?

September 28, 2023

Recent News

Stop Trying to “Contain” China in Southeast Asia

Stop Trying to “Contain” China in Southeast Asia

September 28, 2023

Why Stabilization Policy is Destabilizing

September 28, 2023
The State versus Entrepreneurs: Prosperity Always Loses

The State versus Entrepreneurs: Prosperity Always Loses

September 28, 2023
How Crazy Do You Have to Be to Support Dollarization?

How Crazy Do You Have to Be to Support Dollarization?

September 28, 2023

Disclaimer: ChinaSecretsRevealed.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
  • Emial Whitelisting

Copyright © 2022 ChinaSecretsRevealed. All Rights Reserved.

No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • News
  • Stock

Copyright © 2022 ChinaSecretsRevealed. All Rights Reserved.