The Permanent Memorial to Honor the Victims of Slavery and the Transatlantic Slave Trade, in New York City, acknowledges a tragic chapter in the nation’s history. Some have argued that reparations for slavery would help heal long-festering racial strife. EDUARDO MUNOZ / REUTERS. Featured Image
On the other hand, one of the cases often made against reparations is that it’d be impractically difficult to calculate how to fairly take and give so many years after the fact. But in a new paper, published in the journal Social Science Quarterly, Craemer makes the case that there are other examples of historical reparations paid many decades later after “damages” were incurred. He also has come up with what he says is the most economically sound estimate to date of what reparations could cost: between $5.9 trillion and $14.2 trillion.
Craemer came up with those figures by tabulating how many hours all slaves—men, women and children—worked in the United States from when the country was officially established in 1776 until 1865, when slavery was officially abolished. He multiplied the amount of time they worked by average wage prices at the time, and then a compounding interest rate of 3 percent per year (more than making up for inflation). There is a range because the amount of time worked isn’t a hard figure.