Wealth

Robert Johnson, BET Founder, America’s first black billionaire, calls for action: $14 trillion in reparations to ‘bring the descendants of slaves into equality with this nation’

“Robert Johnson is the founder of BET and has been the mastermind behind the distribution of much of the content, imagery, and depictions that have been spread to millions of people around the globe through the platform we have come to know as BET(Black Entertainment Television). Rather the content depicted on BET in regards to African Americans is has been up for question. Are accurate depictions of America’s indigenous people accurate depictions? Does the content displayed provide a narrow, monochromatic, scope of who “black” people really are? People are controlled through the media, those who control the media, control the minds of many. Those who control the media have the power and backing to make major shifts through new “programming”, that highlights love and positivity vs hate, violence, ludeness, poverty, and broken families.”

Below is a riveting article from Business Insider:

Justice for George Floyd is far from the only thing needed the achieve racial equality in the United States, according to BET founder Robert Johnson.

Johnson also believes that the federal government should pay $14 trillion in reparations to black Americans to atone for centuries of systemic racism, Johnson said in a statement published Monday. (Johnson’s statement didn’t include specific information about where the funds for reparations would come from.) The payments would be the “affirmative action program of all time,” and would prevent the country from splitting into two unequal societies, Johnson said during an appearance on CNBC’s Squawk Box Monday.

“Short answers to long horrific questions about the stain of slavery are not going to solve the inequality problem,” Johnson said on CNBC’s Squawk Box. “We need to focus on wealth creation and wealth generation and to do that we must bring the descendants of slaves into equality with this nation, and that’s what I propose in this $14 trillion proposal to provide reparations not only for the sin, or the atonement of, the sin of slavery and Jim Crow-ism and desegregation — both de facto and du jour — but to cause America to live up to the concept and the notion that this nation was born on the idea of American exceptionalism.”

A representative of Johnson did not immediately respond to Business Insider’s request for further comment on his proposal for reparations.

The United States has a wealth gap along racial lines that has only gotten wider in recent decades. In 1992, the median net worth of white families was $100,000 above that of black families, according to an August 2019 report by consulting firm McKinsey. By 2016, the median white family was $152,000 wealthier than its black counterpart. During that period, the median wealth of white families grew over $50,000, McKinsey reports, but the median wealth of black families did not grow at all in real terms.

The wealth gap doesn’t just hinder African Americans. The gap reduces the buying power of black families and prevents investment in the housing and equities markets, according to McKinsey. If the gap between black and white families were closed, the US would add an additional 4% to 6% to its GDP by 2028.

“Wealth transfer is exactly what’s needed,” Johnson told CNBC. “Think about this. For 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.”

The United States has debated providing compensation for slaves and their descendants since the Civil War, and it became a key issue during the Democratic presidential primaries in late 2019, Business Insider reported. However, a March 2019 INSIDER poll found that approximately 25% of Americans would favor giving “financial compensation and government assistance” to the descendants of slaves.

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