https://www.americanthinker.com/articles/2023/01/the_quixotic_quest_for_reparations.html
The idea of reparations for African Americans due to slavery began during the Civil War when General William Tecumseh Sherman, on January 16, 1865, issued Special Field Order No. 15 that called for allocating up to 40 acres and lending mules to newly emancipated slaves. President Lincoln’s successor, Andrew Johnson, ignored the order but the idea has nevertheless lived on. Not much happened on reparations until 1988 when Representative John Conyers introduced HR 40, a bill to establish a national commission to study reparations, but this bill died in committee.
In 2019, however, with the murder of George Floyd and COVID-19 impact on communities of color, the dam has burst. The House of Representatives has again taken up the idea of a national commission and countless cities such as Boston, Chicago, San Francisco plus the state of California have created official reparations commissions. Evanston, Ill has awarded $25,000 each to 15 Black resident to make amends for past housing discrimination. The Jesuit Conference of Canada and the United States in 2021 pledged $100 million in reparations for descendants of those enslaved by the order.
A major justification for reparations is to equalize the racial wealth divide. As the Brookings Institution, hardly a radical thinktank, put it, “Central to the idea of the American Dream lies an assumption that we all have an equal opportunity to generate the kind of wealth that brings meaning to the words ‘life, liberty and the pursuit of happiness.’”
Will awarding large sums of money to Black people equalize the racial wealth gap? The answer is “no,” and the political damage that this effort will far outweigh its immense monetary cost.
This wealth gap is massive and enduring. According to recent Federal Reserve data, the average White family has eight times the wealth of the average Black family with the average Black family’s wealth being 15% of what the average White family possesses. Nineteen percent of Black families have zero or negative net wealth. The gap extends far beyond income differences though this is significant. Differences exist in inheritances, multiple savings and investment plans, plus how Whites gravitate toward investments that appreciate over time, especially home ownership and education.