June 1, 2020
Robert Johnson, founder of Black Entertainment Television (BET) and home entertainment distributor RLJ Entertainment (now majority owned by AMC Networks), wants the federal government to give blacks $14 trillion in cash as compensation for the country’s history of slavery.
The U.S. Census Bureau in 2018 estimated there were 47.8 million African-Americans living in a country of 327.2 million. Johnson advocates giving each black American about $293,000 each.
Speaking on CNBC’s “Squawk Box,” Johnson, 74, said the funding would acknowledge the fiscal damages owed to blacks in America following a history of fiscal unfairness.
“Wealth transfer is what’s needed,” Johnson said. “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.”
Johnson sold BET to Viacom in 2001, becoming the country’s first black billionaire.
“Damages is a normal factor in a capitalist society for when you have been deprived for certain rights,” he said. “If this money goes into pockets like the [coronavirus] stimulus checks … that money is going to return back to the economy.”