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Thanks to growing momentum and changing attitudes among Americans, Brookings Institution fellow Andre Perry predicts that within 10 years the U.S. will provide some form of reparations to Black people.

What we're hearing: "What's happening in the streets today is indicative of the attitude change that is occurring in America," Perry, a scholar-in-residence at American University and author, said during our interview for "Axios on HBO."

  • "When I look out there, it's a much more diverse coalition than I've ever seen before. And so I'm encouraged that reparations is going to happen."

Why it matters to the market: Recent economic analyses by McKinsey & Company and Citigroup have both estimated that the racial wealth gap has cost the U.S. economy trillions of dollars and will continue to hold back economic growth until it is closed.

  • Citi's global economists estimate that closing the gap would add $1 trillion a year to the U.S. economy over the next five years.

Yes, but: Perry cautioned that while he believes reparations are "a moral debt that is owed to black people" and should be paid out in the form of direct cash or check payments, similar to the $1,200 direct payments that were a part of the CARES Act this year, he expects any reparations provided in the near term will likely be a means-tested fund that benefits some, but not all, Black people.

  • He expects it would provide funding for education, housing or business formation.

The last word: "I do think you're going to see some type of demand and that demand will be heard ultimately," Perry said.

  • "So I think within 10 years you're going to see some form of reparations distributed to Black Americans."

Go deeper

Dec 18, 2020 - Politics & Policy

Sen. Ron Johnson blocks Hawley bill proposing $1,200 stimulus checks

Sen. Ron Johnson (R-Wis.) on Friday objected to Sen. Josh Hawley's (R-Mo.) motion to pass a bill via unanimous consent that would provide $1,200 to Americans in the form of direct stimulus checks, citing the ballooning national debt.

Why it matters: Hawley has teamed up with an unlikely partner, Sen. Bernie Sanders (I-Vt.), in a push to include direct payments in Congress' next coronavirus relief package, which has entered the final stages of negotiations.

DOJ announces sweeping probe into Minneapolis policing practices

Attorney General Merrick Garland on Wednesday announced that the Justice Department will open a sweeping investigation into whether the Minneapolis Police Department has a "pattern or practice" of discriminatory policing practices.

Why it matters: The federal probe, which will also examine MPD's handling of misconduct allegations against officers, could result in significant changes to policing in Minneapolis in the wake of George Floyd's murder.

55 mins ago - World

South Korean president: Trump "beat around the bush and failed" on North Korea

South Korean President Moon Jae-in speaking in Seoul in March 2021. Photo: Jeon Heon-Kyun/POOL/AFP via Getty Images

South Korean President Moon Jae-in criticized former President Trump's attempts to denuclearize the Korean Peninsula, telling the New York Times he "beat around the bush" with North Korea and "failed to pull it through."

Why it matters: Moon, now in his final year in office, called denuclearization a "matter of survival" for South Korea and urged President Biden to resume negotiations with North Korean leader Kim Jong-un after a standstill of nearly two years.