Posted by The 1919 Elaine Arkansas massacre was a tragic event that resulted in significant loss of life and property. While the exact economic impact is difficult to quantify, historical accounts suggest that hundreds of Black-owned businesses and homes were destroyed1. Additionally, it was estimated that the theft of cotton and corn alone allowed white lynchers in Phillips County to profit by about one million dollars at the time2.
To estimate the cost in 2024 dollars, we can use the average inflation rate from 1919 to 2024, which is approximately 2.80% per year. This has resulted in a cumulative price increase of about 1,716.04%. Therefore, $1 in 1919 is equivalent to approximately $18.16 in 20243.
Using this inflation rate, the estimated profit of one million dollars made by the white lynchers in 1919 would be equivalent to about $18.16 million in 2024 dollars. However, this figure does not account for the total economic impact, including the loss of generational wealth, the destruction of property, and the broader effects on the community, which would likely be much higher.
Please note that these figures are based on historical estimates and the actual costs, especially when considering the loss of human lives and the long-term impact on the community, are immeasurable and extend beyond monetary value. The Elaine massacre remains a somber reminder of the racial violence and injustice that has marked American history.
https://www.pbs.org/wgbh/americanexperience/features/t-town-red-summer-racist-mobs/
Affluent Blacks of Dallas 