1. Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!

Racism Cost the US Economy $16 Trillion

Discussion in 'BBS Hangout: Debate & Discussion' started by rocketsjudoka, Oct 9, 2020.

  1. rocketsjudoka

    rocketsjudoka Contributing Member
    Supporting Member

    Joined:
    Jul 24, 2007
    Messages:
    53,675
    Likes Received:
    41,556
    This is a study from Citigroup looking to quantify the cost of racism of the US economy.

    https://www.npr.org/sections/live-u...fFBqQG_flZFre0ZQJg6B26AvBLKw7fmfbFuFkhuEqSeSY

    Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says
    September 23, 20202:42 PM ET

    Nationwide protests have cast a spotlight on racism and inequality in the United States. Now a major bank has put a price tag on how much the economy has lost as a result of discrimination against African Americans: $16 trillion.

    Since 2000, U.S. gross domestic product lost that much as a result of discriminatory practices in a range of areas, including in education and access to business loans, according to a new study by Citigroup. It's not an insignificant number: By comparison, U.S. GDP totaled $19.5 trillion last year.

    And not acting to reverse discriminatory practices will continue to exact a cost. Citigroup estimates the economy would see a $5 trillion boost over the next five years if the U.S. were to tackle key areas of discrimination against African Americans.

    "We believe we have a responsibility to address current events and to frame them with an economic lens in order to highlight the real costs of longstanding discrimination against minority groups, especially against Black people and particularly in the U.S.," wrote Raymond J. McGuire, a vice chairman at the bank and the chairman of its banking, capital markets and advisory team.

    Wall Street itself has also faced accusations for years of discriminatory practices against African Americans, such as limiting approval for mortgages or not providing enough banking options in minority neighborhoods, which are among the damaging actions identified by Citigroup researchers.

    Specifically, the study came up with $16 trillion in lost GDP by noting four key racial gaps between African Americans and whites:

    • $13 trillion lost in potential business revenue because of discriminatory lending to African American entrepreneurs, with an estimated 6.1 million jobs not generated as a result
    • $2.7 trillion in income lost because of disparities in wages suffered by African Americans
    • $218 billion lost over the past two decades because of discrimination in providing housing credit
    • And $90 billion to $113 billion in lifetime income lost from discrimination in accessing higher education
    As a result, Citigroup urges a slew of actions to reverse discriminatory practices and boost GDP over the next five years, including addressing the wage gap suffered by African Americans and promoting diversity at the top within banks and companies.

    Citigroup's recommendations aren't new: Various studies have shown similar findings, and experts have called for similar action for years, though so far progress has been slow.

    Adedayo Akala is an intern on the NPR Business Desk.
     
  2. rocketsjudoka

    rocketsjudoka Contributing Member
    Supporting Member

    Joined:
    Jul 24, 2007
    Messages:
    53,675
    Likes Received:
    41,556
    I gotta admit I thought this study would be very controversial.
     
    Ubiquitin, RayRay10 and fchowd0311 like this.
  3. Dairy Ashford

    Dairy Ashford Member

    Joined:
    May 20, 2002
    Messages:
    14,502
    Likes Received:
    1,831
    What was the estimate though
     
    Ubiquitin and RayRay10 like this.
  4. CometsWin

    CometsWin Breaker Breaker One Nine

    Joined:
    May 15, 2000
    Messages:
    28,028
    Likes Received:
    13,046
    Burn down a CVS and you’ll get all the attention you want. Trump’s platinum diamond plan is going to fix this anyway.
     
    mdrowe00, Ubiquitin and RayRay10 like this.
  5. CCorn

    CCorn Member

    Joined:
    Dec 26, 2010
    Messages:
    21,380
    Likes Received:
    21,098
    Antifa cost us 200 gazillion.
     
  6. Cohete Rojo

    Cohete Rojo Contributing Member

    Joined:
    Oct 29, 2009
    Messages:
    10,344
    Likes Received:
    1,203
    How much does the US lose due to “inner city violence”?
     
  7. MightyMog

    MightyMog Member

    Joined:
    Jun 15, 2009
    Messages:
    1,847
    Likes Received:
    192
    I don’t understand how we can spend billions on other countries but we cannot spend on areas that need help in our own country.

    I rather spend $10 billion on improving Baltimore, then spending $10 billion improving another country just because we need to use their Ship Port.

    I know many people will say Baltimore people may not need it or it’s not fair....so is helping some other country with $10 billion is better?

    I woke up angry...I usually don’t post, just read slot of rocket news, maybe it’s the comment from Steve Kerr, haha
     
    FranchiseBlade likes this.
  8. CometsWin

    CometsWin Breaker Breaker One Nine

    Joined:
    May 15, 2000
    Messages:
    28,028
    Likes Received:
    13,046
    If I were to offer a cash prize for the stupidest retort to racism costs the economy trillions of dollars I doubt we'd get a better response.
     
    RayRay10 and FranchiseBlade like this.
  9. FranchiseBlade

    FranchiseBlade Contributing Member
    Supporting Member

    Joined:
    Jan 14, 2002
    Messages:
    48,669
    Likes Received:
    17,295
    Way to defend losses to racism
     
    RayRay10 likes this.
  10. Cohete Rojo

    Cohete Rojo Contributing Member

    Joined:
    Oct 29, 2009
    Messages:
    10,344
    Likes Received:
    1,203
    I’d rather give all black peoples reparations and repatriate them than spend another dime on foreign aid.
     
  11. CCorn

    CCorn Member

    Joined:
    Dec 26, 2010
    Messages:
    21,380
    Likes Received:
    21,098
    So you’d send them back... to the United States?
     
    FranchiseBlade and RayRay10 like this.
  12. fchowd0311

    fchowd0311 Contributing Member

    Joined:
    Apr 27, 2010
    Messages:
    47,156
    Likes Received:
    36,009
    Well that would be included in the cost o guess as inner city violence in merely a symptom of rampant poverty created by the massive wealth gap that was created from racism.

    Two things are needed here. Properly funding poor school districts and increasing the percentage of black homeownership.
     
    FranchiseBlade likes this.
  13. fchowd0311

    fchowd0311 Contributing Member

    Joined:
    Apr 27, 2010
    Messages:
    47,156
    Likes Received:
    36,009
    Capitalists love foreign aid. They love making underdeveloped markets developed. Larger consumer base.
     
    FranchiseBlade likes this.
  14. pgabriel

    pgabriel Educated Negro

    Joined:
    Dec 6, 2002
    Messages:
    42,710
    Likes Received:
    2,969
    Ghetto dysfunction does cost this country money and one day country will realize it

    One of the stupidest things people say is that the country wants to put black men in prison. Im like do you realize prison is nothing but a money sucking baby sitter.

    Hispanics come here and work, the country appreciates people who want to work

    Edit: this post isn't about black people in general, its about ghetto dysfunction. Public school as is costs a lot of money, and people want to put more money in them instead of asking for more responsibility from parents
     
    #14 pgabriel, Oct 14, 2020
    Last edited: Oct 14, 2020
  15. FranchiseBlade

    FranchiseBlade Contributing Member
    Supporting Member

    Joined:
    Jan 14, 2002
    Messages:
    48,669
    Likes Received:
    17,295
    I don't think anyone says that dysfunction doesn't cause loss. But there are more than one problems facing communities and our nation. You have a misunderstanding that isn't backed by data on Hispanic immigrants. You also have a misunderstanding about the criminal justice system. It is prejudiced against African-Americans in both treatment by law enforcement, and sentencing by the judges.

    Going back to Hispanics. Immigrants in our society no matter where they come from (Africa, Asia, Latin America, Europe) generally do better. People that are not immigrants such as Native Hawaiians, Mexican-Americans, African-Americans, Native Americans, all have statistically lower scores, etc.

    Why do you think populations that were enslaved, conquered or forcibly relocated, have the additional challenges?
     
  16. pgabriel

    pgabriel Educated Negro

    Joined:
    Dec 6, 2002
    Messages:
    42,710
    Likes Received:
    2,969
    Hispanics aren't just immigrants. Slavery ended 160 years ago. Slavery still has lingering affects but not in terms of cyclical poverty
     
  17. FranchiseBlade

    FranchiseBlade Contributing Member
    Supporting Member

    Joined:
    Jan 14, 2002
    Messages:
    48,669
    Likes Received:
    17,295
    So then you tell me why you think people from those particular backgrounds in the United States have a harder time? And it turns out that it is true in other nations as well. People of Korean decent in Japan also face similar challenges and they are also a conquered population. Why is it true all over the world that these populations have similar problems?
     
  18. pgabriel

    pgabriel Educated Negro

    Joined:
    Dec 6, 2002
    Messages:
    42,710
    Likes Received:
    2,969
    Because we refuse to address the problems from all angles. All we talk about in terms of poor blacks is racism. Some of the issue are internal
     
  19. FranchiseBlade

    FranchiseBlade Contributing Member
    Supporting Member

    Joined:
    Jan 14, 2002
    Messages:
    48,669
    Likes Received:
    17,295
    Do you feel like that's the same reason for ethnicities in other nations such as Japan as well?

    I don't much how much work, you've done in different communities here. That isn't at all the only problems being addressed. Perhaps you should volunteer in some of these communities and see what really goes on there. Trust me they address many many many different problems. I will say that's the only that you seem to be focused on.
     
  20. fchowd0311

    fchowd0311 Contributing Member

    Joined:
    Apr 27, 2010
    Messages:
    47,156
    Likes Received:
    36,009
    The problem is homeownership or at least it's one of the largest factors in urban black poverty and crime. Due to redlining, black families have far less rates of homeownership. Homeownership comes with a lot of benefits from having equity to fall back to and having more pride in your neighborhood and being more incentivized to take care of it.
     

Share This Page

  • About ClutchFans

    Since 1996, ClutchFans has been loud and proud covering the Houston Rockets, helping set an industry standard for team fan sites. The forums have been a home for Houston sports fans as well as basketball fanatics around the globe.

  • Support ClutchFans!

    If you find that ClutchFans is a valuable resource for you, please consider becoming a Supporting Member. Supporting Members can upload photos and attachments directly to their posts, customize their user title and more. Gold Supporters see zero ads!


    Upgrade Now