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.
Burn down a CVS and you’ll get all the attention you want. Trump’s platinum diamond plan is going to fix this anyway.
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
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.
I’d rather give all black peoples reparations and repatriate them than spend another dime on foreign aid.
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.
Capitalists love foreign aid. They love making underdeveloped markets developed. Larger consumer base.
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
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?
Hispanics aren't just immigrants. Slavery ended 160 years ago. Slavery still has lingering affects but not in terms of cyclical poverty
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?
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
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.
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.