Racism has cost the US economy $16 trillion in the last 20 years - Business Insider

. Today, thanks to centuries of discrimination, the racial wealth gap between Black and white Americans is cavernous.that Black Americans own about one-tenth the wealth of white Americans — $17,150 for Black families compared to $171,000 for white families. The gap persists at every income level: Among the top 10% of earners, the median net worth of white families is $1,789,300, whereas a Black family earning the same income has a median net worth of $343,160.

It goes without saying that this is bad for Black families and individuals. But this type of racial inequality is bad for the broader US economy, too.last month, experts from a variety of fields — higher education, business, and financial planning — discussed the costs of the racial wealth gap and how to close it.

Dania Francis, an assistant professor of economics at the University of Massachusetts Boston and co-author of ", Francis explained that if the racial wealth gap suddenly closed in 2019, the United States' GDP could be 4% to 6% higher by 2028 than it will be.of the cost of the racial wealth gap: If the gap closed today, the GDP would see a $5 trillion boost in the next five years. And if the gap had closed 20 years ago, in 2000? The GDP today would be $16 trillion higher.

"Wealth inequality obstructs the supply of talent and ideas for innovation, which is a key driver of economic growth," said Francis. Put simply, "Inequality stifles growth."According to Francis, closing the racial wealth gap will take more than simply transferring wealth to Black Americans (

DaniaFrancis I can’t ever be equal to Bill Gates on many levels. I accept that. I don’t want part of his hard earned money for free. I just go to work and do my best.

DaniaFrancis Since the start of slavery, racism has cost Black Americans an estimated $70 trillion. Today, thanks to centuries of discrimination, the racial wealth gap between Black and white Americans is cavernous.

DaniaFrancis Isn't racism a human rights abuse?

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside the investment portfolio of a millennial homeowner - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Singapore Airlines fine-dining restaurant inside aircraft sells out - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. why?
Source: BusinessInsider - 🏆 729. / 51 Read more »

The 20 best leadership books for anyone looking to build confidence at work, ranked - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

How the pandemic is affecting travel trends and the economy - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

How the pandemic is affecting travel trends and the economy - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. CMEGroup Thanks to China for spreading this deadly WuhanVirus which has destabilized millions of people worldwide!
Source: BusinessInsider - 🏆 729. / 51 Read more »

About 4 times as many women than men reported they were unemployed last month - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. When you have the worst Policy Error ever aka the Shutdown you have all sorts of collateral damage 🙃
Source: BusinessInsider - 🏆 729. / 51 Read more »