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?

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