What Cost Racism?

This country is once again trying to have that much needed conversation on racism and as usual we are failing miserably.

For instance did you realize that the US could have been $16 trillion (yes, that is trillion with a “T”) but systematic racism deprived the nation of the money.

A report issued by Citigroup, a bastion of capitalism and not some phony Left wing think tank…..

America could have been $16 trillion richer if not for inequities in education, housing, wages and business investment between Black and White Americans over the past 20 years, new research concludes.

The study, released this week by Citigroup, is the latest in a body of research that attempts to quantify the economic impact of systemic racism. Citigroup arrived at its $16 trillion figure after estimating that:

  • Black workers have lost $113 billion in potential wages over the past two decades because they couldn’t get a college degree.
  • The housing market lost $218 billion in sales because Black applicants couldn’t get home loans.
  • About $13 trillion in business revenue never flowed into the economy because Black entrepreneurs couldn’t access bank loans.

What’s more, the U.S. could have $5 trillion in gross domestic product over the next five years if those gaps and others were closed today, the study indicated.

“Racial inequality has always had an outsized cost, one that was thought to be paid only by underrepresented groups,” Citigroup Banking Chair Raymond McGuire said in a statement.

https://www.cbsnews.com/news/us-gdp-growth-missed-16-trillion-systemic-racism-inequality-report/

If you cannot understand the cost of racism from the point of social issues then maybe you can put your small head around the monetary cost of hatred.

Does this change anything?

Of course not.

This subject will never be settled until until people learn to talk to each instead of at each other.

Or until the country moves past the silly tribalism that is griping our society by the nuts.

I Read, I Write, You Know

“lego ergo scribo”

2 thoughts on “What Cost Racism?

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