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Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says
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.
www.npr.org
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