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

[wr]

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

 

[FThe45th]

That’s facts. Give or take

 

[AEA18]

Number goes up if you include all the lawsuit settlements from racist police for misconduct.

"The taxpayers are going to bear the brunt for the cost of police brutality,"

Millions in lawsuit settlements are another hidden cost of police misconduct, legal experts say

Over $300 million was spent in fiscal year 2019 for judgments in three U.S. cities.

abcnews.go.com

 

[sneakaprince]

Bump thread deserves way more discussion.

Sadly I don't see this changing anytime soon. Housing discrimination impacted me personal level and I ****ing hate it.

 

[DCAllAfrican]

IMO class is more of an issue than race in 2020. Does racism still exist? Yes.

 

[sneakaprince]

DCAllAfrican not even being funny but are you black? I only ask because while acknowledge that classism is a huge issue in America it's only compounded for people in the Black community who also have to worry about systemic oppression based on color.

Even when we have money our color can still be a detriment to our overall upward mobility in American society.

 

[wr]

Number goes up if you include all the lawsuit settlements from racist police for misconduct.

"The taxpayers are going to bear the brunt for the cost of police brutality,"

Millions in lawsuit settlements are another hidden cost of police misconduct, legal experts say

Over $300 million was spent in fiscal year 2019 for judgments in three U.S. cities.

abcnews.go.com

Fact check: Municipal taxpayers foot the bill for police brutality with interest-collecting bonds

If a city finances a police misconduct judgment or settlement with municipal bonds, then a bondholder can technically profit from police brutality.

www.usatoday.com

Our rating: Partly false
We rate this claim PARTLY FALSE because some of it was not supported by our research. It is true that interest on bonds used to finance police brutality judgments and settlements are paid with taxpayer money. But it is misleading to claim that investors and bondholders actively seek to profit from police brutality.

Smh this is systematic racism.

Police Brutality Bonds - Action Center on Race and the Economy

How Wall Street Profits from Police Violence June 2018 | Report by Alyxandra Goodwin, Whitney Shepard, and Carrie Sloan Local Case Studies: Chicago Cleveland Lake County, Indiana Los Angeles Milwaukee

acrecampaigns.org

 

[sfc415]

Makes sense. It's like a larger scale version of how if you're at work and instead of being more productive by cooperating with your team, you waste tons of time and energy on drama with coworkers you don't like for whatever petty reason. Of course, racists are too stupid to realize this and too stubborn to change. They don't mind going broke and losing everything as long as they feel superior to black people and other minorities.

 

[DCAllAfrican]

DCAllAfrican not even being funny but are you black? I only ask because while acknowledge that classism is a huge issue in America it's only compounded for people in the Black community who also have to worry about systemic oppression based on color.

Even when we have money our color can still be a detriment to our overall upward mobility in American society.

I am black.

I quoted him to remind him how wild of a comment he made was. I disagree with him 500%

I think he is Hispanic though.

 

[sneakaprince]

Oh no bs DCAllAfrican I never knew you were Black. For a sec I was like how this person not of our community gonna tell us what our biggest issues are.

Proceed with your sarcasm brother.

gentrification clearly you either were or are currently misinformed.

 

[finessence]

..... can’t forget the TRILLIONS they owe us in reparations

 

[wr]

..... can’t forget the TRILLIONS they owe us in reparations

Word. Trillions lost plus trillions owed =" we will suffer before being on equal footing with blacks"

 

[wr]

 

[aepps20]

If you ask racists they will say that it is money well spent to maintain the system of White Supremacy.

 

[rexanglorum]

Conservative economists tend to frame social justice and economic efficiency as being in tension with one another. The more you have of one, the less you will have of the other.

Liberal and Left economists tend to say that social justice, in the long run, correlates with more economic efficiency.

Unfortunately, the latter world view gets most of the private, outside funding and has become, if not hegemonic, certainly dominant.

Ending racism, sexism, classism etc, is something that should be done for moral reasons alone but when you also consider that a more equitable society can also make it so that every one has a decent, dignified and worthwhile existence all while doing it in a way that averts climate catastrophe, the urgency becomes even greater.

 

[ICE CITY CF]

I think he is Hispanic though.

He white-washed Hispanic with an asterisk.

 

[wballz]

You would think point 1 and 3 would have banks taking advantage of these opportunities to make money.

 

[KHUFU]

..... can’t forget the TRILLIONS they owe us in reparations

At the least, this is what they owe.

 

[para bellum]

Starting to read through the study, thanks for sharing

 

[frank 7he t4nk]

Bump and to remind me to read later.

 

[wr]