October 27, 2020
Want a quick and easy way to give a boost to the economy? Get rid of racial prejudice.
That’s the conclusion of study by a Citibank economist, who calculated that closing the racial gap in wages, education, access to housing credit and lending to minority entrepreneurs would have generated an additional $16 trillion in economic output since 2000.
Nearly $13 trillion of that figure was attributable to the gap in equitable lending which, the study concluded, “could have been used for investments in labor, technology, capital equipment, and structures,” creating 6.1 million jobs per year.
And it’s not too late. The study concluded that remedying the situation today would lead to an additional $5 trillion in GDP over the next five years.