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August 19, 2022

U.S. Voters

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Racism Holds US Economy Back By $16 TRILLION

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How has racism over the past 20 years hurt the US economy? John Iadarola and Dr. Rashad Richey break it down on The Damage Report. Follow The Damage Report on Facebook: https://www.facebook.com/TheDamageReportTYT/

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Read more here: https://www.cbsnews.com/news/us-gdp-growth-missed-16-trillion-systemic-racism-inequality-report/?ftag=CNM-00-10aab7e&linkId=100341041

"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."

#TheDamageReport #JohnIadarola #TheYoungTurks

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