Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says
Articles | September 24 2020
NEW YORK, NEW YORK - SEPTEMBER 21: The American Flag hangs from in front of the New York Stock Exchange (NYSE) in lower Manhattan on September 21, 2020 in New York City. As parts of Europe prepare for another lockdown due to a resurgence in COVID-19 cases, markets across the globe fell due to the economic uncertainty. The Dow Jones Industrial Average fell over 900 points in morning trading. (Photo by Spencer Platt/Getty Images)
By Adedayo Akala
Nationwide protests have cast a spotlight on racism and inequality in the United States. Now a major bank has put a price tag on how much the economy has lost as a result of discrimination against African Americans: $16 trillion.
Since 2000, U.S. gross domestic product lost that much as a result of discriminatory practices in a range of areas, including in education and access to business loans, according to a new study by Citigroup. It’s not an insignificant number: By comparison, U.S. GDP totaled $19.5 trillion last year (Read more).
