Racial equity is a win-win proposal.
My cousin Ron and I often talk about the nebulous meaning of a “good economy” and how some people love to point to it whenever they want to brag about how well the country is doing.
We heard a lot of that during the previous Presidential Administration.
Back to my point.
Now, if we were to quiz these same people on said “good economy” they would likely be hard-pressed to give a coherent definition of the concept.
To be more specific, I would argue that the measures which determine what is and what is not a “good” or “healthy” economy are difficult for most people to practically comprehend –with the exception of the unemployment rate.
However, a few months ago, I ran across a study that pointed to a direct connection between discrimination and major economic loss in America.
No doubt, this fact is shocking but definitely not hard to understand.
Point blank, discriminatory practices in the U.S. have resulted in major economic loss for the country as a whole, and now is the time to turn these deep rooted practices around.
If we can do this, we will have brought racial equity to the table and we all win.
Sadly, there are those who will gladly accept this and future losses–to their own detriment–out of sheer hatred and stupidity.
But, that said, I’m convinced that more of us are interested in the well-being of the collective.
Here is what the study found:
According to Citigroup, as quoted in this article from NPR, the U.S. economy lost $16 trillion since 2000 due to discrimination and other broad reaching policies that were blind to racial equity.
The article goes on to count all of the losses:
- $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
Today’s Black History Month Observation:
Despite popular public opinion, Black people are not asking for handouts, we are asking to have systemic filters removed so that we can proceed through and rise to our highest potential.