Racial Equity In The Economy Means We All Win

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.

LadyG


I don’t want nobody

To give me nothing

Open up the door

I’ll get it myself

Don’t give me degeneration

Give me true communication

Don’t give me sorrow

I want equal opportunity

To live tomorrow

James Brown, The God Father of soul (1969)

4 thoughts on “Racial Equity In The Economy Means We All Win

  1. The blight of discrimination on grounds of race, gender, religion and co-adult sexual orientation(I made that last one up to not include paedophilia) is another poison in our world and one which brings out the red mist in me.
    We are only as strong as all of us working together and respecting each other.

    Liked by 3 people

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