The article "Racial Inequality Cost the Economy $16 Trillion Over the Last Two Decades, Citi Finds" by Pippa Stevens delves into the impact of racial discrimination on the US economy. The impact of social injustices is hard to calculate; however, research by Citi has tried to put in numbers the aspect of racial discrimination, finding that about $16 trillion have been used over the last two decades. The basis for this figure is wages, housing, education, and lending of money to African-Americans entrepreneurs.
According to Stevens (2020), the government spends around $13 trillion to lend money to black entrepreneurs and providing about 6.1 million jobs. Also, more 2.7 trillion dollars is lost due to the wage gap existing due to racial discrimination, while $90 billion is lost due to a lack of access to higher education by the blacks. Stevens (2020) goes ahead and notes that if racial inequality is addressed in the US, the country could save $5 trillion in the next five years.
Delegate your assignment to our experts and they will do the rest.
Racial discrimination is a challenge in the US. Minority groups, such as African Americans, are discriminated against and are unable to get better opportunities, which would help them contribute to the country's economic growth. As the government tries to reduce these disparities by providing loans to black entrepreneurs and providing access to education, trillions of dollars are lost. Therefore, it can be concluded that racial discrimination is bad for the American economy. It is an issue that requires to be addressed if the country is to save trillions of money it uses annually to address these inequalities. The government should address racism and close the racial wealth gap to create a fair and inclusive society.
References
Stevens, P., 2020. Racial inequality Cost the Economy $16 Trillion over the Last Two Decades, Citi Finds. CNBC , 24 September. https://www.cnbc.com/2020/09/24/racial-inequality-cost-the-economy-16-trillion-over-the-last-two-decades-citi-finds.html
