Dana Peterson is chief economist for The Conference Board and formerly global economist for Citigroup.
Posted on 11/03/2020 5:55:16 AM PST by Oldeconomybuyer
Systemic racism has kept the U.S. from reaching its full economic potential, according to a growing body of research. A recent Citigroup study estimated that financial, educational and other inequities between Black and White Americans cost the U.S. a staggering $16 trillion. CBS MoneyWatch spoke with Dana Peterson - formerly global economist at Citigroup, now chief economist for The Conference Board and the lead researcher behind the study - about its findings. This interview has been edited for length and clarity.
Q. Your team put the economic cost of racism in the U.S. at $16 trillion - that's a startling number given that the nation's total GDP is roughly $21 trillion. Did that figure surprise you?
A. The $16 trillion is the sum of estimated economic losses from home ownership, education, income and business investment gaps between Black and White households and firms. The largest share of the gap is $13 trillion less in business revenue, and accompanying that $13 trillion is the potential for 6 million fewer jobs created per year because you don't have those revenues.
The next largest share is $2.7 trillion in wages not earned by Black workers. The remaining share of that $16 trillion is from forgone income due to the education gap, plus equity not accrued and reduced spending from homeownership gaps.
(Excerpt) Read more at cbsnews.com ...
Dana Peterson is chief economist for The Conference Board and formerly global economist for Citigroup.
But where does the money come from to “pay” these wonderful, missed opportunities?
BS on this.
No comment required.
Is this why Africa is so much wealthier than the USA?
Absolutely no racism in Africa!
Sounds to me like ending racism will pay for itself. No need for reparations or welfare. I’m totally on board.
I came to the conclusion a long time ago that Black People, especially Black Females, are the most RACIST people in this Country, maybe Margaret Sanger was right all along?
How about all the missed opportunities and costs form government attempting to tell everyone what they must do?
How about all the lost revenue from white people who are told they must have opportunities taken from then and given to others who deserve them less?
Show us a real world example where attempting to make everyone the same increased economic output. There isn't any.
Economic output always goes down in those circumstances.
Well... she’s right.
Affirmative action, wasted money and resources litigating nonsense lawsuits not to mention the insurance and costs due to the damages and theft from BLM
But their solutions always consist of taking something away from person A and giving it to person B. How is that supposed to increase the total? Is she saying more qualified minorities are being passed over for less qualified whites? In that case she’d want a color-blind meritocracy, which I seriously doubt. She’d be the first person I ever saw use the phrase “systemic racism” that did. If she’s arguing for affirmative action, how does she hope to increase total accomplishment?
“Economist who says racism costs the U.S. $16 trillion”
I agree with the conclusion, although my logic is slightly different. The Democrat Party is the home for racists in this country; it has cost the US at least $16 trillion over the years due to corruption, inefficiency, worthless government programs, loss of lives, draining of human initiative, destruction of families. Therefore racism costs the US $16 trillion. QED.
Well, I agree in part. Democrats have kept Blacks on their plantation for so long, forcing them into poor housing, providing a poor education to them and inciting them to spend generations on the public dole and never more ahead. It’s time to left Blacks decide for themselves where to live, what job to have and what education they want. Democrats need to let them finally be free
How bout bringing jobs back from China and elsewhere
Many will go in or near central cities where there is ready- land hopefully a willing work force and nearby infrastructure for distribution
After all it is better to teach a man how to fish
CBS = Constant Bull $hit
She must be factoring in the “wakanda variable”.
A few words of wisdom: You'll never end discrimination by discriminating. Never.
Shelby Steels argues that because of these reparations/victimhood scams, Blacks today simply have not accepted the individual Liberty / Freedom of the civil rights movement. Free stuff is more attractive than hard work.
Where the hell are they going to get $16 trillion to balance it all out? That would be 75% of GDP for the next year or so.
Or do we just surcharge all white folks GDP 10% for the next 20 years.
I don’t want to sound racist—but if we moved 10% of all GDP from white folk to minorities, for the next 20 years...I guarantee you that would result in the white majority increasing their wealth by about $12 Trillion.
Its not about distribution. Its about equality of opportunity.
if you’re looking for an explanation on this massive number, this article is not your answer.
“16 trillion is just a number we pulled out of our a$$ and we just threw darts at a board to get 50 trillion... I mean 7 zillion, uhhh... 300 billion quadrillion... yeah..”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.