Racial Inequality Cost U.S. Economy $16 Trillion Over 20 Years
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The effects of racial inequality can be difficult to quantify. But a new report from Citigroup tries to calculate some of the damage, putting a dollar amount on the economic impact of racial discrimination over the past 20 years, CNBC reports.
This analysis found that racial inequality and discrimination reduced U.S. GDP by more than $16 trillion over that time period. That total includes money that Black Americans lost due to inequalities in salary, housing, access to higher education and lending to business owners.
Here’s what manufacturers are doing to address racial inequality in the industry:
- Pledge for Action: In June, the NAM’s Executive Committee unanimously passed an 11-point commitment plan for manufacturers to advance justice, equality and opportunity for Black people and all people of color.
- Closing the opportunity gap: Last week, during the NAM board meeting, manufacturers committed to taking 50,000 tangible actions to increase equity and pay in the industry, as well as creating 300,000 pathways to job opportunities for Black people and all people of color. As a result, manufacturing will reflect the diversity of the overall U.S. workforce by 2030.