Looking at a Trump rally, one of the first reactions an educated person may have is “There’s a lot of poor white people not acting in their own self-interest.” It’s almost as if they want to vote for their tribe even when that tribe keeps them down. For example, Trump supporters will be happy to destroy Obamacare even if it means insurance companies won’t cover preexisting conditions. Seeing that medical bills are the #1 reason people file for bankruptcy, many MAGA lovers would find themselves out on the streets for voting red.
But what’s the actual financial cost of this oligarchal-racism?
Unsurprisingly, a lot of money.
America could have been $16 trillion richer if not for inequities in education, housing, wages and business investment between Black and White Americans over the past 20 years, new research concludes.
The study, released this week by Citigroup, is the latest in a body of research that attempts to quantify the economic impact of systemic racism. Citigroup arrived at its $16 trillion figure after estimating that:
- Black workers have lost $113 billion in potential wages over the past two decades because they couldn’t get a college degree.
- The housing market lost $218 billion in sales because Black applicants couldn’t get home loans.
- About $13 trillion in business revenue never flowed into the economy because Black entrepreneurs couldn’t access bank loans.
Federal Reserve data show that White households’ net worth grew 43%, to $61,200, between 1995 and 2016, while it remained flat at $35,400 for Black families. Moody’s Investor Service found that 44% of Black households owned their homes in 2019, compared with 74% of white households.
Citigroup doesn’t seem to be a leftist organization striving to turn the USA into a commie paradise. Rather, they’re capitalists wanting to make more money (because when there is more wealth in the country Citigroup will benefit).
The implicit message of the report is clear in saying White people, stop being stupid. Your racism is keeping is holding us all back.
It’s simple economics.
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