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The following is the Eliminating racial inequality gaps From Citibank Report recommended by recordtrend.com. And this article belongs to the classification: global economy , Consumer research, research report.
Citibank has released a new report, “eliminating racial inequality gap.”. Since 2000, racial inequality has caused us $16 trillion in losses to the U.S. economy, while the failure to narrow the wage gap has resulted in a GDP loss of $12 trillion. The study found that fair lending to African American entrepreneurs would bring in $13 trillion in income. Narrowing the wage gap among African Americans will add another $2.7 trillion to the economy; improvements in housing and educational opportunities will bring an additional $218 billion and $113 billion, respectively.
The road to equality
If we narrow these ethnic differences now, we can see that the US GDP will increase by 5 trillion US dollars in the next five years, or the average annual GDP growth rate of the United States will be 0.35 percentage points, and the global average annual growth rate will be 0.09 percentage points.
African Americans are five times more likely to go to prison than white people, accounting for a large proportion of the U.S. prison population (33%), and they account for only 12% of the total U.S. population.
In the past 10 years, 25 of the 50 states have imposed voting restrictions. This has a particularly serious impact on African American voters. Of the 3.1 million American adults banned from voting, 2.2 million are African Americans.
African American men (45-49 years old, with an average income of $43859) had earlier and lower income peaks than white men (50-54 years old, with an average income of $66250). White households are eight times richer than African Americans and have a lower debt to asset ratio (10% vs. 30%).
If the wage gap between white men and white women narrowed 20 years ago, it would bring $5 trillion in income to the U.S. economy. Similarly, the income gap between white men and African and Hispanic Americans, if eliminated 20 years ago, would help GDP grow by $7 trillion. If we narrow the gap now, it will bring us $5 trillion in additional income over the next four years, with an annual growth rate of 0.4 percentage points.
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