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If black families were as rich as white ones, U.S. economy would be $1.5 trillion bigger

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Applewood:
If black families were as rich as white ones, U.S. economy would be $1.5 trillion bigger


--- Quote ---The typical white family in America has 10 times the wealth of a typical black family—a figure that has barely changed in two decades and has actually widened in the current economic expansion.

This persistent, and growing, disparity has become a pressing issue for Democrats, with four presidential hopefuls making their case in June at the Black Economic Alliance Forum and a House Judiciary subcommittee debating reparations for slavery just this summer.

But it's also infiltrating corporate America. The consulting firm McKinsey this week issued an estimate of just how much the historic and current discrimination against African-Americans is hurting the broader economy. That estimate: Somewhere between $1 trillion and $1.5 trillion.

--- End quote ---

https://www.cbsnews.com/news/racial-wealth-gap-costs-economy-1-5-trillion-dollars-report-finds/

Sanguine:
I'm not going to CBS to read this, but are they talking equivalent families, the only difference being race/ethnicity? 

InHeavenThereIsNoBeer:

--- Quote from: Sanguine on August 16, 2019, 12:41:14 am ---I'm not going to CBS to read this, but are they talking equivalent families, the only difference being race/ethnicity?

--- End quote ---

I did, and they didn't say, but that was my first thought.  The article basically blames it all on racist policies, pointing out there's about a 10x difference between average white/black family wealth, but I'd like to see a comparison of families of four with a (real) mommy and daddy.

bigheadfred:

--- Quote from: Sanguine on August 16, 2019, 12:41:14 am ---I'm not going to CBS to read this, but are they talking equivalent families, the only difference being race/ethnicity?

--- End quote ---

Doesn't seem to say.

Here is the closing line.

Banks, the Bucknell professor, said it was "noteworthy that the issue of the racial wealth gap has been taken up by a mainstream consultancy," but added that the central concern should be on achieving racial equity—not economic benefits.

 ****slapping

Applewood:

--- Quote from: Sanguine on August 16, 2019, 12:41:14 am ---I'm not going to CBS to read this, but are they talking equivalent families, the only difference being race/ethnicity?

--- End quote ---

Not sure what this McKinsey outfit used as criteria.  This just seems like something designed to bolster the reparations argument and create racial division. 

The report talks about black farmers being deprived of their land and assorted other policies which kept blacks from owning property and other areas of discrimination.  But that discrimination has been long gone.  There is no reason today why black families can't  accumulate the wealth of white people unless they fail to take advantage of the opportunities available.

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