White House Cites Economists’ Claim That Fixing Racial Inequality Could Add $5 Trillion To The Econo

[mystery-ak]

White House Cites Economists’ Claim That Fixing Racial Inequality Could Add $5 Trillion To The Economy In Next Five Years


Christian Datoc
Senior White House Correspondent
January 26, 2021 1:40 PM ET


Susan Rice, President Joe Biden’s designee to serve as director of the Domestic Policy Council, cited economic projections Tuesday that suggest that taking steps to fix racial inequality could add $5 trillion to the economy over the next five years.

Rice opened Tuesday’s White House press briefing by speaking on the executive orders Biden will sign Tuesday afternoon, claiming that Biden’s policies will make “the American dream real for families across the nation by taking ambitious steps to redress equality in our economy.”

“These aren’t feel-good policies. The evidence is clear,” she continued. “Investing in equity is good for economic growth, and it creates jobs for all Americans.”

“Economists have estimated that the U.S. economy has lost a staggering $16 trillion over the last 20 years because of discrimination against families of color,” Rice continued. “If we closed racial gaps in income and opportunity, these same economists have estimated we could add $5 trillion to the U.S. economy over the next five years and add over 6 million new jobs for all Americans.”

more
https://dailycaller.com/2021/01/26/white-house-cites-economists-claim-that-fixing-racial-inequality-could-add-5-trillion-to-the-economy-in-next-five-years/

[skeeter]

Woke economics.

Hilarious. Tell us another one.

[Hoodat]

Whoever made that claim was no economist.

[Hoodat]

Found it.  This 'study' was conducted by Citigroup - a company heavily involved in subprime mortgages that collapsed the economy in 2008.  I wonder how many minority borrowers they foreclosed on after offering them toxic loans.

The cost of racial inequality is $16 trillion, new Citi report says
Published: Sept. 23, 2020 at 8:23 a.m. ET

[Hoodat]

Here's a copy of the report:  https://www.house.leg.state.mn.us/comm/docs/B8rBQcqhnU2KMsxXIN0f6w.pdf

[jafo2010]

I think that is called Unicorn Economics. 

I would not believe two words from her pie hole after Benghazi.  Does she really think anyone will take her serious?  Other than Joe Clueless!

[cato potatoe]

Total garbage.  Trillions of dollars have been lost to redistributive programs.  Blacks and hispanics need to be more productive and less socialistic.  That is the only way they will achieve equality without damaging the overall economy. 

[Hoodat]

The $5 trillion claim (or $1 trillion per year) was pulled out of her butt.  There is no evidence presented showing the creation of that much wealth.  Instead, the 'study' [sic] estimates that minorities were shorted $1 trillion in income because of their skin color, and that if they were paid $1 trillion more (with $1 trillion in additional money provided to their employers), then and only then would our economy grow by $1 trillion.

Yeah, that's right.  Our economy would grow by $1 trillion if you magically gave employers $1 trillion to pay minority employees more money than they are currently receiving for the same job.  Pure idiocy.

[GtHawk]

Woke economics.

Hilarious. Tell us another one.

Woke and Economics = Brokenomics

[GtHawk]

Whoever made that claim was no economist.

Was AOC one of the authors of the report?

[GtHawk]

The $5 trillion claim (or $1 trillion per year) was pulled out of her butt.  There is no evidence presented showing the creation of that much wealth.  Instead, the 'study' [sic] estimates that minorities were shorted $1 trillion in income because of their skin color, and that if they were paid $1 trillion more (with $1 trillion in additional money provided to their employers), then and only then would our economy grow by $1 trillion.

Yeah, that's right.  Our economy would grow by $1 trillion if you magically gave employers $1 trillion to pay minority employees more money than they are currently receiving for the same job.  Pure idiocy.

Did they happen to mention how much of that trillion would in reality go to growing Mexico and other Central American economies courtesy American taxpayers in their plan?