Racism against blacks made USA lose $16 trillion since 2000, says Biden official

Washington: Biden administration’s Domestic policy council’s chief said that country’s anti-black racism has incurred USA a total loss of $16 trillion in more than 20 years

Susan Rice, who have also served in Obama cabinet as a security adviser made the statement before Al Sharpton’s racial justice advocacy group National Action Network on Wednesday.

“Between 2000 and 2020, discrimination against black Americans cost the US $16 trillion in lost GDP,” according to Rice, who was a finalist for the vice president position in President Joe Biden’s cabinet but lost out to Kamala Harris.

She continued, without clarifying what she meant by “racial gaps,” that if they were closed, “we could add another $5 trillion to GDP in just the next five years.”

According to a report, she reassured the gathering that the statements were “not my maths” and cited a 2020 report by Citibank titled “Closing the Racial Inequality Gaps: The Economic Cost of Black Inequality in the US.”

Citi bank’s report said ensuring that black students have easy access to higher education may have improved lifetime earnings by $90-113 billion and added $2.7 trillion to the available income for spending or investing.

Increased housing finance options may have led to an increase of 770,000 black homeowners and $218 billion in spending.

According to Citi, the most astounding figure is that “just giving fair and equitable lending to black entrepreneurs might have resulted in the creation of an additional $13 trillion in business revenue and potentially created 6.1 million jobs per year.”

“Citing “Citi Research” as the source of the numbers leaves no room for further explanation,” Rice said at Sharpton’s event.

Rice continued her remarks by urging the audience to “stand together in defence of facts, truth, and history,” noting that “innocent children’s books are being banned just because they prominently feature black or brown characters” and that “black history is being erased from our classrooms and textbooks.”

The former Obama national security advisor said, without naming names, “Make no mistake, those who are doing this are trying to tell us that we do not count, that we do not matter, and that perhaps we should not exist.”

According to Citi’s analysis, in order to reduce “racial gaps,” the government should “provide guaranteed wages, income, and jobs.”

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