According to a paper presented at The Brookings Institution, racial and ethnic inequities have cost the U.S. economy nearly $51 trillion in lost output since 1990, said San Francisco Federal Reserve President Mary Daly.
Daly is one of the three co-authors of the paper.
Ahead of releasing the paper in a press briefing she said, “Large and persistent gaps in rates of employment, education, and earnings across races add up to a smaller economic pie for the nation as a whole,”
She went on to add, “The imperative for equity, for closing some of these gaps, is not only a moral one, but it’s also an economic one.”
The paper maps out what GDP would have been if gaps in the labor market didn’t exist.