Racial and ethnic inequities have cost the U.S. economy some $51 trillion in lost output since 1990, San Francisco Federal Reserve President Mary Daly said Wednesday, citing data from a paper she and three co-authors will present at The Brookings Institution.
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," Daly said in a briefing ahead of the paper's release Thursday.
From labor alone, they figured, the gains would add up to $22.9 trillion over the thirty years from 1990 to 2019, with bigger gains in more recent years as the share of non-white populations has increased while the gaps have remained fairly steady.
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