Economic inequality was exacerbated by the pandemic, leaving black women – and the potential growth for the broader US economy – even further behind, so a new report today by S&P Global.
Why it matters: Black women have been handicapped by economic inequalities in almost every aspect of American life, particularly when it comes to wage increases and opportunities in school and work.
What they found: If black women could graduate as quickly as white women from 1960 to 2019, the US would have generated an additional $ 107 billion in economic activity, according to the report.
- In addition, if black women in the world of work had positions that matched their education and skills, the productivity boost alone would have raised another $ 507 billion.
What you say: The injustices faced by a demographic group that represents over 6% of the US population have shaped the prospects for potential economic growth, Beth Ann Bovino, chief economist at S&P Global in the US, told Axios.
- “If you look at the potential growth where it was before the financial crisis and the Great Recession, we were about 2.75% … and it has now slowed to below 2%,” says Bovino, adding that CBO estimates require another slump in the next decade.
What to see: The impact of the corporate world’s increased focus on anti-racial concerns since the assassination of George Floyd.
- Goldman Sachs, for example, was launched in March a decade-long plan Investing $ 10 billion in what is said to affect 1 million black women.