I had the great opportunity to attend a conference this past week in Cincinnati, Ohio entitled ‘Take on Race.’ The conference was created to challenge Corporate America to truly take on the racial inequities in our country and to help bolster the economic development and creation of wealth in communities of color.
What blew me away at this conference was some of the data that was shared. Here are a couple of data points I heard and captured for my own study:
By 2050, America will realize an $8 trillion gain in GDP by closing the racial equity gap.
By 2050, the US economy could increase by $2.3 trillion if the educational attainment of Black and Latino children was raised to that of White children.
Businesses owned by people of color would create 9 million jobs if ownership rates were comparable to White ownership rates.
Eliminating health disparities by 2050 would reduce lost productivity by $80 billion per year.
The U.S. GDP could be 14% higher, or $2 trillion more, if the wage disparity between White employees and employees of color was eliminated.
The buying power of Black and Latino people has consistently risen since 1990, and by 2018, it reached roughly $1.5 trillion.
My takeaway was that by simply treating everyone fairly, from hiring to providing access to capital to start and grow a business, we would make our overall economy better for not only people of color but for all people in our country. My question is in lieu of having this data and sharing it, why are companies and people interested in making this happen?
That is something we are going to explore in future posts. For now, we will digest the data and think about solutions to address these disparities and issues in our community.