Yahoo Finance, August 20, 2019: Closing racial wealth gap could boost US GDP by 6%
A new study from McKinsey & Company shows that U.S. GDP could be up to 6% higher in the next eight years if the racial wealth gap is closed. In other words, the widening gap between white and black households will cost the U.S. economy between $1 trillion and $1.5 trillion between 2019 and 2028, according to the report.
The study highlights that the racial wealth gap between black and white families grew from $100,000 in 1992 to $154,000 in 2016. “In part,” the report states, “because white families gained significantly more wealth (with the median increasing by $54,000), while median wealth for black families did not grow at all in real terms over that period.”
