Thu 04 November 2021:
According to CNN on Tuesday, a Moody’s Analytics study suggests that racial segregation in the United States is costing the country billions of dollars every year.
“Racial segregation and bias is costing all Americans,” Mark Zandi, Moody’s chief economist told CNN Business. “If we focus on this issue, and try to address that, it benefits everyone.”
According to the findings presented by the financial services company earlier this month, deeply established racial bias and segregation are limiting the country’s potential, whereas more integrated regions have witnessed stronger long-term progress.
Zandi hopes the report will jump start additional research on the topic, especially in light of the pandemic’s disproportionate negative effect on people of color and the heightened civil strife the US has experienced in recent years. One area for policymakers to home in on would be the role disparities in home ownership play on the wealth gap.
According to CNN, the country’s wealth gap persists. The enormous wealth and homeownership discrepancies between White Americans and Black or Hispanic Americans have not narrowed over the last three decades, according to a Moody’s Analytics analysis of federal data.
Photo: floridanewstimes.
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