Economics
Fed’s Mester Says U.S. Must Do More to Promote Economic Equality
- Pandemic has disparate impact on minority, low-income workers
- Mester says she expects unemployment to end 2020 at 7% to 8%
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The U.S. economy can’t reach its potential unless the country addresses gaps in economic opportunity, said Federal Reserve Bank of Cleveland President Loretta Mester.
“Unfortunately, today, the U.S. economy does not offer the same opportunities to all,” Mester said in a speech Monday at an online event hosted by the African American Chamber of Commerce of Western Pennsylvania. The adverse impacts of the coronavirus pandemic is disproportionately affecting vulnerable communities including low-income, and Black and Hispanic workers, Mester said.