Economics
Fed Finds Race, Gender Disparities Cut U.S. GDP by $2.6 Trillion
- San Francisco Fed analysis puts an estimate on economic losses
- Research by Fed chief Daly and others calls the issue urgent
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Racial and gender disparities have resulted in growing losses to the U.S. economy that amounted to $2.6 trillion in 2019, according to a new study co-authored by Federal Reserve Bank of San Francisco President Mary Daly.
The study estimated economic costs from persistent education and labor-market gaps over time, finding losses have grown from $1.9 trillion in 1990 as the U.S. population has become more racially diverse. U.S. gross domestic product totaled $21.4 trillion in 2019.