Inequality Has Cost the U.S. Nearly $23 Trillion Since 1990
- Job-opportunity differentials point to underutilized resources
- Barriers result in lower prosperity for everyone, authors say
A person sitting on the street holds out a cup for money in New York.
Photographer: Mark Abramson/BloombergInequality in employment, education and earnings has cost the U.S. economy nearly $22.9 trillion over the past 30 years, a sum that is likely to increase as minority populations expand, according to a new paper from economists including Federal Reserve Bank of San Francisco President Mary Daly.
“The opportunity to participate in the economy and to succeed based on ability and effort is at the foundation of our nation and our economy,” the authors wrote. “Unfortunately, structural barriers have persistently disrupted this narrative for many Americans, leaving the talents of millions of people underutilized or on the sidelines. The result is lower prosperity, not just for those affected, but for everyone.”