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Racism cost the US economy trillions of dollars

Over the past 20 years, the US economy has lost about $16 trillion due to racism, according to a study by the American bank Citigroup.

As black entrepreneurs faced problems obtaining loans, the country lost $13 trillion, and it also prevented the creation of 6.1 million jobs. The pay gap between white and black workers costs another $2.7 trillion.

The loss of $218 billion is associated with discrimination against minorities in obtaining housing loans, from $90 billion to $113 billion the budget has not received due to unequal access to higher education. Bank analysts suggest introducing additional tax breaks, raising the minimum wage, and taking a number of other measures. Citi said it will provide $1 billion to fight racism.

Earlier it became known that the heads of large US companies, including banks and tech giants, decided to recruit representatives of various minorities in New York, including blacks.

Last year, the US GDP was $19.5 trillion. In the second quarter of this year, the country's economy contracted by 32.9 percent compared to the same period last year. In March, the US government decided to allocate two trillion dollars to support the country's economy; in May, the government allocated another three trillion dollars for these purposes.

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