Atlanta Federal Reserve President Raphael Bosticsaid in an interview with Reuters news agency that fixating on questions like to day's stock prices "kind of misses the reality" of how deep and long-standing the economic wedge is between US minority populations and most whites.
"...there is not going to be one silver bullet or one action" that dents problems like the roughly 10-to-one gap between Black and white household wealth, differences in income that persist regardless of education levels, or a Black jobless rate nearly double that of whites before the pandemic.
The reckoning needs to be deeper, grappling with a legacy of economic disadvantages from slavery through legal segregation, he said. Far from being levelled by market forces or government policy, those have compounded over time to the detriment not just of Black people but of the country as a whole.
"Economic models don’t have 'reachback loops' for things that have happened in the past to figure out what an optimal strategy for today might be," said Bostic.
https://www.aljazeera.com/ajimpact/silver-bullet-fix-systemic-economic-racial-inequality-200716132555163.html
"...there is not going to be one silver bullet or one action" that dents problems like the roughly 10-to-one gap between Black and white household wealth, differences in income that persist regardless of education levels, or a Black jobless rate nearly double that of whites before the pandemic.
The reckoning needs to be deeper, grappling with a legacy of economic disadvantages from slavery through legal segregation, he said. Far from being levelled by market forces or government policy, those have compounded over time to the detriment not just of Black people but of the country as a whole.
"Economic models don’t have 'reachback loops' for things that have happened in the past to figure out what an optimal strategy for today might be," said Bostic.
https://www.aljazeera.com/ajimpact/silver-bullet-fix-systemic-economic-racial-inequality-200716132555163.html
No comments:
Post a Comment