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Crystal Gordon Mr. Snell ENG 220 12.06. 2021 Summary of the Cost of Racism

Adedayo Akala wrote the article “Summary Cost of Racism”, which expresses the loss of money in the United States of America due to discrimination. The article tries to elaborate how racism in the United States has brought a loss in the economy of up to $16 trillion US dollars, starting from the protest, fines, and other damages that have cost due to the discrimination based on racism. Nationwide the racism has drawn significant attention in the United States, and the bank has analyzed a report showing how the act has brought the economy a significant loss. The discrimination has been ranging from the education sector and the business primarily accesses to loans; there are many cases reported. Citigroup has estimated a significant loss on the country's GDP over the past five years drawn from discrimination against African Americans in the United States. The vice-chairman at the banking, capital markets, and advisory team once shared a need for immediate attention for the loss of economy due to longstanding discrimination against the minority group, especially African Americans. Accusations have also been drawn to the doors of wall street over the discrimination practices against blacks, such as denying banking options in the minority environs and limiting the approval on mortgages. The discrimination ranging from accessing higher education, providing housing credits, and wages suffered by blacks has brought GDP loss due to the repeatedly observed racial gaps. The “author argues” that the actions accompany crucial attention by reversing the discrimination practices and boosting the GDP to

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improve the economy. Promoting diversity and addressing the wages hitting hard on African Americans will lower the losses being incurred by the country every year. There is also a need to promote diversity in banks and companies and all other organizations, generating a big part to the economy but affected by racial discrimination.

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Racial Analysis/ Evaluation Based on what I have read, my analysis and evaluation of this article are that racism has brought a significant loss in the country's GDP and Americas’ overall economic behavior, according to the author the United States economy has lost up to $16 trillion due to discrimination, bank report (Akala n.p). There has been a significant loss in gross domestic products due to the discrimination activities since 2000 which I think is very evident especially lately with the pandemic and the former president. It seems as if the financial market is crashing, including the access to business loans, education, and disparities in wages. If the united states find ways in which to end or lower racism to curb the loss mounted on the country's economy. Even though it seems if `no action is taken, then discrimination scenes will continue to bring losses. If the United States handles discrimination practices against blacks, the country will have an economic boost of 5 trillion dollars over the next five years (Akala n.p). "We believe we have a responsibility to act upon the events and economically address them to check on the real cost of longstanding discrimination against minority groups, the black people especially in America." Raymond J. McGuire wrote, the vice-chairman of the bank. Discrimination practices, especially against African Americans, have affected companies like wall street and in people's personal lives. The United States government might be one of the only countries to blatantly practice gimmicks like providing housing credits to people that are not of color. Even in the inner cities, they have cut the United States $218 billion over the last two decades, $90 billion in education from discrimination in accessing higher education, and $ 2.7 trillion due to disparities in wages affecting people of color. Citigroup urges promotion in reverse discriminatory practices to boost the annual income for the next four to five years. The practices include checking on matters of

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wage gap affecting African Americans and embracing diversity within companies and banks across the country. After reading this article I can say all the losses we are facing as a country will not stop until we come together and end all discrimination across all sectors is addressed appropriately, especially in the banks and educational institutions.

Works Cited

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Akala, Adedeyo. "Cost Of Racism: U.S. Economy Lost $16 Trillion Because Of Discrimination, Bank Says". Npr.Org, 2020, https://www.npr.org/sections/live-updatesprotests-for-racial-justice/2020/09/23/916022472/cost-of-racism-u-s-economy-lost-16-trillionbecause-of-discrimination-bank-says....