Systemic racism slows economic growth: Dallas Fed chief Kaplan

[webfact]

Systemic racism slows economic growth: Dallas Fed chief Kaplan

By Doina Chiacu

 

FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks at the Commonwealth Club in San Francisco, U.S., October 11, 2019. REUTERS/Ann Saphir

 

WASHINGTON (Reuters) - Systemic racism and high unemployment levels among black and Hispanic Americans create a drag on the U.S. economy, Dallas Federal Reserve President Robert Kaplan said on Sunday.

 

"A more inclusive economy where everyone has an opportunity will mean faster workforce growth, faster productivity growth and will grow faster," Kaplan said on CBS' "Face the Nation."

 

Kaplan said he agreed with his counterpart at the Atlanta Federal Reserve Bank, Raphael Bostic - the Fed’s only African-American policymaker - who on Friday called for an end to racism and laid out ways the U.S. central bank can help.

 

The comments by the Fed policymakers follow weeks of nationwide protests against police brutality and racism after the May 25 death of George Floyd, a black man, in Minneapolis. The white police officer who knelt on Floyd's neck has been fired and charged with murder.

 

"It's in the interest of the U.S.," Kaplan said. "The fastest-growing demographic groups in this country are blacks and Hispanics. If they don't participate equally, then we're going to grow more slowly."

 

Kaplan said the Dallas Fed and the Federal Reserve System have been working for years to improve skills training and education for blacks and Hispanics, who have long endured a higher level of unemployment than whites.

 

Overall unemployment, which spiked dramatically during the shutdowns, is on the way down, Kaplan said, adding that he expects to see positive job growth starting this month.

 

He said fiscal policy, which is set by Congress, will be a critical element of the recovery, including unemployment benefits, possibly "restructured to create more incentives for people to go back to work," and benefits to state and local governments.

 

White House economic adviser Larry Kudlow cited positive signs as the economy reopens, telling CNN, "We are in the recovery stage."

 

(Reporting by Doina Chiacu; Editing by Bill Berkrot and Lisa Shumaker)

 

-- © Copyright Reuters 2020-06-15

 

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[GalaxyMan]

David Bowie tried telling MTV the very same thing way back when. They sounded like the Trumpies trying to deny their racism.

 

 

[phantomfiddler]

Surely the behavior of the protesters is only going to deepen the rift between the normal law abiding citizen and the so-called "protesters", who I think are more interested in scoring a free large screen TV than righting a social wrong ????

[curious297]

Systemic racism slows economic growth

I agree 110%. This is not a new problem especially in America. Let's go back 150 years or so and Imagine how the US economy would have thrived if the following acts of systemic racism never happened. I'm tired of hearing how the black man is lazy, good for nothing, drain on the country's resources, chip on their shoulder, forget the past and move on attitudes. It is said that you never really know someone until you walk a mile in their shoes. Let's take a walk down the dark road of Americans hidden, untaught history of systemic racism.

 

This is no way intended to be about racial profiling so admins, you do not need to delete this post however, it is about American history and how it repeats itself especially when left unchecked and not taught as a reminder of how things have not really changed.  In many of the recent news reports, the question that keeps being asked is "Where is the black leadership during these riots?" Let us ask the same question in reverse during the following historical events. Keep in mind, unlike 9/11 that we are forced not to forget, take a walk with me down memory lane as a reminder of how conveniently forgetful history can be. The following are just some of the factual events which stained American history.  Many here will not take the time to review this post and it's contents and that is your right however, for those that do, I applaud you.

 

The Wilminton race riots -1898 ( less than 100 miles from George Floyds home town of Fayetteville, North Carolina)

 

 

 

The Elaine Massacre - 1919

 

 

 

The Rosewood Massacre 1923

 

 

 

Tulsa's Black Wall Street Massacre 1921

 

 

And finally from another prospective

 

 

So yes, I do agree that systemic racism does slow economic growth.

 

 

 

[Thomas J]

10 hours ago, webfact said:

Systemic racism and high unemployment levels among black and Hispanic Americans create a drag on the U.S. economy, Dallas Federal Reserve President Robert Kaplan said on Sunday.

This is absolute horse manure.  I have worked in the USA for over 50 years.  I can tell you that American Business bends over backwards to fill spots with qualified minorities.  Minority employees are routinely safeguarded from discharge for the company's fear of being sued.  The laws in the USA demand affirmative action, give college entrance preference to people of color, many contracts by government are limited to minority owned business or businesses with a minimum percentage of minorities.  You want to know what is holding blacks back.  40% of black males VOLUNTARILY DROP OUT OF HIGH SCHOOL.  Also 1 out of 5 black males will find themselves in prison during their life.  There is no SYSTEMATIC RACISM that causes someone to drop out of high school or go and commit a crime that gets them imprisoned.  By contrasts the USA has many Asians who immigrate to the USA, a significant portion can't even speak English yet their drop out rate is only 14% and Asians have the highest college graduate, post graduate degrees and the highest income per capita of any race.  I guess those who want to use it as a crutch must think that that if you are yellow, or Asian brown that you are not subject to discrimination.  

 

 

 

Edited June 15, 2020 by Thomas J

[Pedrogaz]

Kaplan you moron. The black people have got no money, they are not responsible for the economy not zooming ahead. And they are only 15% of the population, and most of them seem to be shot dead by police or imprisoned.

Give them some money and I'm sure they will spend it in the real economy.....but the Prez and the Fed say: no money for black or poor people, let's give the billionaires another tax break....problem is billionaires don't spend the money they are given in the real market, they invest it in the stock markets bubble.