Over the past several months, the widening wealth gap in America has drawn more headlines than it has in years. Certainly, we have COVID-19 to thank in large part for surfacing the issue as businesses shut down and a bright light shone on the economic ledge on which many people live.
Nowhere is that gap wider than it is between whites and people of color, especially Black people.
Thanks to a landmark Citigroup report last month, we now can put a price tag on the costs of institutional racism that has held Black people back for generations—$16 trillion since 2000 alone. That lost opportunity in our economy is both stunning and shameful.
In Chicago, we see it play out in subtle and not-so-subtle ways.
The city has moved backward when it comes to the number of Black-owned businesses. Black unemployment is higher. Black AG亚洲国际游戏homeownership also has retreated. Against almost every measure, Black wealth has decreased in the past quarter century while white wealth has increased significantly.