Wednesday, June 7, 2023
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Biden Admin. Claims Racism Cost US Economy $16 Trillion

'I thought Yellen said the state of the economy was excellent? Which is it? ... '

(Molly Bruns, Headline USA) In a stunning leap of logic and math, the director of the U.S. Domestic Policy Council, Susan Rice, announced that anti-black racism cost the U.S. economy $16 trillion over the last 20 years.

“In the last 20 years, the U.S. had a GDP shortfall of $16 trillion due to discrimination against black Americans,” Rice said during a speech at the National Action Network convention. “If we closed our racial gaps, we could add another $5 trillion to GDP over just the next five years.”

According to the Daily Caller, Rice cited a recently released report from Citibank titled “Closing The Racial Inequality Gaps: The Economic Cost of Black Inequality in the U.S.” She did not show the data, or share calculation process the group used to reach the $16 trillion figure.

The report claimed that if “racial gaps” were closed, income for black-owned businesses would have increased by $13 trillion and created 6.1 million new jobs per year.

The Biden administration is going to great lengths to establish what they deem to be “racial equity” by establishing “Agency Equity Teams,” which will use artificial intelligence to “advance equity” within the federal government.

Officials within the administration did not come out for or against reparations in definite terms. White House press secretary Karine Jean-Pierre dodged a question concerning the topic in a March press briefing.

Democratic Rep. Sheila Jackson-Lee, Texas, introduced the Commission to Study and Develop Reparation Proposals for African Americans Act, which would provide funding for a research group to study the cost and impact of reparations.

A similar bill failed to pass through the house in April.

“We all benefit when every community has the chance to thrive,” Rice said.

Twitter users called out Rice for her statements.

“Susan Rice, Obama’s stooge, said that anti-black racism had cost the U.S. ecnomy 16 trillion over the last 20 years,” user Domenica D’Elia said in a post. “She claims that the U.S. GDP would increase 5 trillion of racial discrimination was addressed. Hmm the only racist[s] that I know are in the Democratic Party! Truth!”

“I thought Yellen said the state of the economy was excellent?” another user pointed out. “Which is it?”

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