Creative Commons 4.0
If you’ve taken Econ 101, you were probably taught that the economy is a zero-sum game. If I win, another economic actor has to lose. One group’s gains mean another’s losses. The issue with that theory? It’s not only wrong, it’s dangerous: Nationalist leaders around the world have played on voters’ fears by threatening that the economic progress of immigrants and minorities will result in losses for everyone else. The truth is, life isn’t a zero-sum game. A growing body of evidence actually shows that inclusion isn’t just compatible with economic growth – it’s absolutely necessary. On this week’s episode of Nick Hanauer’s podcast Pitchfork Economics, JP Julien discusses a report that he co-wrote as a leader of global management consulting firm McKinsey & Company’s Institute for Black Economic Mobility. This think tank isn’t in the business of getting accolades from progressive circles – or conservative ones – it’s focused on the cold, hard data. Here’s what Julien told us about economic inclusion: When more people can fully participate in the economy, we all win Julien says that when people from all races and backgrounds are able to participate as workers, entrepreneurs, and consumers, the economy is stronger and more resilient. There’s already plenty of evidence for this theory: Between 1960 and 2010, 40% of GDP growth can be directly tied to women and people of color joining the labor force. “The data speaks quite clearly that the more we get people to participate, the better outcomes we produce,” Julien says.
Economic discrimination hurts all of us There’s a staggering price tag on economic discrimination against people of color and women in America. In his paper, Julien found that eliminating wealth disparities between Black and white households and Hispanic and white households could add $2 to $3 trillion of incremental annual GDP to the U.S. economy. And if more women join the workforce over the coming years, we could add $2.1 trillion in GDP by 2025.
These gains aren’t zero-sum numbers; they don’t come at the expense of the economic value of white men – those numbers are in addition to that growth. That means America’s missing out on at least $5 trillion of economic activity because whole demographics have been shut out of the economy. Corporations that focus on Diversity, Equity, and Inclusion outperform their peers From the end of last year to this May, we’ve seen Fortune 1000 companies spend $66 billion in racial equity commitments. That’s because of a growing consensus among Fortune 1000 companies that being good corporate citizens actually creates economic opportunities. In his research, Julien found that corporations with more diverse boards and diverse leadership teams actually outperform their peers. It’s becoming impossible to ignore: DEI policies lead to a better and more profitable workplace.
For centuries, our economy has been constructed around exclusionary policies that shut out women and people of color – and this is discrimination is taking a toll on everyday Americans and our country’s economic growth. We can all win by increasing inclusion in the economic playing field – but we’re going to need all hands on deck to tear down this unfair economic system, and that means we need your help right now. We’ve created an urgent poll to show support for win-win policies that allow everyone to participate in our economic system. We need 5,000 people to answer this one question before 11:59 p.m. tonight, and we’re counting on you to cast your vote tonight. Tell us now: Does economic inclusion lead to greater economic growth? Thank you, Paul
| YES |
| NO |
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“For centuries, our economy has been constructed around exclusionary policies that shut out women and people of color – and this discrimination is taking a toll on everyday Americans and our country’s economic growth.”
Couldn’t help thinking of these words as I listened to insurrectionist/traitor “Cancun Ted” Cruz pontificate about why it’s OK to exploit farmworker labor and mischaracterize a long-overdue and well-earned legal status as “amnesty” in responding to Sen. Alex Padilla (D-CA) during a hearing yesterday on helping farm workers.
Despite the noxious, racist, White Nationalist bogus rhetoric of Cruz, Gov. Gregg Abbott, and other GOP political hacks from the Lone Star State, Texas and its economy would indeed be in dire straits without the economic and cultural contributions of migrants, both documented and undocumented. So would the rest of us without the essential services, productivity, and societal contributions of immigrants of all types. Indeed, without immigrants of all types, Native Americans would be the only inhabitants of America.
We need immigration laws and policies built on truth and optimism about the future, not the “beggar thy neighbor” White Nationalist myths of the nativist restrictionists!
🇺🇸Due Process Forever!
PWS
07-23-21