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Wealth is where history shows up in your wallet, where your financial freedom is determined by compounding interest on decisions made long before you were born. That is why the Black-white wealth gap is growing despite gains in Black education and earnings, and why the typical Black household owns only $17,600 in assets. Still, having little to no intergenerational wealth and facing massive systemic barriers, descendants of a stolen people have given America the touch-tone telephone, the carbon filament in the lightbulb, the gas mask, the modern traffic light, blood banks, the gas furnace, open-heart surgery, and the mathematics to enable the moon landing. Just imagine the possibilities if—in addition to rebuilding the pathways for all aspirants to the American Dream—we gave millions more Black Americans the life-changing freedom that a modest amount of wealth affords. A 2020 Citigroup report calculated that “if racial gaps for Blacks had been closed 20 years ago, U.S. GDP could have benefitted by an estimated $16 trillion.
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Heather McGhee (The Sum of Us: What Racism Costs Everyone and How We Can Prosper Together)