Systemic racism slows economic growth: Dallas Fed chief Kaplan

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. And so I think we’re right to focus on this and bore in on this,” Kaplan said on CBS’ “Face the Nation.” “It’s in the interest of the U.S. 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.”