Sep 29 (Reuters) – San Francisco Federal Reserve Bank President Mary Daly on Wednesday stepped up her call for a concerted effort to address racial and other inequalities as a way to boost the growth potential of the US economy. .
Daly did not comment on the monetary policy outlook or his view of the state of the economy in remarks prepared to be delivered at the UCLA Anderson webinar.
Instead, he turned his attention to the long-standing gaps in economic opportunity, wealth and well-being in the United States, which have come under increased scrutiny during the pandemic.
Citing his own recent work and others, he said such gaps have cost the economy nearly $ 23 trillion in the past 30 years.
Unequal access to education and financing, and the lack of diversity in business and government affect the productive capacity of the economy, he said.
“We can take it for granted that the results we see today are inevitable, and watch the pandemic deepen existing gaps and our prospects for future growth slow even further,” Daly wrote.
Or, he said, “we can see it as a sign that resources are not being used to the fullest and people with great potential are being prevented from achieving it.”
(Reporting by Ann Saphir; edited in Spanish by Carlos Serrano)
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