Report Says Companies Aren’t Hiring Black Men This Is Costing The Economy $50 Billion
Throughout the history of the U.S. Black men have historically had a tough time getting employment. The unemployment rate for Black men was 7.3 percent in November 2021, compared to 3.4 percent of white men being unemployed according to Labor Department data. Currently 697,000 Black men are still looking for work, even as the U.S. recorded 10.6 million vacant jobs in November. However, companies still aren’t hiring Black men. This decision has resulted in $50 billion being lost for the economy, a study says. Black men have been excluded from the workforce due to racist hiring practices as well being killed and imprisoned at higher rates than other groups, a new study by the Center for Economic and Policy Research (CEPR).
The void of not hiring Black men in the workplace has an effect on the entire economy.
“We could add about $30 billion annually to Black communities and make a significant reduction in Black poverty,” writes Algernon Austin, the author of the CEPR study. The figure increased from $30 billion to $50 billion after factoring in Black men of prime working age who die or are incarcerated. In 2020, the incarceration rate of Black American in local jails was 465 incarcerations per 100,000 of the population — the highest rate of any ethnicity, according to the Bureau of Justice Statistics.
A Brookings Institution study released last March found that incarcerated Black men account for a third of all Black men excluded from the labor force according to Business Insider.
Looking at a statistic like imprisonment for drug use reveals the disparity: Black and white people use drugs at similar rates, according to the National Survey on Drug Use and Health, yet the former are criminalized for it at much higher rates. Black people, who only represent 13% of the US population, account for nearly 40% of those incarcerated for drug law violations.
The unemployment rate for Black men has never been “low,” Austin told Business Insider.
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