BOSTON — Gross state product would increase by $25 billion over five years if Massachusetts closed its racial divide in wages, housing, investments, and wealth, according to a new report.
The business-backed Massachusetts Taxpayers Foundation said its 29-page report marks its first exploration of the issue and statistically documents inequities in wealth, income and employment, education, criminal justice, and health care.
If Black and Hispanic residents graduated from college at the same rate as white peers, the report said, Massachusetts would realize $20 billion over a decade in increased tax revenues and reduced public assistance spending.
MTF President Eileen McAnneny said the foundation plans to convene an advisory committee to expand future editions of its report, “Closing the Racial Divide in the U.S. and Massachusetts: A Baseline Analysis,” at 9 a.m. Wednesday, May 19, via Zoom meeting.
“We recognize and acknowledge that this report is not as comprehensive as it could and must be, and many indices of disparity and inequity that the Foundation wanted to be able to calculate and present we found do not exist,” she said.
As it works toward more comprehensive and authoritative analyses, the foundation hopes its initial report will establish a baseline to evaluate efforts to address racial inequities, a subject that lawmakers are weighing across policy talks.
Foundation officials plan to discuss their new report and take questions during a 9 a.m. virtual event.
Cox Media Group
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