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How The U.S. Can Close The Racial Wealth Gap: AFL-CIO’s Willam Spriggs

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AFL-CIO chief economist and Howard University economics professor William Spriggs says that the impact of discrimination against Black employees is less acute when the labor market operates at full employment. He tells CNBC how the Federal Reserve can close the racial wealth gap and how an economic slowdown might affect Black workers.

"When we have a really poor labor market, white high school dropouts do better than Black people with associate degrees," Spriggs explained. While Black Americans do withdraw from the labor market when the market collapses, Spriggs said this is not always reflected in the data on Black labor force participation.

He noted that during the Covid-19 pandemic, the Black unemployment rate dropped. But the data could be misleading, with the gap between white men and Black men in the employment-to-population ratios remaining at its typical ratio of 1.2:1, Spriggs warned.

"When there is an economic slowdown," Spriggs said, "then you do see it in the Black unemployment rate first because when the economy slows down, what is slowing down initially is hiring."

Watch the video to learn more about how the Federal Reserve can close the racial wealth gap and how an economic slowdown might affect Black workers.

Chapters:
0:34 — The racial wealth gap
03:03 — Implicit bias
05:47 — Unemployment rate

Produced by: Bryan Lutz
Supervising Producer: Lindsey Jacobson

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How The U.S. Can Close The Racial Wealth Gap: AFL-CIO’s Willam Spriggs
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