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Federal Reserve Bank of Philadelphia
Cascade
Opportunity for Whom? Building Wealth Through Advancing Racial Equity
Michael McAfee
Abstract

America is undergoing a profound demographic shift amid rising inequality and persistent racial inequities. By 2030, the majority of workers under 25 will be people of color.1 By 2044, the majority of Americans will be people of color.2 Rising diversity is a tremendous asset — if all people can access the resources and opportunity they need to thrive. If we want to truly build wealth in communities, we must relentlessly embrace the conviction that everyone in America can and should live in communities of opportunity, where good schools, healthy environments, safe homes, quality jobs, and affordable transit provide the bedrock resources essential for realizing our full potential. The nation’s economic fate will hinge on how we respond to these changes. Therefore, equity is both a moral imperative and the path to economic prosperity. To achieve equity, however, we must move from policies and systems that extract wealth to those that intentionally build wealth for community residents.


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Michael McAfee, "Opportunity for Whom? Building Wealth Through Advancing Racial Equity" , Federal Reserve Bank of Philadelphia, Cascade, volume 3, number 100, Fall 2018.
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Keywords: wealth; equality
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