(Bloomberg) – The US economy can only reach its potential if the country fills in the gaps in economic opportunity, said Federal Reserve Bank of Cleveland President Loretta Mester.
“Sadly, today, the US economy does not offer the same opportunities to everyone,” Mester said in a speech she is due to deliver on Monday at an online event hosted by the House of Commons. African-American trade in western Pennsylvania. The adverse effects of the coronavirus pandemic disproportionately affect vulnerable communities, including low-income workers and black and Hispanic workers, Mester said.
“Unless steps are taken to promote an inclusive economy – an economy in which people have the opportunity to lift themselves and their families out of poverty, an economy in which systemic racism does not limit opportunities and in which all can participate fully The US economy will not be able to realize its full potential and the country will suffer, ”she said.
Mester said the United States can move forward by prioritizing investments at the neighborhood level while improving poor areas’ access to broadband internet services, high-quality education and financial services.
Mester did not comment on monetary policy or its outlook for the US economy.
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