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Reproduced from S&P Global; Chart: Axios Visuals

Economic inequality has been exacerbated by the pandemic and left Black women — and potential growth for the broader U.S. economy — even further behind, according to a new report today from S&P Global.

Why it matters: Black women have been hindered by economic disparities in nearly all aspects of American life, particularly when it comes to wage growth and opportunities in school and at work.

What they found: If Black women were able to obtain college degrees at the same rate as white women from 1960 to 2019, the U.S. would have generated an additional $107 billion in economic activity, according to the report.

  • Moreover, if Black women in the professional world were in positions that matched their education and skills, the productivity boost alone would have added another $507 billion.

What they're saying: The inequities faced by a demographic group that makes up over 6% of the U.S. population has impacted the economy's potential growth outlook, S&P Global U.S. chief economist Beth Ann Bovino tells Axios.

  • "If you look at potential growth, where it was back before the financial crisis and Great Recession, we were looking at about 2.75% … and it has slowed now to under 2%," Bovino says, adding that CBO estimates call for a further dip in the next decade.

What to watch: The impact of the corporate world’s increasing focus on anti-racist causes since the murder of George Floyd.

  • Goldman Sachs, for one, launched in March a decade-long plan to inject $10 billion into projects that it says will impact 1 million Black women.

Go deeper

Rep. Joyce Beatty: Biden administration key in supporting Black-owned businesses

Chair of the Congressional Black Caucus Rep. Joyce Beatty (D-Ohio) said at an Axios event Tuesday that the Biden administration has been key to helping Black-owned small businesses through the pandemic.

Why it matters: The COVID-19 pandemic has exacerbated economic inequities minority workers and business owners already faced, widening racial disparities, Axios' Hope King writes.

Black Democrats target GOP

Illustration: Aïda Amer/Axios

A growing group of Black Democrats — mostly men — is stepping up to try to unseat Republican House members in California, Georgia, Arizona, North Carolina and Illinois.

Why it matters: Although independent analysts like the Cook Political Report think the members' districts are friendly GOP territory, a Black political group backing the challengers believes the candidates have a chance because of their local ties and the districts' changing demographics.

Inside Democrats' tax-hike menu

House Ways and Means Chairman Richard Neal (D-Mass.) Photo: Tom Williams/CQ Roll Call

House Democrats will consider as much as $2.9 trillion in tax hikes for the next 10 years — mostly on the extremely wealthy and corporate America — as they scramble for ways to pay for President Biden's $3.5 trillion infrastructure and social spending plan.

Why it matters: A draft proposal from the Ways and Means Committee, which ricocheted across Washington on Sunday night, previews epic fall fights between Democrats and some of the best-armed lobbies in America.