How an equitable economic recovery benefits us all

The COVID-19 pandemic took a toll on the economy, but economic recovery has been strong in 2021. New businesses are opening at record rates, and economists even say the Great Resignation is a good sign because it means Americans are confident in the labor market. 

But economic recovery has not been equal. Even before the pandemic, Minneapolis had one of the worst racial gaps for economic opportunity in the nation. And the pandemic exacerbated inequalities between white workers and workers of color, who were up to twice as likely to report loss of income during the pandemic. 

But closing the economic opportunity gap is crucial for the Twin Cities’ economy and will benefit all workers, according to a new report released by the management consulting firm McKinsey & Company. 

MPR News host Angela Davis talks with a McKinsey researcher about the new report and how Twin Cities companies can work towards a more equitable economic recovery. She also talks with Tawanna Black from the Center for Economic Inclusion and MPR News senior economics contributor Chris Farrell. 

Guests: 

• Audrey Lucas is a senior partner for McKinsey & Company in Minneapolis. She is one of the authors of the new report. 

• Tawanna Black is the founder and chief executive officer of the Center for Economic Inclusion.

• Chris Farrell is the senior economic contributor for MPR News. 

• Arielle Grant is the founder and executive director for Render Free, a work and wellness space for Black and brown women based in South Minneapolis.

Use the audio player above to listen to the full conversation.

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