WASHINGTON, April 14 — Boosting enforcement of antidiscrimination and antitrust laws, raising the federal minimum wage and higher unionization rates could substantially boost US economic growth, a new report by President Joe Biden’s top economic advisers concludes.
“The government has a role to play in reducing inequality,” Cecilia Rouse, who chairs the council, told Reuters, stressing that ending lingering disparities in the US labour market and racial wealth gaps would “absolutely” boost US growth and competitiveness after years of weak progress. Biden welcomed the report in a statement, and vowed to continue working to deliver “more equitable growth” and expand the productive capacity of the US economy.
“The costs of ignoring these structural forces are increased inequality and reduced economic growth and output,” the report concluded, citing inefficient labour market outcomes, misallocated talent, suppressed innovation and reduced incentives for investment in human capital.
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