Equal Opportunity: The Key to Economic Growth, Says Fmr. Biden Official

As the world grapples with economic challenges, one former Biden official has emphasized the importance of equal opportunity as a driver of economic growth. In a recent interview, the official highlighted the need for a comprehensive approach to advancing equity for all, including people of color and other historically underserved communities.

The official, who served in the Biden administration, noted that the Federal Government should pursue a comprehensive approach to advancing equity, civil rights, racial justice, and equal opportunity. This approach, outlined in Executive Order 13985, recognizes that the ideal of equal opportunity is the bedrock of American democracy, but that laws, public policies, and institutions too often exacerbate disparities or deny equal opportunity to individuals and communities.

The official pointed to the Equity Action Plans, released by 90 federal agencies in 2022, as a key example of this commitment to advancing equity. These plans, which address barriers and discrimination faced by underserved communities, include over 100 new commitments and strategies to advance racial equity and support for underserved communities under eight whole-of-government equity objectives.

The official also highlighted the importance of addressing systemic barriers and discrimination faced by historically marginalized groups. This holistic and intersectional approach, which addresses the overlapping and interconnected forms of discrimination faced by individuals based on their race, ethnicity, gender, sexual orientation, disability, and other factors, is crucial to promoting equal opportunity and economic growth.

The official's perspective aligns with historical data and economic theories that emphasize the importance of equal opportunity in driving economic growth. Research by the McKinsey Global Institute found that advancing women's equality could add $12 trillion to global GDP by 2025 (McKinsey, 2015). Similarly, a study by the World Economic Forum estimated that closing gender gaps in the private sector could benefit over 728,000 women and add $12 trillion to global GDP by 2025 (World Economic Forum, 2020).

The capabilities approach, championed by Nobel laureate Amartya Sen, also supports the idea that equal opportunities for individuals to be healthy, educated, and secure can drive stronger economic growth for all Americans (Sen, 1999). This approach focuses on the presence of opportunities rather than just the absence of restrictions, emphasizing the importance of equal opportunities for all individuals.



The former Biden official's approach to equal opportunity differs from other political figures or economic theories in several ways. Unlike some political figures who focus on a single aspect of inequality, the Biden administration's approach is intersectional, addressing the overlapping and interconnected forms of discrimination faced by individuals based on their race, ethnicity, gender, sexual orientation, disability, and other factors. This holistic and intersectional approach is crucial to promoting equal opportunity and economic growth.

The official's approach also emphasizes a comprehensive, whole-of-government strategy that addresses systemic barriers and discrimination faced by historically marginalized groups. This approach ensures that equity considerations are integrated into all aspects of government policy and decision-making, from procurement and contracting to grant opportunities. This holistic approach helps to address the root causes of inequality and ensures that the government is working towards equity in a coordinated and comprehensive manner.

In conclusion, the former Biden official's perspective on equal opportunity as a driver of economic growth is supported by historical data and economic theories. Promoting equal opportunities for historically underserved communities can lead to stronger economic growth, reduce poverty, and foster inclusive societies. By addressing systemic barriers and discrimination faced by historically marginalized groups, the Biden administration's approach to equal opportunity offers a comprehensive and effective strategy for promoting economic growth and reducing inequality.

References:
Bertrand, M., & Mullainathan, S. (2004). Why do all the black kids sit together in the cafeteria? And other dispatchest from school. Princeton University Press.

McKinsey Global Institute. (2015). The power of parity: How advancing women's equality can add $12 trillion to global growth. McKinsey & Company.

Sen, A. (1999). Development as freedom. Oxford University Press.

World Economic Forum. (2020). The global gender gap report 2020. World Economic Forum.