May 11th 2024.
During the 2024 Milken Institute Global Conference, John Hope Bryant, the founder, chairman, and CEO of Operation HOPE, shared his ambitious plans for America under his "Business Plan for America: A Case for the Big Tent." Bryant, known for his dedication to helping low- and moderate-income individuals succeed, presented historical data and comparative analysis that outlined a strategy to maintain America's position as a global economic leader by emphasizing the importance of diversity.
In a lengthy post on LinkedIn, Bryant emphasized the crucial role that diversity has played, and continues to play, in America's success. He highlighted that America is one of the most diverse countries in the world, and also the world's largest economy. From the very beginning, America's growth and prosperity have been built on the contributions of immigrants and our diverse population. Bryant stressed that now, more than ever, embracing diversity and inclusion is crucial for the well-being of future generations.
During a closed-door session at the conference titled "The DEI Shake-Up: Assessing Progress and Pushback," Bryant presented his five-tier plan with a panel of experts, including Dina DiLorenzo, President of Guggenheim Investments, Jarvis V. Hollingsworth, Chair of Teacher Retirement System of Texas, R. Don Peebles, Chairman of The Peebles Corporation and founder and CEO of Pershing Square Capital, and Bill Ackman, an advocate against diversity, equity, and inclusion initiatives.
The five tiers of Bryant's plan address key components, such as the changing demographics of America towards becoming a majority-minority country, the importance of diverse populations in successful capitalist models, the detrimental effects of suppressing DEI initiatives on businesses, the need to invest in the economic future of people of color, and the significance of increasing individual wealth for America's global leadership position.
Despite the recent trend of companies and educational institutions cutting diversity, equity, and inclusion programs, Bryant presented compelling facts on why these initiatives should be protected. He referred to a study by McKinsey, which found that ethnically diverse organizations have a higher chance of outperforming those without diversity. Additionally, Bryant highlighted the economic consequences of racism in America, stating that it is a "poor financial choice" for the country, its states and cities, and its families. In a 2020 report, Citigroup estimated that between 2000 and 2020, racism and bias against Black individuals alone cost the U.S. economy a staggering $16 trillion.
The report also projected that if racism were to end, the U.S. economy would see a significant increase of $5 trillion over five years, equivalent to 4% of the country's annual gross domestic product. Bryant emphasized that America's most valuable resource is its people, and failing to address the financial disparities and opportunities for all Americans is a disservice to the country's future.
Bryant's Business Plan for America aims to shift the focus towards the long-term, especially as America moves towards becoming a majority-minority population. The plan also seeks to strengthen the ladder of upward mobility to secure a prosperous future for all Americans. In Bryant's words, "My Business Plan for America was created to help us focus on the long-term as we move toward a majority-minority population and to help us strengthen the ladder to upward mobility to secure our collective future."
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