Bridging Inequality with Generative AI

The advent of generative AI presents both opportunities and challenges for Black communities in the United States. Generative AI has the potential to widen the racial wealth gap, automate jobs, and perpetuate biases, posing significant risks to Black workers and communities.

## Key Takeaways:
• Generative AI could widen the racial wealth gap by an estimated $43 billion annually over the next two decades.
• AI automation poses a risk to Black workers, who are more vulnerable to job displacement due to historical disparities.
• Generative AI models often exhibit biases against speakers of African American English, exacerbating existing social and economic inequalities.
• However, generative AI can also be a powerful tool for enhancing economic mobility and reducing inequality if deployed thoughtfully.

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Harnessing the Power of Generative AI for Inclusive Growth

Exacerbating Racial Wealth Gap

Generative AI has the potential to widen the racial wealth gap by an estimated $43 billion annually over the next two decades. This is partly because Black households already possess significantly less wealth than White households, with median Black households holding about $44,900 in wealth compared to $285,000 for median White households.

Job Displacement and Automation

AI could automate up to half of jobs that do not require a bachelor’s degree and offer salaries above $42,000, a threshold crucial for wealth accumulation. This automation poses a significant risk to Black workers, who are already more vulnerable to job displacement due to historical disparities in wages and access to technology.

Biases in AI Systems

AI models often perpetuate biases, particularly against speakers of African American English. Studies have shown that these models assign speakers of African American English to lower-prestige jobs and issue more severe penalties in hypothetical criminal cases. This bias can exacerbate existing social and economic inequalities.

Opportunities for Inclusive AI

Despite these challenges, generative AI can be a powerful tool for enhancing economic mobility and reducing inequality if deployed thoughtfully. For instance, AI can improve financial inclusion by providing bespoke banking services and targeted marketing that responds to the needs of Black consumers. It can also enhance healthcare access by tailoring outreach and care to individual patient communities.

Key Pillars for Equitable Impact

To ensure AI benefits Black communities equitably, it is crucial to focus on eight key pillars identified by the McKinsey Institute for Black Economic Mobility: financial inclusion, credit and ecosystem development for small businesses, health, workforce and jobs, pre-K–12 education, the digital divide, affordable housing, and public infrastructure. Leaders must incorporate an equity lens into their AI strategies to address these areas effectively.

Mitigating Adverse Effects

To mitigate the adverse effects of AI, stakeholders must take decisive actions. This includes employers contributing to retraining initiatives, AI developers prioritizing unbiased models, and Diversity, Equity, and Inclusion (DEI) teams addressing the potential biases in AI systems. Ensuring that AI learns from unbiased data and is designed with equity as a fundamental objective is essential.

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