It certainly does! But that's different from racism, which is the entire point. I have never felt like my race has been a barrier to reaching my current socio-economic status, and do not believe there to be some magic socio-economic ceiling imposed by the accident of my skin color / heritage. A middle-class Indian, Chinese, Vietnamese, or Latino doesn't have much (if any) disadvantage relative to a white American from West Virginia or Alabama of the same economic status.
This has been true for pretty much every group of immigrants to America. I recommend reading this thread which makes the argument better than I ever could: https://twitter.com/Noahpinion/status/1469031915768279045
> The American immigrant story -- arrive with little, work hard and move up over three or four generations, win a place in the middle class and a place in the national tapestry even in the face of discrimination -- is still firmly in place, folks.
And it's easy to take this for granted, as Americans, but this kind of economic convergence within 3-4 generations is not universal. Muslim immigrants to France suffer from multi-generational poverty.
I know for a fact that if I tried hard enough, I could become the CEO of Google (like Sundar) or the CEO of Microsoft (like Satya), or even "fail" into a Director/VP position at any Fortune 500 corporation. I know I can probably become the Mayor of a major city, or a Governor of a major State, or even a member of Congress. I know that my Indian-American wife who is accomplished in her own right can potentially become the CEO of Vimeo (look her up!). I know I can probably become a star stand-up comedian (like Hasan, Hari, or Aziz). I know I can probably become a star actor in a Hollywood Blockbuster (like Mindy or Kal).
I type this comment while on vacation in Stockholm, where the streets are currently littered with campaign posters for the upcoming election in September 2022, and I do not believe that I or my children can ever see ourselves on those posters and be accepted as Swedish — no matter how hard we tried. I'm not confident that I'd ever be considered to meaningfully lead H&M or Ikea or Volvo, at least not over a white blonde Swedish person with generations of Nordic lineage. As I said above, I'm sure I'd be comfortable living in Sweden — it's a remarkably easy place to live — but my success is capped by the color of my skin in a way that it simply isn't in America (or Canada, UK, and maybe ANZ).