Text-to-image generative AI models such as Stable Diffusion are used daily by millions worldwide. However, many have raised concerns regarding how these models amplify racial and gender stereotypes. To study this phenomenon, we develop a classifier to predict the race, gender, and age group of any given face image, and show that it achieves state-of-the-art performance. Using this classifier, we quantify biases in Stable Diffusion across six races, two genders, five age groups, 32 professions, and eight attributes. We then propose novel debiasing solutions that outperform state-of-the-art alternatives. Additionally, we examine the degree to which Stable Diffusion depicts individuals of the same race as being similar to one another. This analysis reveals a high degree of stereotyping, e.g., depicting most middle eastern males as being dark-skinned, bearded, and wearing a traditional headdress. We address these limitations by proposing yet another novel solution that increases facial diversity across genders and racial groups. Our solutions are open-sourced and made publicly available.