Hispanics Boost The U.S. Economy (Far More Than Trump)

The racist living in our White House loves to take credit for the U.S. economy, even though he has done nothing but give the rich and corporations a huge tax break -- which is adding a trillion dollars a year to the national debt. Hispanics (the people Trump loves to vilify) help the economy far more than Trump ever has (or ever will).

Consider this post from Mayra Rodriguez Valladares at Forbes.com. I give you only a part of it, but urge you to read the whole thing! She writes:

In ground breaking research that has significant implications for U.S. policymakers and financial institutions, Peterson Institution for International Economics (PIIE) researchers found that “The Hispanic community in the United States has contributed significantly to US economic growth in recent decades and will continue to do so over the next 10 to 20 years.”

Research Analyst Gonzalo Huertas and Senior Fellow Jacob Funk Kirkegaard, in their recently published working paper, The Economic Benefits of Latino Immigration: How the Migrant Hispanic Population’s Demographic Characteristics Contribute to US Growth, present an incredible diversity of quantitative analysis that proves that “The outsized contribution of Hispanic immigrants to US economic growth results from the quality of the workforce, not just quantity.” Moreover, in what goes against numerous unfortunate, negative stereotypes “Hispanic arrivals have exceeded contemporary native-born Americans and some other migrant groups in their entrepreneurial capabilities and integration into economically relevant parts of the workforce.”

Given the growth of Hispanics in the U.S. workforce, they represent significant market opportunities for every type of financial institution, including banks, insurance companies, asset managers, and fintech.  Unidos US, a non-partisan Latino civil rights and advocacy organization projects that in five years, Hispanics will account for about 20% of the U.S. workforce and over 30% by 2050.

Huertas’ and Kirkegaard’s research shows that “the increase in Hispanic labor could contribute around 0.21 percentage points to annual real GDP growth in the United States over the next three decades if the Hispanic community catches up to the rest of the country in labor productivity.” By 2025, the increase in employed Hispanic labor could contribute more to US GDP growth than non-Hispanic labor.

Huertas and Kirkegaard also found that Hispanics are the largest demographic group in new opportunity entrepreneurship.  "While the US economy has exhibited gradually declining economic dynamism in recent decades, and the share of new firms being created each year has fallen in a trend accelerated after the Great Recession, foreign-born and Hispanic populations have become engines of US entrepreneurship, especially since the Great Recession.”  The growth of the Hispanic population and the relatively younger composition of the Hispanic community are key factors driving entrepreneurship developments. Other factors, such as a decline in the historical gap between the Hispanic unemployment rate and the national average, would also contribute positively to this trend.