Despite the promises of “stimulus” spending, low interest rates, and the trillions of dollars added to our debt, the U.S. economy has barely improved and Hispanics are suffering because of it. Each month we’ll gather the latest unemployment facts and illustrate that not only is our status quo not working – it’s detrimental to the Hispanic community and the nation as a whole. Read September’s jobs report below.
“America’s economy has been disappointingly sluggish for far too long now and a slight reduction in the unemployment rate belies the economic problems distressing millions of American families. Wages have remained stagnant since 2000, our labor force participation rate has fallen to 1970’s levels, home ownership continues its 10-year decline, and job creation by new businesses has fallen by over a million jobs since the year 2000. Today, Hispanic unemployment is still a full point higher than that of all workers, and even more troubling is that the percentage of Latinos in the workforce fell this month. In fact, 1 in 4 unemployed Hispanics now fall among the ranks of the long-term unemployed.
Public policies set in Washington are expected to see significant changes in the months ahead. Policymakers must remember that a long-term problem in the economy has been a lack of entry-level opportunities, as government regulations and mandates make it costlier and more difficult for small businesses to hire new staff. These opportunities are often critical for Latinos, and for workers who need to acquire and develop new skills. As new approaches are debated, our representatives must keep this in mind.
– Daniel Garza, President, LIBRE Institute