A New Look at How Latinos Are Powering the U.S. Economy: Report
Worth passing around.
Aug 11 2017, 7:00 am ET
A New Look at How Latinos Are Powering the U.S. Economy: Report
https://www.nbcnews.com/news/latino/new-look-how-latinos-are-powering-u-s-economy-report-n791656
by Stephen A. Nuño
A new report puts a price tag on the Latino population in the United States, and it is over two trillion dollars. This economic power, says the report, would rank as the 7th largest in the world if the Latino GDP (Gross Domestic Product) were its own country.
Headed by University of California, Los Angeles Professor David E. Hayes-Bautista, and Werner Schink, CEO of Latino Futures Research, the report commissioned by the non-partisan group Latino Donor Collaborative estimates the total GDP of the Latino population based on data that is publicly available at the U.S. Department of Commerce and the U.S. Department of Labor.
In a discussion with NBC News over the phone, Hayes-Bautista said that most studies on Latino economic power look at Hispanics one-dimensionally, through their spending power. But by looking at Latinos beyond consumption and instead through their economic production, Latinos’ contribution to the nation can be seen more as an investment than an expense.
“I’ve been studying Latinos for over 40 years, and you can point out some amazing things about Latinos, but people just yawn. But if you reframe Latinos in terms investors can understand, by size and growth rate, we can have a better idea of Latinos' importance in the U.S. economy," said Hayes-Bautista, professor of medicine and director of the Center for the Study of Latino Health and Culture at the School of Medicine, UCLA.
According to the report, “The U.S. Latino GDP is growing 70 percent faster that the country’s non-Latino GDP.”
For instance, 70 percent of the growth in our workforce is Latino. In the 75 years he has reviewed data, said Hayes-Bautista, Latinos have consistently ranked at the top, with the highest labor force participation rates.
Another common misperception around the country, the report finds is that non-U.S. citizen Latinos do not participate in the work force as much as other populations. In fact, male Latino non-citizens have an extremely high work force participation rate, over 90 percent for young mature workers aged 25 to 49........................
...................