President Trump’s economy is the rising tide that is lifting all boats. This is especially true for Hispanics, who were among the biggest victims of the low-growth, high-regulation economy under President Obama.
Hispanics flourishing in Trump economy
By Alfredo Ortiz
The Hill
September 18, 2018
President Trump’s economy is the rising tide that is lifting all boats. This is especially true for Hispanics, who were among the biggest victims of the low-growth, high-regulation economy under President Obama.
Last week, the Census Bureau announced new household income numbers, which showed that median income for Hispanic households grew by 3.7 percent, adjusted for inflation, last year. That’s more than double the increase seen by all households. More Hispanics moved into the upper-income brackets, and fewer remained in the lower ones. That’s welcome news as the nation celebrates Hispanic Heritage Month.
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In addition to rising incomes, there are more job opportunities than ever today for Hispanics. This month, the Labor Department announced that the Hispanic unemployment rate remained at a record low — below 5 percent for the fifth consecutive month. This is less than half the unemployment rate that Hispanics faced as recently as President Obama’s second term.
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With Trump unleashing the economy’s animal spirits, entrepreneurs — led by Hispanics — are increasing the long-depressed small business start-up rate. These businesses are more likely to provide good job opportunities to Hispanic job seekers. In fact, one survey shows they plan to hire workers at twice the rate of their non-Hispanic counterparts.
Hispanics also have benefited generally from the growing economy. For example, the number of full-time jobs is rapidly increasing at the expense of part-time jobs. This has helped Hispanics, who also disproportionately work in the service sector, to raise their incomes to a middle-class level because they are able to work more hours.
Given this success, it’s no surprise that Hispanic approval of President Trump is rising. According to a Harvard CAPS/Harris poll this summer, Trump’s approval among Hispanics jumped by 10 percentage points in one month.
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