Tags: hispanic | progress | america

As Hispanic Heritage Month Ends, Real Progress Still Lags Behind

As Hispanic Heritage Month Ends, Real Progress Still Lags Behind
Geisha Williams, then the president and CEO of PG&E, at the 2017 Fortune Most Powerful Women Summit in Washington, D.C. Williams was the first Latina to lead a Fortune 500 company. She is now a senior adviser to investment firm EQT. (Paul Morigi/Getty Images)

By    |   Tuesday, 15 October 2024 11:14 AM EDT


 

As Hispanic Heritage Month comes to a close, it’s important that we take a minute to reflect on the contributions of the nation’s largest minority ethnic group and the status that our community holds in this country.

Accounting for over 60 million people – 20% of the U.S. population – the Hispanic community had a $3.7 trillion economic output in 2022, the fifth-largest GDP in the world and the third-fastest-growing overall since 2010. Hispanic GDP grew by 13%, from $3.2 trillion in 2021, despite the population having increased by just 1.65%. Hispanic entrepreneurs are transforming the U.S. economy as we know it.

According to the Stanford Latino Entrepreneurship Initiative, from 2007-2022, the number of Hispanic-owned businesses grew by 57%, compared to a 5% growth for White-owned businesses. These businesses, surpassing 4.5 million, collectively contribute over $800 billion to our economy.

Moreover, data from the Bureau of Labor Statisticsshows the Hispanic community plays a pivotal role in America’s continued economic prosperity, with the highest employment-population ratio (63.5%) in our nation. Over the next ten years, according to the U.S. Department of Labor, Hispanics are expected to account for more than 78% of net new entrants into the workforce. By 2060, Hispanics are projected to comprise 28% of the American population, per the Census Bureau.

Despite the fact that Hispanic entrepreneurs and workers serve as the backbone of our nation’s economy, our community continues to lack both representation and recognition in American society.

In a recent USHBC membership survey of Hispanic small business owners, 78% of respondents felt that their challenges and contributions went unnoticed by the country as a whole. This is both an astonishing and depressing statistic given all that Hispanics have done for their fellow Americans. Despite the increasing size, economic output, and political importance of the Hispanic community, Hispanics continue to feel misrepresented across various sectors.

Our survey shows that Hispanics feel accurately represented only in the workforce (79%) and Armed Forces (61%), while lacking representation in arts and culture (48%), the media (42%), business (39%), banking and finance (37%), education and academia (34%), politics and government (33%), and healthcare (32%). These disparities highlight the urgent need for a greater inclusion of Hispanics in all sectors of society to reflect the true impact and importance of the Hispanic community in shaping America’s future.

Representation goes beyond placing Hispanics in corporate boardrooms and electing them to public office. It also depends on a concerted effort by our government leaders to conduct outreach and listen to the needs of the Hispanic community. Unsurprisingly, 56% of respondents believe the Republican Party fails to represent the interests of the Hispanic community, and 58% believe that the Democratic Party does not accurately represent them either.

According to Pew Research, Hispanic voters have traditionally been associated with the Democratic Party, with 64% of Hispanic registered voters identifying with or leaning towards the Democrats in 2022. Hispanic Democrats view their party as the party of civil rights, and are attracted by the Democrats’ support for liberal priorities such as immigration reform, affordable healthcare, reproductive rights, labor protections, diversity, equity, and inclusion (DEI), and other social policies.

However, as our survey suggests, many of these Hispanic voters feel neglected by their own party. Democrats have taken Hispanic voters for granted, assuming their loyalty without adequately addressing the needs and diversity within their community.

The party shows their disconnect from the community when they overemphasize the importance of immigration when what Hispanic voters really care more about is the cost of living, jobs, reproductive rights, affordable housing, gun violence, and health care. This disingenuous outreach has come to be known as ‘Hispandering', and undercuts the Democrats’ otherwise admirable outreach to Hispanic voters.

President Ronald Reagan once said “Latinos are Republican. They just don’t know it yet.” While I am a lifelong Democrat, I believe President Reagan was referencing the commonality between Republican and Hispanic values.

As the most entrepreneurial and hardest working community in America, Hispanics resonate with conservative policies that lower taxes, cut regulations, and promote small business entrepreneurship. Furthermore, under former President Donald Trump and Sen. JD Vance (R-OH), we have seen the working-class vote, across all racial and ethnic groups, migrate towards the GOP as the party steadily embraces tariffs, the renegotiation of trade deals like NAFTA/USMCA, restrictions on migrant labor, and opposition to foreign investment and outsourcing.

Cultural conservatism is also prevalent among the Hispanic community, and many Hispanic voters feel that their social views align more with the Republican Party’s emphasis on family, faith, and patriotism. Nonetheless, according to Pew Research, only 33% of Hispanic registered voters identified with or leaned towards the Republican Party in 2022.

The GOP’s steady turn towards nativism has vilified immigrant families, thereby alienating their votes and the votes of those close to them. While the GOP has made some strides in terms of engaging our community, the lack of a sustained effort outside of election cycles is counterproductive to their continued electoral success.

It is important that we understand that Hispanic Heritage Month is much more than a mere celebration of cultural identity. The future of America is deeply intertwined with the future of its Hispanic population, and it is time for meaningful efforts to ensure that our voices are heard, our challenges are addressed, and our contributions are recognized. The path forward requires that we uplift and integrate Hispanics into the fabric of American life. Not only for the good of their community, but for the good of our country.

_______________
Javier Palomarez is the President & CEO of the United States Hispanic Business Council (USHBC). The United States Hispanic Business Council (USHBC) is a voice for the Hispanic business community. A 501(c)6 non-profit organization, the USHBC focuses on improving access to contracting in the public and private sector, fair representation of Hispanics in business, media, and politics and ensuring Hispanics have a voice in the national dialogue. The USHBC is a nonpartisan organization. Follow @JPalomarez @myushbc

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StreetTalk
As Hispanic Heritage Month comes to a close, it's important that we take a minute to reflect on the contributions of the nation's largest minority ethnic group and the status that our community holds in this country.
hispanic, progress, america
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2024-14-15
Tuesday, 15 October 2024 11:14 AM
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