Economy

Hispanics Reap Benefits of Trump's Economy

"President Trump's economy is the rising tide that is lifting all boats. This is especially true for Hispanics."

Business Review Board · Sep. 20, 2018

Several stories further vindicating Donald Trump’s economic boom emerged on Thursday. The Dow achieved a new record high, and jobless claims have dwindled to another 49-year low. We’ve noted that this economic windfall has been particularly beneficial to minorities. Alfredo Ortiz, president and CEO of the Job Creators Network, agrees. He recently penned an op-ed in The Hill, where he lays out the reasons why “Hispanics [are] flourishing in [the] Trump economy”:

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.

Contrast this to the Obama economy. It took until 2015 for Hispanic household incomes to finally get back to their 2006 levels. For the population as a whole, household incomes remained flat between 2010 and 2014, as President Obama rolled out one job-killing policy after the next.

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. Median weekly earnings for full-time Hispanic employees have grown by 4.3 percent, adjusted for inflation, over the past two years.

Ortiz also notes that Hispanics “are more entrepreneurial than the general population,” and “Trump’s deregulation and pro-business policies have made it far easier to be entrepreneurial.” Consequently, “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.”

“Given this success,” he adds, “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.” Despite the snake oil Democrats are peddling, minorities are being buoyed by Trump’s economic policies. To borrow from a familiar refrain, it’s not just the economy, stupid; it’s the facts.

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