Tag: economic future

Old at Heart

Like many Gen Xers, I’m pretty tired of hearing how great the Baby Boomers were. Yes, they had amazing music, and that whole civil rights crusade is tough to top.

But as they age, Baby Boomers have made it clear that their bell-bottomed, peace-and-love, tune-in-turn-on idealism was a convenience of their youth, or it was the result of a loud minority that never reflected how most of them really felt.

I say this because recent surveys have shown a generation gap (really a chasm) between older and younger Americans on just about every social issue.

Perhaps this isn’t a big surprise, as people tend to get more conservative as they get older. But even with that caveat, some of the attitudes that Baby Boomers (especially white seniors) hold are alarming to Gen X and Millennials.

For example, more than half of white seniors “view the rise of newcomers from other countries as a threat to traditional American values and customs.” Let’s just say that most young people (many of whom have immigrant parents) don’t see things the same way.

And as anyone who has seen footage of a Trump rally can tell you, “much of the older white population — especially less-educated white males whose anger is being courted — appears threatened by the nation’s demographic change.”

 

Indeed, 60 percent of the white working class believe “that discrimination against whites has become as big a problem today as discrimination against blacks and other minorities.”

In addition to being whiny, narrow-minded, and xenophobic, this attitude is — how should I put this? — fucking suicidal.

You see, the “demographic reality is that America’s youth — and more specifically its racial minority youth — is its future.” That’s because Millennials are the most ethnically diverse generation in American history, and their future kids will be even more mixed. So there’s no going back to a 1950s mythological USA where everybody was white and things were gosh darn swell.

 

1950s

It also means that “because of the growth of Hispanics, Asians, blacks and other races, the United States will be able to replenish its younger population.”

Going forward, this implies that “America will not suffer a European-style demographic crisis as Baby Boomers retire. Young Latinos are stepping into the workplace and paying the taxes that will keep the nation’s fiscal house in order.”

Keep in mind that when it comes to Hispanics, we “are much younger than Americans as a whole, and young Latinos in America are better educated and earn more than ever.”

The bottom line is that “to ignore or wish away the nation’s youth-driven minority growth is short-sighted as a national economic development plan.”

Very soon, old Baby Boomers are going to be dependent on young Latinos to fund Social Security. But try explaining this fact, and you’re likely to be drowned out by a sixty-something cranking up Joni Mitchell’s Woodstock.

Yeah, I guess those were the good old days.

 


Put It on My Tab

A friend of mine once cut up her credit cards and closed her accounts because, she said, “those pieces of plastic are evil.”

creditcards

I thought this was a bit overly dramatic (she was that type of person). I also thought it was convenient to blame her chronic debt on inanimate objects rather than, say, her nonexistent self-control and materialistic tendencies.

In any case, we all know people who live beyond their means, and it’s true that many individuals teeter on the edge of bankruptcy because of their shopping addictions or love of new shoes or willingness to fly first-class to Italy for the hell of it.

But a recent study has found that when it comes to Hispanics, living large is often not the reason for going into the red. The study found that almost half (43%) of Latinos who have credit card debt depend on the plastic to pay for basic living expenses. And a significant chunk of the rest are using credit cards for tiny splurges at best.

So if Latinos are not slapping down credit cards on impulse buys and charging luxury items, why are they in so much debt?

Well, Hispanics report that the main reason for their debt is the loss of a job, and they’re more likely than other groups to say that medical costs also contributed to their financial issues.

The researchers theorize that because Latinos lost so much of their wealth in the Great Recession, they’re having trouble restocking checking or savings accounts. So putting basic items or medical expenses on credit cards often seems to be the only option.

This, of course, sucks. But as is often the case, the survey also found that Latinos are more optimistic than the overall population. So they’re more confident about paying down their credit card debt quickly.

This optimism, which borders on delusion, leads to some interesting contradictions.

For example, another poll found that almost half of Latinos (49%) said they were worried that someone in their household might become unemployed soon. Yet the same survey found that almost three-quarters of Latinos (73%) are optimistic about their finances and future opportunities.

Frankly, that’s a bizarre balancing act of fear and hope.

But maybe these results just show that Latinos are still jumpy about their financial status, years after the economic meltdown. The Great Recession so ravaged Hispanic households that many Latinos are leery about declaring that the worst is over.

At the same time, Latinos tend to be more optimistic than other groups about their future. The main reason for this positivism seems to be the immigrant mindset. Many Hispanics remember struggling in their home countries, or they hear the harrowing tales of their parents. As such, these Latinos usually have more faith in the American system and a stronger belief that their financial situation will improve.

We should all really, really hope they’re right.

 


Faith or Delusion?

I’ve written before that Latinos tend to be more optimistic about life and have more confidence in their economic futures.

thumbsup

Well, a new survey confirms that Hispanics’ “faith in the American Dream exceeds that of whites and African Americans,” adding that this optimism “contrasts sharply with the current economic status of Hispanics.”

Basically, even though the Great Recession hit Latinos harder than most groups, it is those same Hispanics who have the strongest belief that everything will work out fine. According to the survey’s authors, “the upbeat attitude … is due in part to the fact that Hispanic immigrants often start with little and expect to sacrifice much to move up, while native-born adults may have already seen their expectations lose ground in an ailing economy.”

So whites and blacks, whose roots in America are more likely to go back generations, tend to say, “This sucks worse than ever.” But Latinos often shrug off the same bad news with “I’ve seen worse.”

Still, as great as it is that Latinos are remaining optimistic and staying strong, “the reality for most Hispanics is less rosy” than their faith implies.

So the question becomes, is this determined mindset a self-fulfilling prophecy, where hard work and a never-say-die spirit is rewarded? Or are Latinos just saps for still believing “they are more likely to move up than down in social class over the next few years”?

In any case, the survey points out that “the hopes and struggles of Hispanics are of particular interest now as they are exercising unprecedented political clout.”

Yes, it’s good to have faith. But it’s better to have power.

 


Move Over

As I’ve mentioned before, I live in an LA neighborhood that features both apartment buildings with working-class residents and million-dollar mansions. Again, I am much closer to one end of that scale than the other (I will let you guess which).

In any case, the mixed character of my neighborhood may be doomed. According to one study, “the percentage of American families living in middle-income neighborhoods dropped to 42 percent in 2009 from 65 percent in 1970.” Basically, more people are packing up and moving to one end of the spectrum (i.e., very wealthy or very poor), and “the growing physical separation of the rich and poor is hastening the decline of middle-class neighborhoods and could make income inequality even worse.”

moving co

In essence, this is the new segregation, but along class lines rather than strict ethnic boundaries. Of course, those two concepts are strongly linked, so it’s really just racial segregation again, but not as overt and with a twenty-first-century twist.

But keep in mind that “the growing divide has been especially striking in the country’s black and Hispanic communities, where the rich and poor of each racial group are dividing from one another at a pace far quicker than in the white community.”

I suppose this means that I have to start packing.

 


Show Them the Money

I used to write for a website whose target audience was upscale Hispanic men. My job was to find the hippest, most happenin’, muy caliente places and products.

Of course, I soon grew weary of writing for guys who think $5,000 stereo speakers are their god-given right. But I also got tired of explaining the gig to people who asked, “Just how many rich Latino guys can there be?”

To continue reading this post, please click here.

 

 


Party On

Due to unusual circumstances that I won’t even get into, I found myself at a ritzy event, surrounded by wealthy individuals. I happened to be standing near the door, and I saw members of the one percent walk in.

For the most part, they were polite and just like you and me. However, the exceptions were numerous enough to notice.

To continue reading this post, please click here.


Power Play

Perhaps you didn’t notice when a national political leader said that America was entering the “Decade of the Hispanic.”

You can be forgiven, because the speaker was Henry Cisneros, and he wasn’t talking about our current decade. He was talking about the 1980s.

To continue reading this post, please click here.


Remember, Envy Is a Deadly Sin

“There’s class warfare, alright. But it’s my class, the rich class, that’s making war. And we’re winning.”

—Warren Buffett

Eat the rich!

—Aerosmith

In Manlio’s Argueta’s gripping novel, One Day of Life, soldiers of a repressive Central American government beat and abuse poor villagers. The peasants’ crime, as one militaristic thug puts it, is that “they don’t love the rich.”

It’s a rather harsh reaction to expressing displeasure with the ruling class. We haven’t come to that in the United States, at least not yet.

Still, the concept of class warfare, invoked primarily by right-wing politicians, holds that middle-class and poor people are simply jealous of rich individuals, or that they are being riled up to hate the wealthy.

To continue reading this post, please click here.



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