Tag: economic turmoil

Hard Times

The recession has been over for some time now, and the economy is booming… wait. You say, it’s not booming unless you’re rich?

Well, if you’re still feeling pinched, maybe it’s the fault of individuals heavy on the melanin. The odds are pretty good that you blame them anyway.

pointing

You see, a new study has shown that Americans “become subconsciously more prejudiced against dark-skinned people when times are tight.”

That’s right. On top of devastating the country, wiping out many people’s savings, and increasing the obscene gap between the wealthy and the rest of us, the Great Recession may have had the side effect of increasing racial tension.

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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.

 


Stranglehold

I’ve written before about the asphyxiating grasp that rich people have on the American Dream. As we know, the concept of social mobility is, at best, a faded myth that may never be relevant again. At worst, it is delusional pabulum served up to the masses to prevent them from revolting.

torch-and-pitchfork

 

But just in case you thought you could get ahead by sheer hard work and a can-do attitude, consider the following fact: According to one study, your degree of social mobility depends to a large degree upon where you live.

So for those of you who are poor in, say, Georgia, the odds are pretty good that your children are not going to swing the middle-class lifestyle. But don’t worry, “the chances that affluent children grow up to be affluent are broadly similar across metropolitan areas.” So again, the rich are going to be ok.

But wait — isn’t education the great equalizer? Well, nabbing a college degree is indeed one of the best ways to increase your income. Unfortunately, many kids are being priced out by tuitions that can only be called obscene. Again, however, you don’t have to fret over the wealthy. Because “college students have a better chance of getting financial aid if they come from affluent backgrounds than if they are lower on the income scale.” Yes, once again, the wealthy get a break denied to others, even if — as in this case — they don’t need it nearly as much as people on the lower end of the socioeconomic scale.

Of course, Hispanic kids are less likely to be rich in the first place. And thanks to backward cultural priorities, the odds are good that their children and grandchildren won’t be financially secure either.

Well, at least it won’t be awkward at Thanksgiving dinner, because we won’t have to endure about those rich relatives flaunting their wealth. Because everybody will be broke.

 


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?”

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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.

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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.

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Climbing Out of the Hole

As of right now, America still has a functioning economy. We’re not sure if we can pay all our bills, of course, and maybe China will just take ownership soon and have a fire sale on things we never use, like national parks and the state of North Dakota.

But for now, we’re still standing. That fact means different things to different people, however.

For example, the gap between Hispanics and prosperity has rarely been so vast.

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Fortunate Son

You’ve heard of the luck of the Irish. So what is the luck of the Hispanic?

Personally, I think the Latino propensity for serendipity is symbolized by Hugo Reyes, also known as Hurley, from the show Lost.

Despite being a fun-loving, friendly Latino, Hurley kept seeing everybody around him get killed in some random or grisly manner. He constantly bemoaned the fact that he was cursed.

Certainly, many Americans relate to Hurley. For the last decade or so, we’ve all felt jinxed. It’s been a nonstop joyride of economic turmoil, endless war, terrorist threats, and political chaos.

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