Tag: Great Recession

It’s the Economy, Estúpido

Of course, it’s still too early to know if Trump will destroy the American economy the way that he has destroyed the lives of thousands of immigrants, portions of the environment, and America’s image and reputation.

But certainly it is a bit disquieting that for the first time in seven years, the United States is losing jobs. To be fair, much of that has to do with the devastation that a cataclysmic (yet somewhat predictable) series of hurricanes has inflicted on the country.

In any case, if one is striving to boost economic growth, it is not a good idea to piss off Latinos. After all, the “U.S. Latino GDP is growing 70 percent faster that the country’s non-Latino GDP.” Furthermore, Hispanics have higher rates of entrepreneurship than other groups, and remain one of the fastest growing demographics in America.

So a sane leader would look at those facts and say, “Damn, these guys are the future, and our nation’s economic growth is intrinsically tied to their financial well-being.”

But come on, we’re talking about a small-fingered, narrow-minded, black-hearted demagogue who doesn’t even understand basic economics. Therefore, it’s little surprise that he has continued to focus his ire on Latinos, with devastating consequences.

For example, “retail sales to Hispanics are tumbling, as immigrants fearful after the election of President Donald Trump stay home and hoard their cash.”

In addition, many labor market measures show that Latinos “have not totally recovered from the Great Recession.”

And when it comes to confidence (consumer or otherwise), keep in mind that “67 percent of Latinos disapprove of the job Trump is doing. By comparison… 54 percent of all adults in the country disapprove of Trump’s job in office.”

Taken together, we see a president who is determined to alienate Latinos, who are of course, crucial to the economic functioning of this country. And we see Hispanics unable to fulfill their true potential because they are too busy fending off the political and cultural assaults of a man so unstable that even his fellow Republicans believe that he is “unraveling.”

All of this could help to sink the economy. And we’re not even talking about the price tag for his idiotic wall that will never happen.

But don’t get me started on that.

 


Help Is (Not) on the Way

I’ve never been in therapy. I don’t say this as a boast, just as a simple acknowledgement of luck.

You see, I’m fortunate in that I’ve haven’t been afflicted with depression or addiction or any of the myriad issues that arise when brain chemicals go all kabloowy. Nor have any of my personal traumas been so severe that I had to address the PTSD of it all.

But as we all know, many people aren’t so lucky. It’s estimated that around one in five Americans suffers from mental illness at some point in their lives.

And now comes news that for Latino youth, the numbers are on the rise. A recent study showed that “an alarming rise in the psychiatric hospitalizations of Latino children and young adults in California, even compared to the youth of other ethnicities.”

Between 2007 and 2014, the rate of mental health hospitalizations of young Latinos (age 21 and younger) jumped 86 percent.

upward-graph

Why is this?

Well, researchers believe that “a number of social issues play a part in the trend, including the recession, separation and disintegration of families, and the trauma of escaping the violence in their home countries.”

In addition, a “lack of culturally and linguistically appropriate psychiatric services available” means that young Hispanics often don’t get help addressing their festering problems, with the result that they eventually blossom into full-fledged crises that require hospitalization.

Also, one has to wonder if being constantly demonized gets under the skin of young Latinos. But this very fact — that so much of America despises Hispanics — provides another reason why this issue is unlikely to get better any time soon.

It’s a vicious, and rather sick, circle.


Not Exactly a Golden Age

So here’s a question: Are you among the half of Americans (49 percent, to be precise) who say racism is “a big problem” in society today?

I know I am.

And I also know that I would prefer to be among the 7 percent of Americans who say racism is “not a problem at all.” When referring to those people, I speak for the rest of us when I say, “I’ll have what they’re having,” because they clearly possess some serious alcohol.

Drunk-guy

The recent survey revealed that prejudice and bigotry remain societal ills, and “in every demographic group surveyed, there are increasing percentages of people who say racism is a big problem — and majorities say that racial tensions are on the rise.”

The percentage of Americans who feel this way is higher than it was 20 years ago, when 41 percent said racism was a big problem. As recently as 2011, that percentage was down to 28 percent, suggesting a rebound effect, or perhaps racial good feelings simply plateaued a few years back.

Of course, Americans may agree that racism is worse, but as the report states, they often “disagree profoundly on who the targets and victims are.”

Ethnic minorities have historically been the objects of racial prejudice. However, white Americans often feel that they are being discriminated against, a perplexing development that, according to the report, can be traced to “simmering rage fueled by the backlash of Obama’s election, the economic struggles of lower- and middle-income whites, and demographic shifts across the country.”

Because of this, the report says, “latent racism is becoming more open, because a lot of people are feeling threatened.”

Now to be clear, most white Americans do not feel that they are the targets of racial scorn. In fact, just 43 percent of white people say racism is a huge concern.

But 64 percent of my fellow Latinos say racism is a big problem, slightly less than the 66 percent of blacks who say the same thing.

Those numbers should tell you all you need to know about how race is perceived in America.

So is there hope for the future? Well, supposedly, the Millennials were going to eliminate racism once and for all because they’re all, you know, ethnically mixed and down with diversity and come from multiracial families, and are in general far hipper than Gen X or the Baby Boomers could ever dream of being.

Um…but another recent study showed that “despite the Millennial reputation for inclusiveness, young white Americans don’t have especially multicultural friend groups.” In fact, two-thirds (68 percent) of whites age 18-34 say, “they overwhelmingly associate with other whites.”

By the way, the same is true of just 37 percent of Millennial Hispanics and 36 percent of Millennial blacks.

So this might take a while.

 


A New Wave

A subtle shift is taking place. I’m referring, of course, to the news that Asians will eventually overtake Latinos as the largest source of immigration.

Yes, recent data shows that fifty years from now, “Hispanics are expected to make up 31% of immigrants. Asians, on the other hand, will outnumber Hispanics and make up 38% of immigrants.”

Wow, this is news. After all, the words “immigrant” and “Hispanic” have been interchangeable for decades now, at least in the minds of many Americans. And to be clear, Latinos are still the largest immigrant group, making up almost half (47 percent) of all immigrants in the United States.

But as we all know, immigration from Latin America has slowed in recent years. In fact, a steep decline began in 2007, mostly because the Great Recession had kicked in, and El Norte looked a lot less appealing that it had previously.

What this all means is that the percentage of new arrivals who are Hispanic is actually smaller than it was 50 years ago. Yes, despite all you’ve heard about the border being overrun, the fact is that immigration — both documented and undocumented — is down over the last decade. And in a shocker, “the percentage of the total U.S. population born outside this country was higher in 1890 than it is today.”

irishelliesisland
So what does this mean for Asians, who are the new face of immigration? Well, they appear to be in pretty good shape.

A recent poll found that “immigrants from Asia fare best when it comes to how Americans view them, with 47% seeing them in a positive light. Only 11% see Asians negatively.”

In stark contrast, “immigrants from Latin America are viewed positively by only 26% of those surveyed and are seen negatively by 37%.”
Yikes.

A natural question, of course, is why are Latino immigrants the object of so much loathing?

Well, there are the usual strands of xenophobia based on skin color, language, and cultural differences. But if I had to pick the biggest reason for the disgust many Americans feel for Hispanics, it is the perception, fueled by certain presidential candidates and professional buffoons, that Latinos are a pack of bloodthirsty, sociopathic criminals.

It’s what marketing pros call a branding issue.

And how bad, and ultimately misguided, is this perception?

Well, that’s a whole other post (yes, coming soon).


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.

 


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.

To continue reading this post, please click here.

 


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.

 


Mind the Gap

Here’s a cheery statistic that you may have missed: The wealthiest 1 percent now control 39 percent of the world’s wealth, and their share is likely to grow in the coming years.

greed

What this means is that while you were digging out from the Great Recession — or are still digging out — multimillionaires coasted through just fine. And the gap between the uber-wealthy and the rest of us is the widest it has been in about a half century.

To continue reading this post, please click here.

 


Exploitation, Melodrama, and More

My cousin (Cousin #6)  is one of the more than 83,000 immigrants who have become citizens since the September 11 attacks by embracing “a wartime edict to entice immigrants to join the military in exchange for rapid naturalization.”

The program has its critics. Some claim allowing non-citizens to enlist in the military “injects the armed forces with an increased security risk” and is “just like the Roman Empire, not to get too melodramatic about it.”

melodrama_7456

Yes, the last thing we want in any discussion about immigration is melodrama. After all, the debate has been nothing but calm, logical, and respectful to this point.

To continue reading this post, please click here.

 


The Difference

As we careen, cartwheel, and plummet into the finale of this interminable election season, one refrain we hear many times is that Republicans and Democrats are one and the same.

Indeed, there is ample evidence that both parties are indebted to big business and the status quo. And as Latinos know, Obama’s original immigration policies weren’t much of an improvement over Bush’s approach.

Still, there are differences between the two men running for president— besides the fact that one is a communist Kenyan and the other is a money-grubbing fascist (hey, that’s what the internet told me).

 

For those who have inexplicably not paid attention, Obama is pro-choice, while Romney is pro-life. Obama is against the death penalty, while Romney is fine with it. The president has come out in support of gay marriage, while Romney believes marriage is a straights-only deal. And Obama doesn’t share Romney’s opinion that the US government is inherently inept, corrupt, and/or evil.

I have to admit, those seem to be fairly large differences to me.

Even progressive icon Daniel Ellsberg, no fan of Obama, thinks the president is substantially different from Romney.

So who are the people yelling that Obama and Romney are clones? I mean, besides Lupe Fiasco?

Well, there are true believers who think a leftist or libertarian chief exec is a possibility (it’s not). Then there are self-proclaimed radicals who dismiss the entire American system as corrupt or bourgeois or just plain icky. And finally, there are voters who simply say, “It don’t matter none.” 

But of course it does matter. And for Latino voters, it’s crucial.

Hispanics are the least likely ethnic group to have health insurance, a situation that the infamous Obamacare may alleviate.

On immigration, Obama has endorsed the Dream Act (belatedly, of course), while Romney is still trying to explain how self-deportation would work.

And when it comes to economic policy, Romney’s tax cuts would benefit the upper classes, which are not exactly awash in Latinos. Keep in mind that according to some experts, Romney “cannot deliver all the tax cuts he promised to the wealthy without raising taxes on the middle class.” One can presume that Hispanics will not be among the direct beneficiaries of his tax plan.

However, perhaps some Latinos still believe that it doesn’t matter who wins. Well, think back to those distant days of 2000, when Bush was elected. At the time, many Americans voted for Nader because Gore and Bush were apparently too similar. Therefore, we have to assume that under President Gore, the September 11 attacks, the Great Recession, and FEMA’s horrific response to Hurricane Katrina would have all occurred. Those are rather huge assumptions, to say the least.

But the Iraq War, an obsession unique to neo-cons, certainly would not have happened. So for the families of 4,500 dead US soldiers, there was at least one fundamental, very real difference between the candidates.

By the way, approximately 500 of those soldiers were Latino.

 


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