Tag: rich

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.

 


All You Need Is… Wait, You Need More Than That

In the realm of simplistic nonsense, few ideas are more insidious than the claim that you don’t need money if you just, well, love each other a whole lot.

hugging

This sentiment has lived on despite the well-documented fact that the number-one cause of marital tension is money. It also ignores the overwhelming financial stresses that clobber poor people every day.

And as for how poverty affects children, well, the data is just too depressing to mention.

And now a study has verified what we all suspected, which is that a family’s income level is a better indicator of the overall well-being of children than other factors. The research “cuts against the grain of oft-stated public opinions on traditional family composition,” which is a nice way of saying that being married doesn’t matter much when it comes to raising kids. Having bucks is vastly more important.

For example, the study found that just 9% of children from the lowest income bracket go on to earn college diplomas. But 77% of children raised in the top quarter of income eventually graduate college.

Take a look again at those numbers. They basically say that if you come from a poor family, you almost certainly won’t go past high school. But if your parents are somewhat well-to-do, you have a great shot at snagging at least a BA.

The researchers believe that richer parents — whether they are married, divorced, or single — can afford to provide their kids with certain advantages, like the best pre-schools, trips abroad, and extracurricular activities.

Hispanic parents often do not have the financial ability to offer their children such resources. So while our strong familial bonds help kids develop into responsible adults, it is no match for the dollars that rich people can spend on their offspring, who will almost inevitably do better in life.

Of course, a rugged individualist is bound to say, “Tell those lazy Latinos to work harder and get out of poverty.”

And this brings us back to simplistic nonsense.

You see, another study says that roughly two-thirds of low-income Latino children have at least one foreign-born parent. This isn’t surprising, as recent immigrants are often poor. But what’s interesting is that low-income Hispanic children are also more likely to have at least one employed parent, compared to other low-income children. This means Latino immigrant parents are more likely to fall into the category of the working poor.

So Hispanics, especially immigrants, are already working harder than many poor people. And yet they are still broke.

The study points out that poverty hits Latinos disproportionally. In addition, poverty often plays out differently in Hispanic households, in that the influence of extended family and community is stronger, which can be an asset.

However, it can also be a hindrance, in that low-income Latino homes often have different structures than the general population. For example, low-income Hispanics may have to set aside money for elderly parents or for remittances back home, which can cut into funds for childcare.

The study also found that among Latino children with a foreign-born parent, just 36% live with parents who are married. But of course, that doesn’t matter much, does it?

 


The New Standard Response

When I started this blog, this website, this little outpost of sanity in the vast crazy wilderness of the internet, I posted articles about the latest slurs and offenses aimed at Latinos. I still do that, of course, but for the most part it has to be something truly egregious, preferably by someone in a position of authority and/or cultural power (eg., a senator, a high-profile CEO, the winner of Celebrity Apprentice, etc).

So when our friends at Latino Rebels posted this story, I was initially intrigued. Apparently, a bored rich woman has tried her hand at satire by populating a website with images of something she calls, “Illegal Immigrant Barbie,” which I’m not even going to show here. Instead, just gaze upon a standard-issue Barbie, and use your imagination.

barbie1

 

 

Now, it’s undeniably racist. Worse, it’s lazy and unfunny.

But we already know the woman’s excuses. We’ve heard them all before. Pick one of the following:

1. “I’m not prejudiced. I’m just telling the truth.”

2. “Well, excuse me for not being politically correct. Clearly, you can’t handle it.”

3. “Hey, I have Latino friends, and they thought it was hilarious. OK, my maid gave me a nervous laugh, but close enough.”

So I’m skipping the anger and substituting a sad shaking of the head and a lugubrious eye-roll. This woman’s pathetic affront deserves no more.

In fact, I only mention it at all because I intend to cut/paste my reaction to future instances of bored rich people mocking poor people, which never seems to go out of style with them.

On to the next outrage.

 


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.

 


The Soft Sell

As we all know, Latinos are about as likely to vote Republican as they are to sprout feathers and fly.

The conservative reaction to Latinos’ tendency to vote Democratic is usually disbelief and the continued insistence (despite all evidence to the contrary) that Hispanics are really Republicans but just don’t know it. Even this misguided, paternalistic response is preferable, however, to the other common reaction from conservatives, which is overt hostility to Latinos and the claim that Republicans don’t need nothin’ from those illegal alien sumbitches.

Well, give credit to the big kahunas of the conservative movement, the Koch brothers, who have realized two things:

They need Latinos to win elections. And insulting and denigrating Hispanics doesn’t win them to your side.

As such, “one Koch-backed group is using a softer touch to try to win over part of the nation’s booming Hispanic population.” The group, the Libre Initiative, “is sponsoring English classes, driver’s license workshops, and other social programs to try to build relationships with Hispanic voters.”

As one leader of the Libre Initiative explained, the group is striving to build trust, with the hope that if Hispanics like the organization, “they may seek our opinion on something else.”

It’s unclear what this ominous “something else” is, but it apparently includes the idea that real Latinas “respect authority” and the acknowledgement that the rich are America’s “only productive class.”

For further edification, the speeches at the recent Conservative Political Action Conference (CPAC) may offer a clue. At this who’s-who of the conservative movement, that grand old crazy lady of the right wing, Ann Coulter, was met with applause when she called for the formation of death squads to take out any politician who supported immigration reform.

guat death squad

Now, if there’s one thing that many Latino immigrants know, it’s what a death squad looks like. So it’s clear that conservatives are finally speaking our language.

 


No Relaxing Allowed

As I’ve written before, we Hispanics are known for our fierce work ethic.

Think of immigrants slaving away at grueling tasks that native-born Americans refuse to do. Or consider that last year, “the number of Latino entrepreneurs grew more than white, black, and Asian entrepreneurs.”

Yes, we sure like to work. It’s unfortunate, then, that so many Hispanics who reach old age have nothing to show for it. This is because “fewer than half of … Latino workers have retirement plans on the job, leaving the vast majority of them with no savings designated for their golden years.”

hammock

To continue reading this post, please click here.

 


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.

 


Animal Kingdom

By now you’ve heard GOP Rep. Steve King (a longtime friend of the Hispanic community) insist that “among young undocumented immigrants in the United States, ‘for everyone who’s a valedictorian, there’s another 100 out there who’” are essentially drug mules.

laughing mule

 

King, “an Iowa conservative who has come under fire for comments about immigrants before,” has stood by his remarks, insisting that he has “seen it with my eyes and watched the data and video that support what I say.”

I think we would all like to see the video that shows 100 Latino drug mules ganging up on one Hispanic valedictorian. That would indeed be persuasive to the immigration debate.

But all these references to mules have me thinking about another anti-immigration zealot who was obsessed with animals. I’m taking about Cordelia Scaife May, an heiress who, “before her death in 2005, devoted much of her wealth to … curbing immigration, both legal and illegal.”

Scaife May “never knew poverty,” unlike so many of the immigrants she despised. Ultimately, she became a crazy recluse and alcoholic. She also was obsessed with birds.

blue bird

 

Her millions continue to fund right-wing anti-immigrant groups to this day. So here we have a rich person who never worked a day in her life. She was a virulent xenophobe and racist who held her fellow humans in contempt simply because they were born in another country. But she had a soft spot for the little birdies.

And who can argue with those priorities?

Basically, some conservatives don’t think of Hispanics as animals. They think of Hispanics as less than animals.


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.

 


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