Hispanic Fanatic

Many of us have spent the last year or two fretting about the white working class (WWC). Americans are concerned that WWC individuals have been cruelly left behind, and we empathize with their discomfort over a changing world.

Truly, it is to weep.

But while we knock ourselves out trying to justify their allegiance to President Trump, many of us wonder why WWC people can’t just pull themselves up by their bootstraps. Or we ask why their anger and hostility should be met with hugs. Or we ponder why ethnic minorities — who tend to be poorer than the WWC — didn’t clamor for Trump like their white counterparts did (hey, I’m sure racism had nothing to do with that).

But then along comes a study to say, “Guess what? All your claims that white people are disenfranchised are really just so much bullshit.”

Because a recent study led by researchers at Stanford, Harvard, and the Census Bureau shows that “white boys who grow up rich are likely to remain that way.” However, “black boys raised at the top are more likely to become poor than to stay wealthy” when they grow up.

Think about what that means. It implies that race matters more than class when it comes to how well you do as an adult. And it further implies that white privilege is not some made-up straw man that progressives created.

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

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.