The LIBRE Initiative Praises Findings in 2020 White House Economic Report
Arlington, VA – The most recent White House economic report found encouraging news for the Hispanic community. According to their findings:
- In 2018 alone, 1.4 million Americans were lifted out of poverty – the Hispanic poverty rate fell to a historic low.
- The poverty rate fell by 0.8 percentage point for Latinos reaching historic lows. The poverty rate for Hispanic Americans in 2018 was never closer to the overall poverty rate in the United States.
- During the last two years, the black and Hispanic unemployment rates have fallen below their pre-recession lows and have reached historic lows.
- After 5 to 10 years, the administration’s approach to federal regulation is estimated to have raised real incomes by $3,100 per household per year.
“Just a few years ago, the Latino community was struggling to bounce back from the economic recession at a higher rate. But today, thanks in large part to pro-growth economic policies, the Latino community is thriving. Deregulation and the Tax Cuts and Jobs Act of 2017 have led to Latinos being able to keep more of their hard-earned money to save, spend and invest as they see fit. Additionally, businesses are hiring, and the Hispanic entrepreneurship rate continues to outpace that of others, which helps explain why the Latino unemployment and poverty rates have experienced historic lows, and why Hispanic consumer confidence is high.
But to ensure that the Latino community can continue to grow and prosper, policymakers must keep the foot on the accelerator and resist embracing tax hikes, additional tariffs on trade, further restrictions to legal immigration channels, unnecessary regulations and runaway spending.”
-Daniel Garza, president of The LIBRE Initiative