Wealth Gap Has Left Latinos Behind
(Washington, D.C.) – According to research by the St. Louis Federal Reserve, the average Hispanic family in America has amassed far less wealth than others as of 2010, the most recent year for which this data is available. The report shows that by 2007, half of all Hispanics owned homes, and the average Hispanics household was worth nearly $200,000. But even well into the "recovery," that figure had only recovered to about half of its pre-recession peak, as the average household had only $109,000 in assets. Indebtedness for Hispanics was much higher as well. And while the situation for Hispanics is expected to improve, it is mainly because of their expected population growth rather than economic growth.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
"Hispanic families do best when we have strong and dynamic private sector job growth. We know that economic opportunity, hard work, personal responsibility and discipline pay off. Families get ahead. Wages rise. People have a real chance to build a better future.
Unfortunately, the recovery of the economy has been underwhelming at best and not consistent with the growth that America has always enjoyed. Too many working Americans can't even find a job – let alone start to build a future. The administration's repeated attempts to stimulate the economy through government expansion, spending and regulation have not worked over the past five years. Instead, Washington should once again focus on tried and proven initiatives that have generated prosperity and wealth for all Americans in the past. It includes a return to market principles, easing the burden of taxation and regulation, facilitating new opportunities like energy development, vocational training and expanded educational pathways to garner growth and prosperity for all Americans. These figures show how important it is to change course, and to return to policies that get government out of the way."