The importance of Hispanics and Latinos to the U.S. economy

 The importance of Hispanics and Latinos to the U.S. economy

Economic equity is not a zero-sum game. If Hispanics and Latinos were fully and equitably included in the U.S. economy, gains for the broader society could be tremendous. In fact, closing gender gaps and gaps for all races and ethnicities in employment, education and earnings could generate annual GDP gains in the trillions of dollars.

Unfortunately, existing gaps are quite wide. The typical wealth outcomes of Hispanics and Latinos remain low and greatly lag behind those of their non-Hispanic white counterparts. Prior to the Covid-19 pandemic, Hispanic and Latino families had just $38,000 of median wealth. This amounts to 21 cents for every dollar of white family wealth.

Hispanic and Latino income, GDP and consumption growth were extraordinarily strong prior to the pandemic, yet they weren’t strong enough to put a significant dent in the wealth gap. This matters, because families with little to no wealth are much more likely to suffer…

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