Economic Contributions
Improvements in educational attainment have a positive impact on the economic progress of Hispanics. With rising levels of education, Hispanics have increased their access to more stable jobs and higher wages, leading to decreased poverty rates in the Hispanic community. Eighty percent of Hispanic males are in the labor force, which is the largest participation rate of any other racial or ethnic group in the United States. Hispanic-owned businesses were also one of the fastest growing segments in the U.S. economy in 2008. The nearly 2.2 million Hispanic-owned businesses generated an estimated $388.7 billion in revenues. In 2010, there are expected to be 3.2 million Hispanic firms generating a total of $465 billion (U.S. Small Business Administration Data, 2008).
In addition to workforce participation, Hispanics are making significant contributions to the economy through their consumer behaviors. Hispanic buying power is expected to grow faster than any other minority group. By 2011, it is estimated to increase by 458 percent, compared to Asians (434 percent), Native Americans (270 percent) and African Americans (237 percent). This is explained both by the demographic growth of the Hispanic population (through immigration and high fertility rates) and by their gradual access to better employment opportunities (Grossman, 2007).
Political Presence
Apart from a growing population, higher levels of education and increased economic contributions, Hispanic political power has also been on the rise. Latin@s are a growing electorate in the United States, giving them political influence in the nation. A Pew Hispanic Center (PHC) analysis reported that 9 percent of the 2008 electorate was Latin@, as indicated by the national exit poll. This is one percentage point higher than the share in the 2004 national exit poll. Hispanics possess over 10 million votes and represent the critical swing vote in six states. Nationwide, the Latin@ vote was significantly more Democratic in the 2008 Presidential election than in 2004. Obama captured 67 percent of the Latin@ vote (PHC, 2008), whereas Bush only received 40 percent of the Latin@ vote in 2004.
According to the National Association of Latino Elected Officials (NALEO), Latin@ candidates continue to reach new milestones as elected officials across the country. In state senates, Latin@s are demonstrating significant political progress in communities with emerging Latin@ populations. In 2008 all Latin@ incumbents won their re-election campaigns — totaling 24 Latinos in the U.S. House of Representatives. There were no Latin@ U.S. senators up for re-election in 2008; however in state senates, Latin@s gained 5 seats, increasing the total from 61 to 66 nationwide (NALEO, 2009).
Conclusion
With the increasing Hispanic population, Latin@s have encountered a myriad of socio-economic obstacles, such as anti-immigrant sentiment, the threat of English-only legislation, and the lack of adequate health care, education and housing (Kapur, 2001). Nevertheless, Latin@s continue to make significant advancements in education, occupational attainment, and politics, making them important contributors to the U.S. culture and economy. Their growing presence has had, and will continue to have, profound socio-political and economic consequences for the future of the United States. |