The economic situation of Hispanic Americans has improved over the past decades, but disparities persist in earnings, wealth, economic opportunity and access to the financial system. These inequities limit the economic participation of Hispanic Americans and the competitiveness and fairness of the U.S. economy.
While Hispanic workers and families were hit hard by job losses during the pandemic and the recession that followed, the strong economic recovery under Biden has helped cut Hispanic unemployment by nearly half. The strong engagement of Hispanic Americans with the labor market has also bolstered the ongoing economic recovery.
Despite these gains, Hispanic workers continue to face persistently higher unemployment than their white counterparts due to occupational segregation and discrimination in the labor market. Hispanic workers are also less likely than white workers to be represented by a union at their workplace, limiting their ability to bargain for better pay and working conditions. These challenges translate into higher rates of poverty and food insecurity for Hispanic families. Persistent gaps in educational levels and wealth also limit the economic security of Hispanic workers and families.
Equitable investments made by the Biden administration and Democrats in Congress via emergency relief and the American Rescue Plan continue to help Hispanic workers and families be part of the economic recovery and help address pervasive structural barriers to inclusion. More recent measures, like the Inflation Reduction Act will help reduce costs for families, including Hispanic families and those in other communities of color who are disproportionately hurt by elevated prices. While Democrats continue this work, recognizing both the contributions and challenges of the Hispanic community this Hispanic Heritage Month marks an important step in ensuring that every American can realize the promise of the America Dream.
