Contending Hispanics were the “biggest victims of the low-growth, high-regulation economy under President Obama,” a Hispanic leader is pointing to new Census Bureau figures indicating median income for Hispanic households grew by 3.7 percent, adjusted for inflation, last year.
“That’s more than double the increase seen by all households,” wrote Alfredo Ortiz, the president and CEO of the Job Creators Network, in an op-ed for The Hill
Ortiz said that more Hispanics moving into the upper-income bracket and fewer remained in the lower ones is “welcome news as the nation celebrates Hispanic Heritage Month.”
In addition, he pointed to the Labor Department’s announcement this month that the Hispanic unemployment rate remained at a record low, below 5 percent for the fifth consecutive month.
“This is less than half the unemployment rate that Hispanics faced as recently as President Obama’s second term,” Ortiz said.
Median weekly earnings for full-time Hispanic employees have grown by 4.3 percent, adjusted for inflation, over the past two years.
Ortiz believes Trump’s pro-growth policies have had a disproportionately positive impact on Hispanics, because Hispanics “are more entrepreneurial than the general population.’
Since 2007, he noted, the number of Latino-owned businesses has grown by nearly 50 percent, nearly double the rate of all other ethnic groups combined.
The tax cuts that took effect this year contain numerous provisions that help entrepreneurs, including a new 20 percent small business tax deduction that allow entrepreneurs to protect one-fifth of their earnings from taxes.
A recent Bank of America survey found most small businesses describe the provision as a “game changer.”
Meanwhile, Hispanic approval of Trump, according to a Harvard CAPS/Harris poll this summer, spiked by 10 percentage points in one month.