Latinos 'Deeply Impacted' by Recession But Remain Optimistic About 'American Dream'
The Latino unemployment rate is 7.8 percent in the U.S., based on July's report from the Department of Labor, but despite the rate's increase, Latinos remain optimistic about their economic future.
Polling data by Latino Decisions and the National Council of La Raza revealed registered Latino voters want the government to implement policies that would help their financial situation. During the years since the Great Recession, the financial situation among Latinos has been mixed, with 37 percent stating their financial situation improved, and another 37 percent saying it and "stayed the same." For 25 percent of Latino voters, their financial situation has gotten "worse" following the recession.
NCLR and Latino Decisions stated a "very large" segment of registered Latino voters are still "deeply impacted" by the recession.
"A clear majority of Latino voters have not seen improvement in their household finances," noted Latino Decisions.
The economic outlook among Latinos varies. A full 53 percent are worried someone in their household might lose their job, while 50 percent fear they don't have enough money to pay basic bills. Thirty-three percent of Latinos are worried their home will be face forclosure.
Of those three worries, the percentages increase if the household has children. Latinos who are worried about future unemployment hit 58 percent, while 54 percent are concerned they won't be able to pay basic bills. Forty percent of households with children are worried about foreclosures.
Despite the worries, an "overwhelming" number of Latinos remain optimistic about the American Dream. The survey found 72 percent are optimistic; specifically 36 percent "will reach it" during their life time while 36 percent have "already" reached the dream.
But not all Latinos are optimistic about the American Dream -- 28 percent were unenthusiastic; specifically 18 percent stated they "will not reach" the dream while 10 percent "don't know."
Ideas about what consitutes achieving the American Dream differ among Latinos. For most Latinos, the American Dream is creating opportunities for their children (95 percent), being treated equally (85 percent), owning a business (61 percent) or owning a home (53 percent).
Providing homeownership opportunities through new policies are important for Latinos. A clear majority of Latinos believe tax credits for homeowners would be helpful -- 86 percent. Homeownership counseling and education and programs to make it easier to obtain a mortgage were also popular choices, at 84 percent each.
A minimum wage increase would also sway Latinos when it comes to politics. NCLR and Latino Decisions found Latinos are more likely, at 55 percent, to vote for a lawmaker who supports a minimum wage increase. Ten percent of Latinos are less likely to vote for politicians who voted for a minimum wage hike. An increase in the minimum wage also had "no effect" for some Latinos, as 35 percent stated their vote wouldn't be swayed if a politician voted for a hike.
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