Now that Thanksgiving is over, Latinos, like many Americans, will head to the shops to take advantage of holiday deals at malls across the country. This stands in contrast with the many myths and mischaracterizations of our community. The Latino community’s contribution to the economy is often overlooked, particularly in the realm of politics. Already in this election cycle, we’ve heard our fair share of derogatory comments about Latinos – that we’re rapists, drug smugglers, criminals, or at bare minimum, that we’re takers looking for a handout. But this is far from the truth, on the contrary Latinos contribute heavily to the U.S. economy– to the tune of $1.5 trillion.
As a matter of fact, in 1990 the purchasing power of Latinos stood at $212 billion and fifteen years later, it has increased five-fold to $1.5 trillion. Latinos are consumers, entrepreneurs and job creators. Currently, there are 4 million Hispanic-owned businesses across the country that when combined contribute over $650 billion to the U.S. economy.
While some politicians claim that all we do is take, and that we are a drain on the economy, the numbers show that Latino-owned businesses employ over 2 million people.
One outstanding example is Nina G. Vaca, a Latina entrepreneur and business owner. Born to immigrant parents from Ecuador, Nina decided to start her own business at the age of 25. With just $300, Nina started the Pinnacle Group in her living room 19 years ago – an IT staffing company that specializes in payroll and professional staffing services to Fortune 500 companies. Nowadays, Pinnacle generates $650 million in revenues annually and employs over 5,000 people. This past year, Pinnacle was named the fastest-growing woman-owned firm in the country. Nina is only one of the countless Latinas making a contribution to the economy.
Despite the negative perception upheld and even propagated by some politicians about Latinos and our contributions to this country, the truth is that Latinos are a strong force that is helping keep our economy alive. Let’s not allow misinformation to plague the election season narrative and continue to hurt our community.
“Some People” by n.karim is licensed under CC BY 2.0
