Noel Andrés Poyo, Deputy Assistant Secretary for Community Economic Development at the US Treasury Department, discusses how the Biden administration's policies are benefiting the Latino community [932daa2a]. The Biden administration has implemented policies to address the disproportionate harm caused by the COVID-19 pandemic to Latino businesses and minority communities. These policies have resulted in the creation of 4 million jobs for Latino workers, a record low in Latino unemployment, and significant revenue growth for Latino employers [932daa2a]. The Treasury Department is focused on implementing the Inflation Reduction Act, which includes incentives to reduce energy costs for Latino families and businesses [932daa2a]. The administration is also prioritizing increasing capital and clients for Latino-owned businesses [932daa2a]. The participation of Latinos in the US economy is crucial, as they represent 19% of the population and have an economic output of $2.8 trillion [932daa2a]. The Treasury Department is working on initiatives to improve Latino participation in the economy, such as providing support for Latino small business owners and modernizing the tax system to benefit vulnerable populations [932daa2a].
In line with highlighting the economic contributions of the Latino community, Oxnard College and the Oxnard College Foundation will host an event on April 17, 2024, to mark the publication of the annual U.S. Latino GDP Report [e221070a]. The report showcases the significant economic impact of the Latino community in the United States and their role in the country's pandemic recovery. In 2021, the GDP of Latinos in the U.S. reached $3.2 trillion, making it the fifth largest GDP in the world if Latinos were an independent nation [e221070a]. The event will also unveil never-before-released estimates of California's Latino GDP, providing further insights into the economic contributions of the Latino community in the state [e221070a]. The authors of the report emphasize that their focus on Latino economic drivers is not meant to downplay the hardships endured by Latinos during the pandemic [e221070a]. The event is free and open to the public, allowing for broader awareness and engagement with the U.S. Latino GDP Report [e221070a].
In a related development, Steve Adubato welcomes Arturo Osorio, Ph.D., associate professor of entrepreneurship at Rutgers Business School and secretary of the board at the Statewide Hispanic Chamber of Commerce of New Jersey, to discuss the impact of the Hispanic business community on the U.S. economy [a7ca047a]. Osorio highlights the significant contributions of the Hispanic community to the U.S. economy and the ongoing discrimination faced by its members. The discussion sheds light on the challenges and opportunities for Hispanic-owned businesses and the importance of addressing discrimination to foster economic growth and inclusivity [a7ca047a].
Both events and discussions underscore the importance of recognizing and supporting the economic contributions of the Latino and Hispanic communities in the United States, as well as the need to address the barriers they face in order to foster a more inclusive and equitable economy.