The rapid economic recovery in the United States after the pandemic has been driven by record labor market participation of citizens of Latin origin, US Deputy Treasury Secretary Wally Adeyemo told EFE in an interview in which he denied. the xenophobic speeches of personalities like Donald Trump.
“The recovery we have experienced in the United States, including our ability to reduce inflation and maintain a strong labor market, has been fueled by record labor force participation among Americans and labor market participation of Latinos”, he pointed out.
In fact, labor force participation among working-age Latinos reached a record high in this administration of 81.8 “, he said, “which helped the country recover and experience a soft landing” in the face of the feared recession.
The relative of 65 million Latinos In the United States, they represent about 20% of the total population, according to Treasury Department data. In 2021, Hispanic businesses employed three million people and paid more than 124.4 billion in payroll.
“This shows that Latinos living in the United States not only help support their families, but They contribute to the growth of our entire economy“said government official Joe Biden.
For example, the number of Latin American workers who were self-employed increased by 30% between 2019 and August 2024.
“At start small businessesby taking jobs, helping employ others in their communities, they help grow an economy that works for everyone and our goal at the Treasury Department, under the leadership of Secretary Janet Yellen, is “Make sure we make resources available to them so they can continue to do this.”detained.
Although he did not directly refer to former president and Republican candidate Donald Trump (2017-2021), Adeyemo criticized any xenophobic and anti-immigration rhetoric.
“Immigrants who have come to this country for generations have contributed to our economic success. We must take action to ensure our border is protected, but we also benefit greatly from immigration. and that’s part of what gave Joe Biden the ability to have an economy that is the envy of the world,” he said.
Trump has been particularly critical of the Latino population and has assured that if he is elected president in the November 5 elections, in which he would face Democrat Kamala Harris, the current vice president , will carry out the “largest expulsion (of immigrants) in the history of the country”.
For Adeyemo, another point to consider regarding the contribution of the Latin community in the United States is that “Latinos or immigrants are often among the best businesspeople and entrepreneurs in the country.”
It is for this reason that the Treasury Secretariat has tried to find a solution to some of the challenges it faces, such as Invest in banks that give them access to capital.
“We are providing Latino-owned or majority-Latino-owned banks with $1.6 billion in capital. This means that they will have the capacity to lend and that over the next decade these institutions will have a lending capacity of $58 billion,” he said of this program, called the Program of emergency investment (ECIP).
