Don’t look now, but the taco truck economy proves that Latinos are taking control of America. This is the worst fear for the American xenophobes who fear becoming the minority in a brown America. The economy is shifting away from White America and becoming darker and darker each year. Small businesses drives the American economy. Guess who is opening more small business today?
According to “Puro Cash,” a USA Today report on Tuesday, Latinos are the “fastest-growing group of entrepreneurs” in America. The article points out that although Latinos face many obstacles, like lack of access to business loans and racism, they nonetheless started more businesses in the last ten years than any other ethnic group. The article states that new businesses started by Latinos grew by 34%.
As the article points out, access to business loans have been difficult for Latinos but as their business prowess continues to grow, they are applying for loans in greater numbers. This increase in loans demonstrates the profitability of the Latino businesses.
The USA Today article references a Stanford study that found Latino businesses contribute $500 billion to the American economy annually. Congress found in 2017 that “almost 60 million Latinos” account for “$2.3 trillion” in America’s economic activity.
They also employ more than 3 million U.S. citizens.
An additional thing that the article pointed out is that Latino business owners “tend to be younger” than their other ethnic counterparts.
What does this mean for xenophobic America?
It means that no matter how many “English-only” laws are attempted, or continued discrimination designed to keep Latinos out of the political process, that it is now too late to contain the tsunami of the taco economy.
As Latinos become more economically empowered their political engagement will increase.
This economic indicator again proves that America is becoming darker and darker leading to greater multi-culturalism across the country. Along with it, Spanish will continue to supplant English in many communities.
For the xenophobes, the taco economy tsunami embodies their greatest fears.
