Washington, D.C. – The cost of living continues to rise during Joe Biden’s first year in office thanks to reckless government spending. Hispanic families across the country are hurting every time they go to the grocery store and fill up at the pump. While Democrats care more about their radical agenda that’s leaving working-class families behind, Republicans continue to show up for the Hispanic community.
Inflation threatens Latinos’ buying power
Latinos in the U.S. are less optimistic about the economy than they were a year ago as inflation threatens to cut into their buying power.
Why it matters: Latinos have been economic growth drivers for the past decade, opening new businesses at faster rates than other groups and increasing their homeownership rates. The group’s overall output would make them the seventh-largest GDP in the world if they were a country.
…
By the numbers: Prices rose 7% last year for items like food, cars and energy, according to the Bureau of Labor Statistics.
…
- Latinos make up more than 18% of the population, so their change in outlook could foreshadow how the rest of Americans rethink spending their money.
Between the lines: A Bank of America study from late last year found people of color in the U.S. and low-income households, especially Black and Latino families, usually spend more of their income on staples that are prone to price increases, like food and gas.
…
What to watch: Inflation was the fourth greatest concern for Latinos in the U.S. in December, per an Axios/Ipsos with Noticias Telemundo poll.
- The issue could sway Latino voters in this year’s midterms.
…
###