Are Latinos better off today than when Biden took office?

Coming out of the Covid-19 pandemic, America is in a transitional economic moment. Our country has made progress, in large part because of the contributions of Latinos. The economy is critically important to Latino voters. Many will be asking a simple question this cycle: are we better off today than when Democrats took power two years ago?

Latino prosperity has come a long way since President Joe Biden's term began. The Covid-19 pandemic severely curtailed Latinos' economic gains in the past two decades. Since President Biden took office, Latinos have seen record job creation and the fastest small business growth in the country. With the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, many Latinos will gain new, better jobs and better health care.

Remember, at the beginning of the pandemic, the last administration oversaw the temporary or permanent closure of 9.4 million businesses. This devastatingly affected Latino-owned companies, with 4 out of 5 Latino-owned firms reporting a sizeable negative impact from the pandemic and its economic effects. Yet during this time, Latino-owned businesses faced barriers to adequate relief in the immediate fallout.

Also, under the previous administration, Latinos faced record levels of unemployment at 18.8%. These unemployment numbers tell part of the story of how badly the pandemic hurt our community. In 2020, only a quarter of Latino workers could do at least part of their job from home; this is the lowest rate of all racial and ethnic groups. The fact that most Latinos could not work from home meant they were at the most significant risk of losing their jobs. This inability to work from home also put them at higher risk of contracting COVID-19 as they had to go to work without proper vaccination.

Thru hard work and determination, Latinos have come a long way since 2020.

In the first two years of Joe Bidens presidency, because of the swift deployment of Covid-19 vaccinations, America re-opened safely for workers. More than 9.5 million unemployed Americans found jobs over the past 18 months, and the national unemployment rate has fallen to 3.5 percent. Since Biden took office, this fast-rising employment rate has produced a record 14.9 percent surge in overall wage and salary income.

Today, industrious Latinos who believe in entrepreneurship are working like never before, dropping unemployment levels for our community to record lows. Latinos are starting businesses faster than the national average. As a result, nearly one in four new companies in America is Latino-owned. We are contributing the almost 5 million Latino-owned businesses added more than $800 billion to the economy annually, and the 300,000 employer firms owned by Latinos employ approximately 3 million workers.

While these numbers are remarkable, Latinos also will see a tremendous benefit from the Infrastructure Investment and Jobs Act which will create, on average, around 2 million jobs per year over the next decade. The infrastructure package will also boost public transportation. Latinos are, on average more reliant on public transit to reach work and essential services than the average American. Latino workers, who comprise 36 percent of all construction workers and 24 percent of transportation workers, will likely see new, better jobs.

Finally, Latinos will be getting better health care. Since the implementation of a recent Affordable Care Act coverage expansion, the uninsured rate among Latinos has lowered by 11 percent, from 30 percent to 19 percent. Today 80 percent of uninsured Latinos have access to a plan for $50 or less each month, and 69 percent could find a plan for $0 a month as of last year. With the passage of the Inflation Reduction Act, Latinos will be getting lower monthly premiums.

Let's be clear about who the hero of this story is; it is the Latino community. Through their grit and determination, our country is turning the corner on one of the worst economic periods in history. President Joe Biden and Democrats have acted as helpers, providing the tools to unlock the entrepreneurship of this community at a time when America desperately needed it.

On the question of whether Latinos are better off today than when President Joe Biden came into office, the answer is yes.