Sol Trujillo says Latinos are the reason there is hope in the U.S.’s economic future
The Chair and Co-founder of the Latino Donor Collective explained in a recent LinkedIn post how Latinos have many feeling optimistic about the country’s financial future.
The burgeoning U.S. Latino cohort, says Sol Trujillo, chair and co-founder of the Latino Donor Collective, will help to “maximize our country’s economic growth potential.”
In a recent post on his LinkedIn profile, titled “Is there reason to be optimistic about our country’s future?”, Trujillo detailed how the growth of GDP is highly correlated with the labor force growth rate, which he says is now near zero at just one-half percent growth.
Trujillo states that in the 80s, for instance, President Ronald Reagan understood the value of a diverse and growing population and “provided a sustainable platform for growth that no other aging economy in the world enjoys, which is a robust and growing cohort of immigrants in America.”
Under Reagan’s administration, the Labor Force Growth was 16.5 million people and the average GDP growth was 3.48%. Under Bill Clinton’s administration, the Labor Force Growth was 18.6 million people and the average GDP growth was 3.88%.
On the contrary, by the beginning of 2020, the GDP growth had fallen to nearly 2%, and since the pandemic, the GDP is now “in negative growth territory,” says Trujillo.
So who will come to rescue the U.S. economy?
Trujillo relies on the hard-working values of the Latino cohort, “the most youthful, entrepreneurial, and fast-growth cohort in our country,” who also happen to be “our country’s most prolific entrepreneurs over the last fifteen years.”
It has already been stated that if the Latino cohort were an independent country, it would have a GDP of about $2.3 trillion, the eighth-largest in the world.
The great thing about this, says Trujillo, is that Latino’s cohort growth can facilitate the growth of all other cohorts.
“Why do I say that? Because, for example, U.S. Latinos are already purchasing over fifty percent of all new home mortgages taken out in America,” he wrote.
Another indicator of this cohort’s impact is that it has been responsible for 80% of net new businesses created during the past decade. This means that Latinos have been filling vacant jobs, while also creating them.
But one cohort cannot carry the entire responsibility of reinforcing the economy.
That is why Trujillo also emphasizes collaboration.
“Across all cohorts, political parties, beliefs, and traditions can multiply the economic return on the diverse human capital that makes America unique in the world,” he said.