How has the U.S. economy improved for Latinos two years since the American Rescue Plan passed?
The Biden Administration recently delivered a positive report for the community.
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Passed by Congress in March 2021 one year after the start of the COVID-19 pandemic, the American Rescue Plan Act allocated $1.9 trillion in economic relief to mitigate the economic and public health effects of the pandemic.
Gene Sperling, Senior Advisor to President Biden and Implementation Coordinator for the American Rescue Plan, noted:
There are 1.3 million more Hispanic Americans working today than before COVID-19 hit.
Celebrating two years since its passage, the Biden Administration released a report on the economic recovery in Latino workers, which includes historically low unemployment rates among Latinos.
“I signed the American Rescue Plan to lower prices and increase affordable health care coverage, saving millions of people an average of $800 a year. My new budget for this year would make that permanent,” posted Biden on Twitter.
These past two years, we’ve made generational investments in America –— President Biden (@POTUS) March 25, 2023
In infrastructure, manufacturing, clean energy, the middle-class, and more.
We’re not done yet. pic.twitter.com/FUomsgvolJ
According to a report by El Tiempo Latino, the White House indicated that unemployment in Spanish-speaking communities reached its lowest annual rate at the beginning of the year, going from 8.5% in January 2021, to 4.5% in January 2023.
Among ARPA's achievements for Latinos, the following stand out:
- $350 billion in tax relief went directly to state, local, and tribal governments through the State and Local Tax Recovery Funds (SLFRF) program.
- Led a 53% increase in Affordable Care Act coverage for Latinos. From 2020 to 2022, the number of Latinos enrolled in HealthCare.gov increased from 1,7 million to 2,6 million.
- The expansion of the Child Tax Credit through ARPA reduced Latino child poverty by 43%.
- More than 250 day care and preschool spaces were created and $20 million was allocated for affordable housing.
"President Biden's Investing in America agenda is creating jobs that do not require a four-year degree, encouraging private sector investment, and strengthening communities left behind or long excluded," pointed out the White House.
Thanks to the American Rescue Plan, which not one Republican in Congress voted for, millions have enrolled in the Affordable Care Act, many saving an average of $800 a year for better coverage at better prices.— Joe Biden (@JoeBiden) March 23, 2023
Some MAGA Republicans have voted repeatedly to try and repeal it.
Washington also highlighted the indicators and analysis of the Kauffman Center, which, based on the last U.S. Census, presented the highest 'new entrepreneur rate' for Latinos since 2002.
According to the administration, the ARPA's policies have fueled the highest rate of entrepreneurship among Latinos in more than 10 years.
“American Rescue Plan Dollars helped Latino entrepreneurs open their small businesses or keep them open during the pandemic. We saw a record number of Latinas, specifically women of color, opening their small businesses. Not only in the city of Tucson, but throughout the country," said Tucson Mayor Regina Romero.