Hispanic workers in the U.S. will likely be hit hardest should President Biden’s mismanagement of the economy result in a recession, a new report from Wells Fargo finds, as reported by CNBC.
Industries including construction, farming, hospitality, and transportation, which have historically felt greater-than-average losses during periods of recession, have high concentrations of Hispanic workers.
More than 60 percent of job creators fear inflation will drive them out of business, and these industries are particularly vulnerable in President Biden’s economy.
The Biden Administration’s economic policies have hurt minority Americans the most.
- Given the concentration of Hispanic workers in vulnerable industries, they are likely to suffer job losses as inflation hammers small businesses.
- According to an earlier analysis by Wells Fargo, American minorities suffer the most from inflation. Hispanic and Latino Americans experienced the highest inflation rate, and Black Americans aren’t far behind.
- According to the San Francisco Federal Reserve, Democrats’ $2 trillion so-called “stimulus” triggered inflation. As a result, the typical family now has to spend nearly $6,000 more this year to buy the same goods and services they did a year ago.
Democrats’ so-called Inflation Reduction Act” forces lower- and middle-class Americans to subsidize benefits for the wealthy, which will drive inflation higher and longer.
- “More than half of the spending in the Inflation Reduction Act goes to ‘green’ benefits for the wealthy – like $7.5 billion for new luxury electric vehicles or $362 million for big corporations to make their buildings ‘greener.’”
- “While the EPA gets $27 billion for a ‘climate bank’ slush fund, American oil and gas producers will get hit with $12 billion in new taxes so American families have to continue paying high prices at the pump.”
Workers simply aren’t able to keep up in an economy ravaged by the Biden Administration.
- Under President Biden, workers’ wages have dropped over four percent, prompting a majority of Americans to take up bargain-hunting.
- More than half of all Americans report spending up to $500 more per month on groceries.
- For a majority of low-income households, rising prices have become a source of “major financial stress” as inflation has wiped out 26 million low-income households’ savings since President Biden took office.
- More than 60 percent of job creators fear inflation will drive them out of business.