A USHCC Chairman’s Thoughts on Economic and Political Empowerment

Nina Vaca, Board Chair for the United States Hispanic Chamber of Commerce (USHCC), recently released a document regarding Hispanic’s economic empowerment and political empowerment in the United States.  David Gomez serves as the Nominations Chair for the Board of Directors and as a Regional Chair for the USHCC. As a Hispanic Business Enterprise, David Gomez & Associates (DG&A) is especially mindful of the value of diversity for an organization's vitality, creativity, and success.

Vaca discusses the economic and political climate for Hispanics in America.  Because economic and political empowerment goes hand in hand, Hispanics have more resources available to provide financial support to candidates.  It’s critical to get young people educated so they can gain this power.

Hispanics are the fast growing segment of America. The U.S. Hispanic population is expected to grow from 50.5 million in 2010 to over 116 million in 2050 (Multicultural Economy, Geoscape, and Next 100 Million).

Hispanics have a dynamic landscape.  The majority (about 60%) of Hispanics are U.S.-born. Most of Hispanics (80%) speak English. Hispanics are young (70% of Hispanics are under 40 years of age).  Hispanics are rapidly getting online (the rate of growth of internet usage among Hispanics is 50% faster than the rest of the U.S. population).

Hispanics have a robust economy.  Hispanic purchasing power is $1 trillion per year and over the next five years it is expected to grow nearly $1.5 trillion per year (Multicultural Economy). When acquired today, Hispanic customers represent $2.5 million in consumer spending.

Hispanics have a growing political clout.  More than 19 million Hispanics are eligible to vote.  Hispanics represent more than 9% of eligible votes nationwide.  Over 500,000 Hispanics per year will reach voting age for the next twenty years. There are over 6,000 Hispanic elected and appointed officials in America.

Hispanics are the growth sector of American and if they thrive economically, America thrives.  Hispanics still may be considered the “quiet giant” of the U.S. economy and the U.S. electorate.  We must make it easier for Hispanic entrepreneurs to start and grow businesses by decreasing regulations, decreasing taxes, removing barriers, helping to lower overhead, promoting access to capital, and connecting entrepreneurs with sales.  This will increase Hispanic’s economic empowerment to promote entrepreneurship and the creation of hundreds of thousands of new Hispanic-owned businesses.

Nina Vaca is the Board Chair  for the United States Hispanic Chamber of Commerce and Chairman & CEO of Pinnacle Technical Resources.