Wealth gap hits Hispanics in US

newsmax ^ | 11-18-03

[steppenwolffe]

A United States study shows Hispanic households are up to eight times less well-off than Americans overall. They are typically younger, have lower incomes and save less, partly because they send over $10 billion a year to relatives back home, researchers said.

The study showed the average Hispanic household's wealth was $11,500 against $86,000 for US households as a whole.

Household wealth was calculated as the family's total assets, including homes and cars, minus their consumer debts.

People of Hispanic origin are the largest minority group in the United States.

Dollar divide

The study by the Consumer Federation and Freddie Mac, the mortgage finance company, used 2001 Federal Reserve data released this year.

"Our analysis shows there is a significant wealth gap between American Hispanics and other American households," said Stephen Brobeck, executive director of the Consumer Federation of America.

According to the figures, Hispanics also tended to have less long-term financial planning than other demographic groups.

They were also less likely to own property - a key source of household wealth in America - with 48% of Hispanics owning their own homes compared to 68% for the rest of the population.

Hispanics in the US are a median average of nine years younger than their fellow countrymen, at 26 years.

The majority have spent less time in America compared with their peers, thereby having had less opportunity to capitalise, the study said.

A lack of English proficiency "has narrowed both their employment and savings potential," the report added.

[Pro-Bush]

because they send over $10 billion a year to relatives back home

this tells it all.

[ETERNAL WARMING]

Well the "wealthgap" is hitting American citizens too because of the invasion on our southern border.

[cyborg]

Vicente Fox's home is more important. Let them eat cake!

[Prime Choice]

A United States study shows Hispanic households are up to eight times less well-off than Americans overall.

This is not because of their race. This is because of their culture. If anyone wants to claim this is about race in any way, they need to take a long hard look at the success of the Asian immigrants in this nation. Almost without exception, they have become the American success story.

If the Hispanics want to succeed, then they're going to have to get over their love of Mexico (if it was so great, why'd they leave it, huh?) and appreciate the wisdom of the old saying, "When in Rome, do as the Romans do."

If I hear of one more Hispanic group whining that whitey is keeping them down while they cling to their dead-and-dying "la Raza" tripe, unkind words will be said.

[cyborg]

Where do they find these people? Most spanish speaking people I know are very successful and own cars and houses like everyone else. Sometimes I think the libs and their racial bean counting pinhead lackeys intentionally pick out the statistics that suit them.

[EUPHORIC]

because they send over $10 billion a year to relatives back home

this tells it all.

Only part it leaves out is the rest is spent on little leaf-blower powered cars with $4500 stereo systems you can hear five miles away at 3 am.

[cyborg]

EXCUSE ME don't talk about the honda performance slash piped tricked out hatchback that way please... $4500 is cheap these days.

[Pro-Bush]

lol...you failed to mention the fancy wheels and gold buck teeth.

[Pro-Bush]

...hydraulics and outrageous fin/wing type performance thingy on the tail of the hatchbach.

[Pro-Bush]

[MissAmericanPie]

Pack your bags folks looks like we are being asked to go on yet another guilt trip.

[EUPHORIC]

lol...you failed to mention the fancy wheels and gold buck teeth.

Hehehe...! :) Actually what I REALLY forgot to mention was that my 2000 Ford Explorer with stock programming and the 4L EFI SOHC routinely leaves all those Nitro huffing TJ taxis in the DUST.

Kinda fun to watch those silly little "race cars" disappear into the adaptive rearview mirrors gonzo zone with 25% pedal pressure. All bluster. No muster. And all that money down the TUBES.

Only place those things do anything meaningful is standing still where they at least look fast.

Cripes those things were no match for my old '86 Suburban on bad gas even.

At least they are easy fodder for the good guys on the road with all the appropriately colored police car attractant LED's (beacons to stolen cars) they stick all over the silly things.

[Fledermaus]

If they don't like it they should leave. Especially since most should be deported.

[Caipirabob]

I wonder how this would have looked if they had looked at ONLY LEGAL HISPANICS. The ones I know are doing quite well and are very successful, thank you.

[Thommas]

Hispanics in the US are a median average of nine years younger than their fellow countrymen...

Whoa. Hang on there, Seymore. The "fellow countrymen" are still in Mexico and Central America; one should be a citizen of the country to invoke fellow counrtyman status.

[DumpsterDiver]

Could you use your ping list, please. There may be people who would like to donate to help close this "wealth gap". (/sarcasm)

[kittymyrib]

Yes, I'm sure this bleeding-heart lib would have us subsidize yet more of these illegal leeches' food, medical care, education etc. so they could send their paychecks back to their real countrymen in Mexico...whom we have already sent many of our manufacturing jobs to. When is it enough?

[DumpsterDiver]

When is it enough?

The leaders of Mexico will let you know when the goal of "enough" has been reached. But until then, keep giving 'til it hurts. And then give some more.

[cyborg]

EXCELLENT... I knew someone would find a pic