Thread by @bopinion

Here’s something to celebrate in the U.S.: Hispanic Americans have enjoyed steady economic progress over the past two decades.

Though much remains to be done, Hispanics are coming closer to enjoying an American dream long denied to them trib.al/McOh5Ad

From 2014 through 2019, as the U.S. economy expanded and incomes rose, Hispanic Americans logged faster income growth than anyone trib.al/McOh5Ad

That growth was from a relatively low base: The income gap between White and Hispanic workers shrank by only about $2,700 and still stands at almost $20,000 for median households.

But living standards are rising along with a feeling of upward mobility trib.al/McOh5Ad

The income growth may partly be to do with the end of mass migration from Latin America.

Since 2007, the flow of immigrants from Mexico has slowed to a trickle, making Hispanic average incomes rise as upward mobility of the 2nd generation shines through trib.al/McOh5Ad

But Hispanic progress isn’t just a function of averages.

Several studies have found economic gaps between Mexican and White Americans, which had stubbornly persisted for generations, are finally closing. So, why’s that? trib.al/McOh5Ad

One reason is that Hispanic kids are getting more education:

📈In 2012, Hispanic college enrollment rates surpassed those of Whites
📉In 2016, only 10% of Hispanics dropped out of high school, compared to 30% in 2000 trib.al/McOh5Ad

Geographic mobility is a factor, too. Hispanic immigrants used to cluster in the Southwest, but now they increasingly diffuse across the U.S.: Chicago is now about one-third Hispanic.

This can help people move up in society by expanding their horizons trib.al/McOh5Ad

Hispanic immigrants are following the path of past U.S. immigrant groups:

💼Work hard
📚Get an education
🏘️Move around
💰See incomes rise from generation to generation

But huge challenges remain trib.al/McOh5Ad

Building Hispanic wealth is a challenge.

Wealth gaps between Hispanic and White households remain substantial: In 2016, White households in the lower and middle income groups each had about 3 times as much wealth as their Hispanic counterparts trib.al/McOh5Ad

White Americans continue to be far more likely to own their own houses.

If Hispanic incomes keep catching up, then that’ll change, but it’ll take many decades. A federal aid to assist first-time homebuyers, combined with a homebuilding program would help trib.al/McOh5Ad

Despite these challenges, Hispanic Americans have been moving up the economic ladder.

Their steady climb shows the American dream, while perhaps less powerful than it used to be, is not yet dead trib.al/McOh5Ad