In my lifetime, there have been two economists that have become household names: Karl Marx and Milton Friedman. Neither of which were fluent to my Mexican in Mexico or my Mexican in the United States experience. Neither of which fit my educated perspective on economics.
When we begin to examine contemporary economics from a Latina/o angle in 2021, if status quo is a horizontal line running from west to east, Latina/os are always under the line struggling to move up. Here is a direct quote from the Latino Business Action Network’s State of Latino Entrepreneurship Report that gives you a good idea of what these examinations yield:
“We find that [Latina/o] business owners are faring better than the general Latino population on a number of personal financial well-being measures. Still, there are important gaps in the rates of homeownership, health insurance coverage, and income when compared to white business owners.”
The “white business owners” are, inherently and advantageously, above the line.
What would a Latina pop economist look like and what would she say if she were welcomed into the power rooms of Pennsylvania Avenue, Wall Street, Sand Hill Road or Madison Avenue? How would the words she said in those power rooms flow down to the average Latina eating a barquito de frijol on Main Street?
What if her wisdom was accepted as knowledge from her Indigenous ancestors as opposed to her imperialist ancestors? And how could we open new power rooms in Nature?
When Karla F finished her undergraduate studies in agricultural economics in the Cochimí Nation in present-day Loreto, Baja Sur, Mexico, she enrolled in a two-year program in Texas at the Ann Richards Academy for Leadership. It was there that she came across a book called Indigenomics: Taking a Seat at the Economic Table, written by Carol Anne Hilton. Reading it on her smart phone, it starts out with the lines:
“This book is a contribution to a new world of thinking - where economics, productivity, development, progress, and prosperity are aligned with human values from an Indigenous perspective. [The author says,] I come from over 10,000 years of the potlatch tradition of giving and demonstration of wealth, connection and relationship. I am deeply connected to focusing on building a collective reality that centers Indigenous Peoples in social and cultural well-being and economic empowerment today.”
Karol F didn’t have to read much more than that paragraph alone to decide that this is what she wanted to do with her life. She would be the first in her family to have control of her financial destiny and she would do it in a way that was in-kinship with the world around her. The trick was knowing where to start.
She left the Ann Richards Academy with distinction and decided that she would tour in the way that musicians and authors toured their work. She began in Los Angeles where she connected with me as I was on the Board of Directors for the Los Angeles Venture Association (LAVA). She didn’t have her own product to promote but she used the opportunity to promote Ms Hilton’s book.
I met Karla F at the taqueria where I introduced her to the barquitos de frijol and to a group of Latina/o entrepreneurs that were looking to raise seed capital from Angel Investors in California. She was scheduled to give a talk about Indigenomics but we started with the pre-requisite data for understanding the problem.
From Mark Hugo Lopez at the Pew Research Center: Latina/os in the US
From Dr Ana Kent at the Institute for Economic Equity: Hispanic Families
I was connected to Javier Palomarez by my friend, Tayde Aburto. I had grown comfortable seeing Javier all over the mainstream media positioning Latina/os when he was President and CEO of the U.S. Hispanic Chamber of Commerce. Javier and Cid Wilson, President and CEO of the Hispanic Association on Corporate Responsibility, were always in the power rooms. While on holiday in a summer Texan rainstorm, I asked Javier to explain to me where we are and where we are going. Here is what he said:
“It is clear to me that the changing face of America is best illustrated by the Latino community. I think we are going to be transformational for this nation. No me queda duda. Its up to us to create the narrative and to make our interests known. In entertainment, business, politics, we are impacting all aspects of this world and we have not been able to articulate our needs. The African American community which has arguably been here less than we have, they have been able to create influence in all aspects of American life and they are a juggernaut. We need to coalesce as a community to create this narrative as opposed to having it created for us. Technology will play a significant role in the narrative and in the movement to wake up the community and the nation to our potential contributions. They say that necessity was the mother of adaptation in the pandemic and we see a workforce that has been transformed. It will not be unusual to work full time virtually and that changes our trajectory because we are all about birth rates and family and it is within our culture. Imagine a world where you can stay at home, watch the children and work at the same time. This adaptation is made for us. We over index in adaptation but when you look at all industries and sectors, especially technology, and we are woefully lacking in the leadership of board rooms and c-suites. Let’s peel the layer back on the onion and become the significant player in that narrative. I am hopeful for what comes next for us.
I don’t have Latino Leaders in mind that are in elite circles. That wave is yet to come. Janet Murguía, Arturo Vargas, Marianne Gomez, Ramiro Cavazos are doing great leadership. In technology, we do not have that person yet. We are in the fight but we do a very poor job supporting each other. I was raised as the youngest of ten kids in a migrant worker family. English is my second language. My father left when I was six years old and my mother raised her children. She drove a message home for us: Celebrating another person’s success does not diminish our own success. We have an opportunity area there and technology could help. In white communities, the African American communities, when someone falls out of grace, there is an effort to bring them back to the next level. In our community, we are the first to attack each other. Sadly. Its an ugly truth and one that we don’t generally talk about. I am hopeful that a future generation will not give up on their leaders.
I did an exercise with Hispanic leaders. I put 12 Latino leaders on a screen. I put 12 African American leaders on a screen. These Hispanic business owners were able to name 11/12 of the African American leaders. Conversely, they were able to name 7/12 of the Latino leaders. I use that as an example of the crystallization of the issue. We should know who are leaders are and we should be exalting them and supporting them.
After ten years at the Chamber, we were able to put us front and center. Everything was studied and over-prepared. We wanted to show an articulate Latino who led with facts and data and not passion. We were willing to wade into hot water about all issues. We created a story about how we are a part of the American fabric. I added an element to every speech I made and it was that we were proud to advocate for individuals of Hispanic descent but we contribute to the American economy. This is about the growth of the American economy. Latinos to this day were created more enterprises and small companies than any other community in the nation. But we lack support, we lack the financials, we lack the management, but we over-index in the ganas. How do we start to support the next generation so that they are able to do what previous generations could not?
Folks ask me when I am going to come out of retirement. The work that I will take on when I come back is to be the voice of small business in the mainstream dialogue. The challenge that remains is that some of the voices seem very Republican and some seem very Democrat and I think there is room for a voice that is down the middle and political without being Republican or Democrat. Sometimes we lean left and other-times we lean right and and we will grow our own leadership and when we agree we will support and when we don’t agree we will talk loud about that. There is a place for one face among the 62 million of us. We should not just have one face but rather we should have hundreds of faces taking that space.
It is clear to me that the changing face of America is best illustrated by the Latino community. I think we are going to be transformational for this nation. No me queda duda. However it’s up to us to change the narrative that has, for too long, described our community. And to make our interests known. Latinos are important to all aspects of American life and our participation is critical in everything from entertainment, to business, to politics. Our workforce, purchasing power, viewership and votes are all necessary and coveted. But Hispanics, as a community, have not been able to articulate our needs. In contrast, the African American community, which is significantly smaller than ours in number, has been able to create influence in all aspects of American life and they are a juggernaut. It’s time now for Hispanics to coalesce as a community and create our own narrative as opposed to having it created for us. Technology can play a significant role in the creation of that narrative and in the movement to wake up the nation to our potential and our contributions.
Consider the following facts: over the last decade, Hispanics accounted for 51% of our nation’s total population growth. Recent census data has shown that America’s Caucasian population declined by 2.6% while its Hispanic population increased by 23%. At 63 million, the nation’s Hispanic population is larger than the Asian (18MM) and African American (42MM) populations combined. And the Hispanic community is still the fastest growing demographic in the nation. Our community has a purchasing power of nearly $2 trillion, an amount larger than the GDP of Italy, Canada, or Russia. And still, even with all this, we are too often overlooked, counted out, and ignored. It’s time we changed that. It’s time America sees Hispanics as the dynamic engine for growth and prosperity that will help propel the U.S. economy for generations to come. Technology can help us accomplish this. Technology will be key to achieving the goal of raising the Hispanic community’s voice and our needs, challenges and aspirations to national prominence. Bottom line, Hispanics must come together with one voice and call for change now … and technology will help us amplify that voice.
For over a dozen years I have championed America's Hispanic business community. I’m proud to advocate for business men and women, who happen to be of Hispanic descent, because they are first and foremost, American businesses. And every tax bill they pay, every job they create, every product they manufacture and every service they provide goes to benefit our American economy. We should never forget that .
At the United States Hispanic Business Council, I’m privileged to work with a Board of Directors made up exclusively of business owners. A diverse group of amazing individuals who understand vision, sacrifice … and the responsibility that comes with success. A coalition of the willing who volunteer their time, talent and money because they believe it’s time America woke up to the potential of the Hispanic community. It’s time we spoke up. It’s time for the USHBC.
As for me …I came out of retirement to re-join the effort. I always taught my children that you shouldn't bitch about things you’re not willing to change. So i guess I’m just taking my own advice. And like my friends on the Board, I volunteer my time at the USHBC. I don’t draw a salary, or get compensated for my work. I work for free. I do this because I believe it's the right thing to do. I’ve also taught my kids that it’s easy to make a dollar … it’s harder to make a difference. I’m trying to make a difference.
From Cindy Zúniga at Zero Based Budget
"We are part of a new wave of Latina leadership because of how we talk about money. When I had to name names about Latina entrepreneurs that talk openly about money, I could name Nely Galán and a teacher from New York City that I followed on YouTube. Today, I could name more than 20 individuals that fit that same description. The internet is driving this conversation much faster than it was five years ago. Still, we are disproportionately underbanked and because of this new wave, a lot of change is happening.
I remember being in law school and they would bring in financial advisors to speak to the students and I immediately tuned them out because they weren't presenting on their lived experience. The reason why I am making an impact with my followers is because I lived this experience. I went from having $200,000 debt to becoming debt free. The shift happens when you tell your own story and educate through that experience. On my Instagram, I reach people on a day-to-day basis. I share unfiltered, uncensored, candid conversations from a good place where you are trying to connect and say I see you and I understand you and I am here to support you."
From Marla Bilonick, NALCAB
"Our mission is to advance the economic mobility of Latino communities in the United States.. We have a membership of over 140 organizations working in Latino communities to narrow the racial and ethnic wealth divide in our nation. These members are community lenders, CDFIs, and economic development-focused nonprofits. We want to support these groups in their quest for certification as a CDFI so that they can have access to Treasury Funds and become alternative and responsive resources for capital for Latino communities in the US. We document impact by calculating this increase in the number of certified CDFIs with access to over $200 million in Treasury funds and ultimately having those funds reach the borrowers who currently do not have access to capital. While around 40 of our members are currently certified CDFIs, we know that others aspire to become certified or have unsuccessfully attempted to become certified---and so we would like to see that number at least double by 2030. There are currently over 1,000 certified CDFIs with only a handful of those being Latino-led and Latino-facing."