In a new report, McKinsey & Company finds that Latinos increasingly embody the American Dream----from starting more businesses, seeing higher rates of intergenerational mobility, and achieving a larger share of skilled and higher-paid occupations in the past 10 years when compared to previous decades. Yet America’s contribution to that dream is uneven, according to the new McKinsey report, "The Economic State of Latinos in America: The American Dream Deferred."
The new McKinsey report finds that Latinos born in the United States enjoy higher wages and intergenerational mobility than foreign-born Latinos—suggesting Latinos may overcome the hurdles to full participation in their adopted country over time. Yet both US- and foreign-born Latinos remain far from equal with non-Latino white Americans. Latino Americans make just 73 cents for every dollar earned by white Americans. They face discrimination when it comes to securing financing to start and scale businesses. Latinos struggle with access to food, housing and other essentials. And their level of household wealth—which directly affects their ability to accumulate and pass on wealth from generation to generation—is just one-fifth that of white Americans. Furthermore, the pandemic continues to have a disproportionate impact on Latinos.
McKinsey says there’s no doubt Latinos are slowly being more fully integrated into the U.S. economy. Yet there’s also no doubt there’s a long way to go, especially for first-generation Latino immigrants. Please join us as we discuss this important report with two of its authors and other prominent Latinos, and focus on the opportunity we have to make the U.S. economy more robust for everyone.
This important community program is made free to the public thanks to McKinsey & Co.
Jacqueline Martinez Garcel
CEO, Latino Community Foundation
President and CEO, Wizeline
Senior Partner, McKinsey & Co.
Partner, McKinsey & Co.
Reporter, NBC Bay Area—Moderator