Hispanic Fanatic

In defiance of all odds, the U.S. economy continues to perform well, even if a lunatic who knows nothing about basic economic laws is at the nation’s helm.

Latinos have noticed the prosperity, relatively mild as it is. In fact, consumer confidence among Hispanics has improved “as optimism has grown about their financial situation as well as the U.S. economy as a whole,” according to a new study.

The Hispanic Consumer Sentiment Index — which I for one, never knew existed — is rising, although it continues to trail the overall U.S. population. About 62 percent of Hispanics say they are “financially better off today than a year ago,” and 72 percent of Latinos say, “they will be better off over the next year.” The report adds that 58 percent of Hispanics expect “good times for the country as a whole over the next five years.”

Well, that all sounds pretty rosy. However, one group does not share Latinos’ optimism for America’s continued economic health. That would be our old friends, the super wealthy. A different report finds that “75 percent of ultra-high net worth investors predict America will hit a recession by 2020.”

Wow, that’s quite a different take on things.

In fact, 21 percent of rich people believe that a recession “will begin in 2019, and 50 percent expect the next recession to start in 2020.” And remember, these are individuals who obsess over the economy and financial markets, and there are very few Latinos among them.

So is Hispanic faith in the economy misplaced?

Well, I’ve written before about the Latino tendency to be optimistic. While this is definitely a positive trait, it can on occasion lead to irrational conclusions.

For example, if the above statistics are true, then over half of Latinos think the economy will be solid for the next half decade, at least.

But how does that align with the results of a different study that found“Latino families are struggling with paying down debt and are the least prepared for financial emergencies”?

That study found that over one-third (38 percent) of Latinos “believe the American Dream is disappearing,” and about a quarter (24 percent) worry about being able to care for their families.

The study reiterated that “Latinos have relatively lower accumulated wealth,” and that many Hispanics are looking at a wicked trifecta of debt. That would be the following grim stats:

• 64% of Latinos have credit card debt. The average credit card debt is $9,652.
• 63% of Latinos have a mortgage. The average mortgage debt is $181,292.
• 27% of Latinos have student loan debt. The average student loan debt is $32,650.

In addition, the study found that Latinos are “less prepared than other consumer populations surveyed for a financial emergency, with 19 percent having less than a month of monthly expenses saved.”

What about these numbers leads Hispanics to think that the good times will just keep coming?

Well, the study states the obvious when it points out that “Latino households are more likely to have a broader definition of family that includes extended family” and that Hispanics have “strong family and cultural values.”

The fact that your family has your back may cause many Latinos to worry less about the future. But even that positive value has a dark side, because according to the report, “Latino families are juggling multiple financial priorities, such as a future caregiver role for elderly parents.”

Again, the economy is definitely doing well. But it can’t last much longer, even if we didn’t have an impulsive, ignorant racist calling the shots. Sooner or later — and most likely, sooner — a crash is coming.

Maybe we should brace ourselves for that inevitability, rather than just hoping and feeling good about our bright, shiny futures.

There are few advantages to being Gen X.

We’re a much smaller generation and therefore less culturally powerful than the Baby Boomers and the Millennials. We’re too old to be hip and cool, but too young to collect Social Security (which will be long gone by the time we’re senior citizens). Also, we were born too late to see Led Zeppelin in concert, but born too early to have our own cell phones as teenagers.

Also, our rock icons keep dying on us.

But there is one advantage we have, and it is this: We are cynical as fuck.

I’m not making this up. Studies have verified that Gen X is the most skeptical group of Americans in history.

Now, you might not think being cynical is an advantage. For the most part, it’s not. But when it comes to existing in the world in which we live, it is a damn lifesaver.

Take, for example, the recent poll numbers for our illustrious president.

In November, when Trump won — due to that archaic relic known as the Electoral College — about 60% of Americans “said they were mostly optimistic about his presidency.” But that number is down to 43% today, and furthermore, “core groups that carried Trump to victory are not immune to the deteriorating optimism around the president.”

I’m not a political scientist, but I’m pretty sure the phrase “deteriorating optimism” is not one that presidents like to hear.

Keep in mind that all these numbers came before the president threatened to start a nuclear war.

In any case, “optimism has slipped more than 20 points — from 74% in November to 51% now — among whites without a college degree.” Keep in mind that this demographic is the most hardcore of Trump’s hardcore support.

Apparently, for some inexplicable reason, back in November, many Americans somehow thought that electing a narcissist with no governmental or military experience, who had a history of racist statements, misogynistic behavior, and unethical actions, and who had the temperament of a spoiled toddler was somehow cause for optimism.

Why any rational adult would think this is completely beyond me.

Even people who knew firsthand about Trump’s insanity seemed to think a 70-year-old bully would somehow become more humble by winning the election. Witness the New York Times columnist who was personally insulted by Trump, but only recently addressed his boorish behavior by stating, “I have to admit that it did not occur to me he’d keep doing that kind of stuff as president of the United States.”

How did this not occur to you? How could this be a damn surprise?

Maybe it’s just not Gen X cynicism, however. Maybe it’s also because I’m Latino, and as my fellow Hispanics — and no doubt most African Americans and Muslims and gays as well — can attest, we never thought the guy would be anything other than a disaster. We never thought he would mellow out, or suddenly become presidential, or really be anything other than what he appeared to be, which is a corrupt, conniving liar who cares about nothing but himself.

It seems that many other Americans are now snapping out of their collective naivety to admit reality. Although I remain baffled why it’s taken people so long to acknowledge the perfectly obvious.

However, if you still think I’m being too harsh, just remember this fact: In spite of everything that has gone wrong with the Trump presidency, 84% of Republicans still support him.

So would you like to ask again why I’m cynical?

I’ve written before about the intense, powerful, even bizarre sense of optimism prevalent among Hispanics.

Yes, even when fleeing for our lives from oppressive third-world governments and/or bloodthirsty drug gangs, we think, “Better days are ahead.”

And even when acres of statistics show how Latinos are struggling, compared to the general population, we say, “Keep the faith.”

And even when we become scapegoats for the nation’s ills, open targets for right-wing nutjobs, and the object of scorn in the eyes of millions of Americans, we smile and say, “Happiness is right around the corner.”

Well, if you thought that this pugnacious positivism had faded recently, a new survey shows that it has only gotten stronger, especially regarding financial matters.

For example, a solid majority of Hispanics “feel there is equal opportunity for everyone to achieve their dream of financial success.” But less than half of the general population feels the same way.

And 60 percent of Latinos believe “that those who work hard will be the most financially successful, a significantly higher percentage than the general population.”

Finally, there is the statistic that Latinos are more likely to believe that they are on their way “in their race to financial success” than the general population.

But is all this faith in the future based in reality?

Well, consider that the same survey found that “by their own admission, Hispanics struggle with managing their money and lack self-confidence when doing so.”money

OK, that seems a little contradictory — as does the fact that “a majority of Hispanics give themselves a grade of C or lower when evaluating how well they manage their money.”

And let’s consider that a full 70 percent of Hispanics “have not created a long-term financial plan.”

So once again, we are forced to ask, is all this optimism priming the pump for a self-fulfilling prophecy where Latinos are financially successful?

Or have we Hispanics turned into collective Navin Johnsons, insisting that “Things are going to start happening to me now”?

Well, maybe the most telling — and most hopeful — data point in the survey is this: Millennial Hispanics (age 18-39) are more likely “to see an undergraduate degree as one of the top influences for financial success.”

Now that makes sense. Getting a degree is a solid, realistic option for achieving financial success. Young people know this.

And what do older Latinos think is key to financial independence? It is, of course, “the advice of elders.”

Yes, better stay in school, kids.

For a culture steeped in Catholic fatalism — and with a history that includes everything from racial discrimination to economic injustice to death squads — Hispanics sure are an optimistic bunch. I’ve written before about this weird tendency to be positive in the face of disaster. But now I have scientific proof for it.

A recent study says that people who speak Spanish tend to express themselves in a more positive way than speakers of other languages do. The researchers found that “the selection of positive words was greatest among Spanish-speakers” and that those words tend to be “learned more easily, used more frequently and are considered more meaningful.” In addition, overall communication among Spanish-speakers tended to be more positive, and the emotional content of the Spanish language was the highest among the languages studied.

Basically, a conversation in Spanish is more optimistic and heartfelt than it would be in English, even if the content is exactly the same. And you don’t even want to know how much more upbeat Spanish is in comparison to German or Arabic (the alpha and omega of harsh languages).

But it’s not all good news for Hispanics. And here I am part of the problem. I’ve been honest about my struggles with Spanish, and I consider myself passable at the language, at best.

Well, another study has shown that, sure enough, each successive generation of Latinos is less proficient in Spanish. While 92% of the second generation (children of immigrants, like me) speak English very well, only 82% are even conversational in Spanish. By the third generation, nearly 100% of Latinos speak English very well, but only 17% speak Spanish fluently.

So all that optimism will fade away if we don’t teach kids Spanish. Now that’s a pessimistic thought.

I’ve written before that Latinos tend to be more optimistic about life and have more confidence in their economic futures.

Well, a new survey confirms that Hispanics’ “faith in the American Dream exceeds that of whites and African Americans,” adding that this optimism “contrasts sharply with the current economic status of Hispanics.”

Basically, even though the Great Recession hit Latinos harder than most groups, it is those same Hispanics who have the strongest belief that everything will work out fine. According to the survey’s authors, “the upbeat attitude … is due in part to the fact that Hispanic immigrants often start with little and expect to sacrifice much to move up, while native-born adults may have already seen their expectations lose ground in an ailing economy.”

So whites and blacks, whose roots in America are more likely to go back generations, tend to say, “This sucks worse than ever.” But Latinos often shrug off the same bad news with “I’ve seen worse.”

Still, as great as it is that Latinos are remaining optimistic and staying strong, “the reality for most Hispanics is less rosy” than their faith implies.

So the question becomes, is this determined mindset a self-fulfilling prophecy, where hard work and a never-say-die spirit is rewarded? Or are Latinos just saps for still believing “they are more likely to move up than down in social class over the next few years”?

In any case, the survey points out that “the hopes and struggles of Hispanics are of particular interest now as they are exercising unprecedented political clout.”

Yes, it’s good to have faith. But it’s better to have power.

A year ago, I wrote about how the Great Recession hit Latinos hard. At the time, I was hopeful that the worst was behind us. Perhaps that was my natural Hispanic tendency to be optimistic.

After all, Latinos “are worse off, but they are still more positive about where the country is going” compared to most Americans. In particular, “Latino small-business owners are among the fastest growing and most upbeat [groups] in the nation,” and they “worry less about job security and are more positive and humble.”

To continue reading this post, please click here.

You’ve heard of the luck of the Irish. So what is the luck of the Hispanic?

Personally, I think the Latino propensity for serendipity is symbolized by Hugo Reyes, also known as Hurley, from the show Lost.

Despite being a fun-loving, friendly Latino, Hurley kept seeing everybody around him get killed in some random or grisly manner. He constantly bemoaned the fact that he was cursed.

Certainly, many Americans relate to Hurley. For the last decade or so, we’ve all felt jinxed. It’s been a nonstop joyride of economic turmoil, endless war, terrorist threats, and political chaos.

To continue reading this post, please click here.