We need a fair and responsible budget for all
The growing Latino community brings vitality and energy to America’s economy that will help it succeed in the competitive global economy. Our workforce is comprised of 25 million Latinos and will grow to 30% of our nation’s workforce by 2050. Latinos are eager to work and study hard to achieve the American Dream and Latino entrepreneurs and community-based organizations are creating many thousands of new jobs every year. Spending cuts and reduced job creation as government spending has slowed down have a negative impact across the economy. The current federal budget reflects the nation’s priorities, and today our nation’s spending fails to make necessary investments in our future.
Congress should produce a fair and responsible long-term budget plan that grows the economy, invests in the future, protects vulnerable people, and raises revenue to help reduce the federal budget deficit. This plan should invest in federal programs that are critical to Latino children and working families.
Latino children are our nation’s future workers and taxpayers. The investments we make in today’s youth will ensure future prosperity for all Americans. Latino children now make up almost one in four students enrolled in America’s public schools. By 2050, one in three American workers and taxpayers will be Latino, an important consideration as our nation ages. It is imperative that our nation invests robustly in children and new workers—through education, health care, workforce development, housing, and other areas that underpin our long-term competitiveness. In particular, expansions to the refundable tax credits—such as the Earned Income Tax Credit and the Child Tax Credit—should be made permanent for the millions of hardworking families who receive this boost; these programs are known to increase educational achievement and earnings as children grow up.
We must not put low-income seniors and other vulnerable people at risk by using Social Security, Medicare, and Medicaid as bargaining chips in budget negotiations. Innovations that make government programs more efficient merit attention, but any changes to these programs should not hurt vulnerable people. Latino seniors depend heavily on these programs—more than half of Latino seniors rely on Social Security for almost all of their income and Latino seniors are the most likely to be eligible for both Medicare and Medicaid.