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Latino Daily News

Tuesday February 22, 2011

Hispanics, African Americans Hit Hardest by Recession, but Remain Most Optimistic About Future

Though everyone in America has felt the impact of the recession, Hispanics and African Americans have been hit the hardest. Yet somehow, the two groups are the most optimistic.

According to a poll from the Washington Post-Kiser Family Foundation and Harvard University, while whites are the most satisfied with their personal finances, they remain the most pessimistic about the country’s economic future.

The poll showed that Hispanics and African Americans are the most likely to have been left jobless, broke, and with fewer skills to gain other employment, but they somehow have remained the most hopeful about the economy’s ability to even out and “allow them to prosper.”

It was reported that almost four in ten African Americans have had to change something about their living conditions, whether it be having to move or something like taking on a roommate. One in three had to borrow money from friends or relatives, and almost a quarter lost their health insurance or other benefits in the last year.

Nearly four in ten Hispanics reported that their households have suffered loss of employment, and four in ten also said they’d be in serious trouble within a month if paychecks stopped. A third of Hispanics also reported feeling insecure in their jobs. Overall, Hispanics wee most likely to be “underemployed,” being either unemployed or wishing to work more than they do.

But despite the hardships, Hispanics remain optimistic and believe that if people work hard, they can get ahead. Just over 50 percent believe their family’s financial situation will improve throughout the year.