Over 50% of agricultural products harvested in the United States are picked by undocumented immigrants. Similar figures apply to livestock, farming, and dairy industries. This means that, during Thanksgiving dinner, many Americans likely enjoy the fruits of labor from people now facing the looming threat of mass deportation—a policy promised by Trump since his first day in office. Despite the immense economic costs such a move would entail, Trump has doubled down, even announcing plans to use the military to enforce these measures.
Economic concerns were a key factor driving many voters toward Trump’s policies. Yet, this Thanksgiving, the nation is seeing a 20% increase in travel compared to previous years, continuing a trend from last summer that marked a record for travel over the last two decades.
While the U.S. remains the world’s strongest economy, its recovery from the pandemic and the wars sparked by Russia has been largely driven by record-breaking participation from Latino workers. Deputy Treasury Secretary Wally Adeyemo, in an interview with EFE, emphasized the critical role Latinos play in the country’s economic strength while denouncing the xenophobic rhetoric of the MAGA movement.
“The recovery we’ve experienced in the U.S.—including our ability to reduce inflation and maintain a strong labor market—has been significantly bolstered by record-high workforce participation from Latinos,” said Adeyemo.
Latinos at the heart of economic recovery
According to Adeyemo, Latino labor force participation among working-age individuals has reached a historic 81.8% under this administration. This has helped the nation achieve a “soft landing” amidst fears of recession.
The nearly 65 million Latinos living in the U.S. represent roughly 20% of the total population, according to Treasury Department data. In 2021, Hispanic-owned businesses employed three million people and paid over $124.4 billion in wages.
“This shows that Latinos in the U.S. are not just contributing to their families but are also driving economic growth nationwide,” Adeyemo highlighted.
The number of self-employed Latino workers increased by 30% between 2019 and August 2024
By starting small businesses, taking jobs, and employing others in their communities, Latinos are fostering economic growth. “Our goal at the Treasury Department, under Secretary Janet Yellen’s leadership, is to ensure we provide resources to keep this momentum going,” Adeyemo explained.
Generations of immigrants have been pivotal to America’s economic success. “We must protect our borders, but we also benefit tremendously from immigration. It’s part of what enables Joe Biden to lead an economy that’s the envy of the world,” Adeyemo added.
Hispanic-owned businesses in the Philadelphia region contribute over $28 billion annually to the local economy
Adeyemo also pointed out that “Latinos and immigrants are often some of the best entrepreneurs in the country.” To address the challenges they face, such as limited access to capital, the Treasury Department has invested in Latino-owned banks.
“We provided $1.6 billion in capital to Latino-majority banks through the Emergency Capital Investment Program (ECIP). This will enable these institutions to extend $58 billion in loans over the next decade,” Adeyemo said.
Latino economic impact in Philadelphia
The Welcoming Center recently hosted a presentation on the role of immigrants in Philadelphia’s economy. Immigrants make up one-third of the city’s business owners. In 2022, the city’s 158,000 foreign-born workers accounted for one in five residents employed.
A professor at the Wharton School of the University of Pennsylvania noted five key contributions immigrants make to the economy: investment, innovation, talent, tax contributions and job creation. He argued that mass deportations or significant immigration restrictions stem from unfounded fears.
The Greater Philadelphia Hispanic Chamber of Commerce estimates there are 12,000 Latino-owned businesses in the city and up to 23,000 in the broader region.
According to Pew Research, 4% of all businesses in Philadelphia are Hispanic-owned, generating approximately 2% of the city’s business revenue.
