The Impact Of Minorities On The United States Economy

1865 words - 7 pages

IntroductionThe United States' economy fluctuates from one day to another. Several factors contribute to this occurrence. Everyday new businesses open and close, immigrant workers enter the U.S., and taxes are reassessed. These are just a few examples of constant changes among many others.Are minority businesses good for our economy? According to research minority owned businesses contribute a great deal of money to our economy, and without them our economy would be in a bit of a slump, considering minority businesses contribute close to $1 billion. With the help of the United States Small Business Association, entrepreneurs are able to make a success out of their aspirations, which bring many new jobs for our society.Immigration has had a tremendous impact on the United States' economy as well. There are both positive and negative effects of immigration. Employers save money by employing immigrants who work for less money than the average American. However, by doing this many Americans lose their jobs or cannot find employment.Many people believe that immigrants should not be able to receive benefits that natural born citizens receive. In the end it costs us taxpayers more money simply because there are certain limitations on immigration laws. The question is, if we allow immigrant workers to be employed in the United States shouldn't they receive the same benefits?The purpose of this report is to illustrate many issues dealing with the impact minorities have on the United States economy and decide the positive and negative aspects.Minority BusinessesThere are many misperceptions indicating that minorities have a negative affect on the United States economy. One misperception is that minorities are only viewed as consumers rather than both consumers and entrepreneurs, producers or business owners. The misperceptions are that minorities own "mom and pop" businesses with sales less than a million dollars; own businesses that lack vision and are highly undercapitalized; minorities have limited ambition and lack sophisticated business skills; and minorities only focus on retailing and food products for their specific minority group alone. However, in the United States minority owned businesses show revenues between $200 million and more than $1 billion, ( ). Contrary to these general perceptions, minority owned businesses contribute a large majority of funds back into the economy. Also, minorities own businesses like or similar to the successful and prosperous businesses in Fortune 100 companies.A report prepared by The Asaba Group for the Joint Center of Political and Economic Studies and the Minority Business Roundtable states that today minorities represent approximately 28% of the total population. The report indicates that by the year 2010 the minority population in the US will represent 1/3 of the population and in 2050 the minority population will represent about 50% of the total population. This means that minorities will be greatly...

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