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Hispanics constitute the largest minority business community owning 6.6% of all small businesses in the United States. Hispanic businesses are the single fastest growing segment of small businesses in the country and 3 million Hispanic-owned businesses in America generate almost $400 billion in annual revenues. All small businesses play a vital role in our economy and are responsible for the creation of 64% of new jobs in the past 15 years and are critical to our future economic success. We must foster small businesses and give them an environment to create jobs and grow the economy.
Our nation’s fiscal health is absolutely unacceptable. Right now, we are borrowing almost 40 cents of every dollar the Federal government spends. As a share of the economy, federal spending is at the highest levels seen since World War II. According to Congressional Budget Office estimates, debt held by the public is set to grow as a share of the economy from 62% in 2010 to 100% by 2023, and continue growing after that. As the debt grows, it will grow into a tsunami of debt that will crash down onto our children and grandchildren, leaving them with less opportunity and freedom. We must cut spending and reign in the size and scope of the Federal government to create the economy where the economy can bounce back and generate the jobs Americans need. While the unemployment rate stands at 8.8% for all Americans, the unemployment rate for Hispanics is 11.3%. By keeping American’s taxes low and decreasing government regulations, Congress can create the environment for the private sector to thrive.
Border Security and Immigration:
We are a nation of immigrants, built by immigrants, but also a nation of laws. Our current border security and immigration system is broken. Yet time and time again, the Administration has made promises to the American people on reforming the system, but has failed to provide leadership on the issue. The Conference believes we must secure our borders and reform the system, for the sake of our national security and economic prosperity.
Trade is a vital part of our nation’s economy and we must expand our nation’s trading opportunities through expanded free trade across Latin America. The United States can compete in head-to-head market competition, but we are at a disadvantage if our products and services face stiff tariffs and other market barriers that our competitors do not face. Eliminating tariffs and other barriers through free trade agreements will expand our trading opportunities and help create jobs here at home. If we are to be competitive in a global economy, we simply cannot concede our competitive advantage because of inaction.
Our children’s education is vital to our nation’s future and we must ensure all children have access to a quality education. Over the past decade, the federal government’s role in education has sharply increased. More and more money has been thrown at the problem and more government bureaucrats have been hired in Washington to study the issues facing our schools. Education policy should be made closer to home, by state and local officials, along with school administrators, teachers, and parents; not bureaucrats in Washington, DC. States should be free to create their own education agendas and implement them in a manner that best suits their individual educational needs and not one-size-fits-all programs mandated by Washington.