Americans have been feeling pessimistic toward the U.S. economy thanks in part to a decrease in median household income since President Obama took office. In the first quarter of this year, the economy grew at just 0.5% annualized pace.
U.S. Hispanic Chamber of Commerce President Javier Palomarez said on the FOX Business Networkâ€™s Cavuto: Coast-to-Coast despite the economic challenges that continue in a slow-growth environment, Hispanic businesses have found a way to be successful.
â€œThe United States Hispanic Chamber of Commerce, as we stand right now, represents 4.1 million Hispanic-owned firms in this country that collectively contribute over $661 billion to the American economy,â€ Palomarez said.
According to Palomarez, Hispanics are creating new companies at a rate of three to one compared to the general market.
â€œThe tip of the proverbial spear in terms of economic growth is the Hispanic entrepreneurial community,â€ Palomarez told host Charles Payne.
Small businesses accounts for nearly two-thirds of all net new jobs and 55% of all jobs in America, to the U.S. Small Business Administration. Palomarez said the U.S. Hispanic Chamber of Commerce will support any presidential candidate that values the importance of those businesses.
â€œWe need to stay focus on ensuring that our economy is vibrant, is healthy and continues to grow,â€ Palomarez said.