Asians Paying Heavy Price in US Recession
|Posted by Manila Mail under Articles/Stories|
WASHINGTON, D.C. – U.S. Rep. Judy Chu (CA-32), chair of the Congressional Asian Pacific American Caucus (CAPAC), said in a recent statement that Asian Americans suffered the most from the current recession.
She said: “In spite of the dangerous myth that Asian Americans and Pacific Islanders (AAPIs) have been largely untouched by this recession, our community has been devastated by long term unemployment, high rates of foreclosures and downward mobility. Many who have spent decades working to attain the American dream are now falling out of the middle-class or struggling to make ends meet.”
While the U.S. Census Bureau said the Asian American and Pacific Islander community experienced the fastest percentage growth of any racial group over the last ten years, they have experienced a 54 percent drop in median household income and the largest decline in homeownership of any racial group since the recession began.
Chu said that as a whole, AAPIs also remain unemployed for longer periods of time than any other group. Certain AAPI communities, such as American Samoans, also have unemployment rates that are nearly twice the national average.
She said the President’s job plan unveiled in the joint session of Congress Sept. 8 “is a step forward for our community and our country.”
“By extending unemployment benefits and investing in job creation, we can help AAPI workers suffering from disproportionately long periods of unemployment. The President’s proposal for tax relief on small businesses will also benefit the 1.5 million AAPI owned businesses that employ over 2.8 million people. As elected leaders in Congress, we need to come together and pass a meaningful jobs package that puts Americans back to work and invests in our current and future needs.”