Despite recent reports that Asian Americans are expected to surpass Whites in wealth in a couple of decades, the community is also still reeling from the recession.
A study from Asian Americans Advancing Justice – Los Angeles found Asian Americans and Pacific Islanders are experiencing significant declines in net worth and the number of low income workers is growing.
“Low-wage workers and small business owners are still reeling from the economic crisis,” the executive director of the Asian American Federation, Jo-Ann Yoo, said to GMA. “Our communities continue to need social safety-net programs, workforce development programs, and strong employment and labor laws. Small business owners need access to loans and both programs and training in their language.”
The number of poor Asian American workers increased 38 percent from 2006 to 20012, according to US Census data just released this week.
At the same time, the report shows that Asian American small businesses are playing a role in the nation’s economic recovery. You can read about that in GMA.