Obama’s Look at Asian America – For Economic Solutions

During these trying times many Asian Americans have been looking for resourceful ways to to navigate the Country’s turbulent economic waters.

What has Obama noticed among this demographic? First, the Asian American community has much lower unemployment rates that other minorities in the US – couple that with high median wages, higher than average spending habits and successful management of small to medium sized business and you will realized that we are tiding the storm more successfully.

With the current health of the US job market, unemployment is climbing higher everyday. A recent paper released from the US Department of Labor guaged the unemployment rate at 8.9% in Febuary 2011. The interesting thing about this study was that it placed the Asian demographic lowest for unemployment – this included all ethnicities including white. It doesn’t matter what what gender, age, or the region Asian Americans have kept their jobs secure since the beginning of the recession.

When one takes a closer look at the this successful trend you will also notice that the Asian population has been earning higher wages than the rest of the United States.

Following this trend in the most recent Census (2009) Asian Americans have been shown to have a median income of $65,469. When compared to their white neighbors this is more than $1000 dollars more, and more than $25,000 more than African and Hispanic Americans.

One reason for this higher than average yearly salaries is partially due to the positions held by Asian Americans. One reason is because a higher percent of upper and middle class families have one or both parents occupying a management position. Some of the US’s biggest corporations have key positions filled by Asian Americans: Google, Sun Microsystems, Yahoo and Avon are just some of the key businesses. More than 50% of the Asian American workforce hold a professional position in upper management. Compare this with only 35% of the rest of the American workforce.

With the recession in full swing you will be more than tempted to dip into your savings account, the opsitie can be said for the Asian demographic, who is more likely to have a larger savings. With this extra money you can expect that there will be a higher level of healthcare in Asian American households. On top of that also makes travel and other luxories possible, with Asian Americans making up more than 37% of all yearly travel, 1000 miles or more.

With higher income, lower debt and better health care the recession hasn’t really phased the American Asian community. Infact in 2010 alone more than 100 billion dollars was sent to family members in India, China and the Philippines. Even though every demographic in the united States is suffering, some are doing better than others. Due to the stability success of the Asian American community the Obama administration has begun looking more closely at what has made us so successful at withstanding the storm.

And with that the hope that what is learned will help pull the US out of the recession.