The Recession/Depression and Asian Americans
Effects of the Recession/Depression on Asian Americans
During the past several decades, the parts of the world that has grown the fastest economically has been Asia. This has fed the U.S. immigration policy that has favored professional and managerial skills to manage U.S. global domination. It also changed the class structure of the Asian American communities that had been overwhelmingly working class.
Consequently, the current recession/depression will affect Asian Americans in particular. We have begun a list (for now, primarily anecdotal, of how):
Here’s the first three items:
– Thirty percent of Asian Americans in California and Florida pay at least 38% of their income for housing (the level considered manageable) and are in danger of default, according to the Associated Press.
– My mother received a letter from an Angelenos friend, who observed that, because of the lack of employment opportunities, many recent immigrant were opening cheap dim sum establishments by pooling savings. Thus, it was possible, she happily noted, to get dim sum for $1.39 a plate.
– Probably a disproportionate number of Asian Americans worked on Wall Street and have been affected by layoffs. Many, particularly Asian Indians, were on H-1B visas that required them, unless they had immediate employment, to leave. See New American Media