Citizens of the United States have faced record levels in gasoline, food and housing prices for more than two years, leaving the most vulnerable communities in deplorable situations with few opportunities to improve.
Nathan Ganesan, who is the founder of Community Seva, a foundation that looks after those who do not have food, supporting the community with food, clothing and different needs, said during a briefing held by Ethnic Media Services, that the current economic panorama directly affects homeless people, leaving them in very difficult situations.
?I'm not sure I accept that the economy is getting better, but the struggle, what we are seeing at the grassroots is that it is increasing every day, a study recently came out that says 1 in 4 people in Santa Clara County suffer of hunger, and that's very scary?, commented Nathan Ganesan.
Ganesan, who has experienced the community's needs closely, knowing many life stories that are unfortunate, commented that the housing problem is constant, where, on one occasion, a woman even asked for food for nine children she had living in a van. , leaving you with the idea that housing is a serious problem.
Rob Warnock, senior research associate at Apartment List, a platform where people can locate housing for rent near their area, commented that in recent years the price of housing has increased drastically.
After the pandemic, the cost of homes both for rent and for sale increased, leaving the community with very few options and directly impacting the family economy.
When talking about estimates for 2024, Rob Warnock said, "the buying side is not going to improve much, the Federal Reserve has indicated that they are not going to increase the interest rate any more, but there is a lot of demand from people who want to buy houses , so experts are anticipating that prices will continue to rise?
But in the case of the rental market, an improvement is seen, since there are projects on the horizon that will leave more opportunities for citizens who want to acquire them.
Denton Cinquegrana, an expert analyst in the oil and energy sector, explained that the political phenomena that have impacted the world in recent years, such as wars and tensions between countries, have determined oil prices, generating changes to the economy and making it unstable on some occasions, directly or indirectly affecting the family economy.
?We have not seen any oil production that has been shut down because of these tensions. What has really happened is that companies are avoiding the Red Sea, which affects time and money, since the distance increases to about 2 weeks too long?, commented Denton Cinquegrana.
He also assured that gasoline this year may drop minimally, hoping for a more optimistic outlook.
However, Denton Cinquegrana mentioned that it is necessary to take into account the natural phenomena that occur in the country, since these can determine the behavior of imports and exports, modifying the behavior of the economy.
Chiling Tong, president/CEO of the National Asian and Pacific Islander Chamber of Commerce and Entrepreneurship (National ACE), said they support policies, laws and other issues that impact the AAPI business population, while that have economic development programs for small businesses.
Chiling Tong commented that discrimination against the AAPI community also affects economically, recording more than a thousand reported incidents, where the majority are in small businesses, especially for women.
?The biggest problem we face is having access to the capital we need to be able to increase business, where almost thirty percent who responded to a survey reported little confidence in being able to cover their expenses and do not have access to more capital to be able to expand your business? Tong added.
It is extremely important to support small businesses to achieve economic stabilization, and although financing is sought on many occasions, it is not possible for everyone, he said. Likewise, he specified that as an association they work to achieve more accessible financing so that already established businesses have the opportunity to improve and grow.
An owner of a small restaurant shared his experience. He said that when he saw that several restaurants began to close, he wondered how to make his business continue, so he focused on marketing to make himself known, answering emails, planning the content of information. Also saving resources by doing things between the wife and the business owner, and always seeking feedback with customers. This, showing that anyone who wants to start a business can achieve it, but it will always be constant and difficult work.
He added that during the Biden administration, financing has been obtained for the AAPI community, 2023 was a record-breaking year, with more than 5.5 small businesses that were created and twenty percent of owners said that the economy had improved. .
"In our small survey, 74 percent of business owners said they feel very positive, they are happy with the changes and adapt to them," concluded Chiling Tong.
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