Ted Cruz and Marco Rubio, both sons of Cuban immigrants, moved one step closer to a Latino candidate potentially atop the Republican presidential ticket, after their first and third place wins in Iowa Monday night.
It also underscored the growing power of this critical voting and economic block.
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According to a study by the Stanford Latino Entrepreneurship Initiative, the U.S. Latino population controlled more than $1.5 trillion in annual purchasing power. They also accounted for nearly one out of every five new entrepreneurs in the U.S. last year.
Sol Trujillo, former ceo of Telstra, Orange and U.S. West, told CNBC's "Power Lunch" Tuesday that Latinos are quietly but increasingly powering economic growth in America. both as job creators and as consumers."
"Economic uncertainty and our unsettled politics lead the news today, but the most consequential business story is the one not told. It is the good news story of a group of Americans – Latinos – who have been quietly and increasingly powering U.S. economic growth, both as job creators and as consumers. As the U.S. population ages, and as we struggle against the headwinds of an anemic global economy, U.S. Latinos are forming the core of America's New Mainstream Economy. A handful of simple facts tell the story," he said.
The New Mainstream Economy
How are Latinos doing it? The answer, according to Trujillo, is not immigration
"The Pew Research Center reports that immigration across the U.S.-Mexico border shifted into reverse between 2009 and 2014, with more migrants leaving the United States than arriving. Instead, we are doing it the old fashioned way. As earlier generations of Latino migrants have integrated into American culture – like generations of migrants before us – our hard work, our youth, our optimism and our commitment to our kids are all paying off today," said Trujillo.
Trujillo is the co-chairman of the Latino Donor Collaborative, a non-partisan NGO focused on raising awareness of Latinos' contributions to the current and future success of the nation's economy and society. Mr. Trujillo is the former CEO of Telstra, Orage and U.S. West – telecommunicaitons firms on three continents – and was a trade advisor for Presidents Bill Clinton and George W. Bush.