USA TODAY on Nostr: Immigrants power job growth, help tame inflation. But is there a downside for the ...
Immigrants power job growth, help tame inflation. But is there a downside for the economy?
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The surge of immigrants lacking permanent legal status has boosted the US economy and helped temper inflation. Immigrants have reduced the labor shortage and pushed down wage pressures, contributing to strong job growth and lower inflation. However, some studies question whether immigrants have actually tamped down consumer price increases. Republicans argue that immigrants are taking jobs from Americans, while Democrats refute this claim. The Congressional Budget Office estimates that net immigration to the US was 2.6 million in 2022, 3.3 million in 2023, and a projected 3.3 million this year. Immigrants fill a significant percentage of jobs in the US, with about a third of the 3 million jobs added last year likely going to newly arrived immigrants. The influx of immigrants has helped ease labor shortages and tamp down wage growth. Without the immigration surge, inflation would likely have been higher. However, immigration can also fuel inflation by stoking consumer demand for products and services. Overall, economists believe that immigrants have a positive net impact on the economy, boosting GDP without a corresponding rise in inflation. The effects of an immigration surge on inflation can be a wash or may even increase it in the short term, but during dire labor shortages, immigration can ease inflation. The article highlights the ongoing debate about the impact of immigration on the economy.
#Immigration #Economy #JobGrowth #Inflation #LaborShortage #WageGrowth
https://www.usatoday.com/story/money/2024/07/17/immigrants-reducing-inflation-economy-impact/74347762007/
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The surge of immigrants lacking permanent legal status has boosted the US economy and helped temper inflation. Immigrants have reduced the labor shortage and pushed down wage pressures, contributing to strong job growth and lower inflation. However, some studies question whether immigrants have actually tamped down consumer price increases. Republicans argue that immigrants are taking jobs from Americans, while Democrats refute this claim. The Congressional Budget Office estimates that net immigration to the US was 2.6 million in 2022, 3.3 million in 2023, and a projected 3.3 million this year. Immigrants fill a significant percentage of jobs in the US, with about a third of the 3 million jobs added last year likely going to newly arrived immigrants. The influx of immigrants has helped ease labor shortages and tamp down wage growth. Without the immigration surge, inflation would likely have been higher. However, immigration can also fuel inflation by stoking consumer demand for products and services. Overall, economists believe that immigrants have a positive net impact on the economy, boosting GDP without a corresponding rise in inflation. The effects of an immigration surge on inflation can be a wash or may even increase it in the short term, but during dire labor shortages, immigration can ease inflation. The article highlights the ongoing debate about the impact of immigration on the economy.
#Immigration #Economy #JobGrowth #Inflation #LaborShortage #WageGrowth
https://www.usatoday.com/story/money/2024/07/17/immigrants-reducing-inflation-economy-impact/74347762007/