New Fed report shows Biden's immigration policies top Trump's on economic growth
Fortune • • business
Key Points:
- A San Francisco Fed study by Daniel Wilson and Xiaoquing Zhao analyzed unauthorized immigration’s impact on local U.S. labor markets, focusing on two periods: the Biden era (2021-2024) with high entries, and the subsequent Trump crackdown period.
- The study found that unauthorized immigrants typically settle where their communities already exist and that a 1% increase in the local unauthorized workforce leads to a nearly equivalent 0.92% rise in local employment, indicating immigrants create jobs by filling labor shortages.
- The Congressional Budget Office (CBO) supports these findings, warning that reduced immigration will slow U.S. labor force growth and economic expansion due to an aging native population and lower workforce entry rates.
- The CBO
