Immigration is helping the US edge out Asia
Live MintAs the world’s post-pandemic economic order takes shape, the U.S. has emerged as an unexpected winner. A 2020 International Monetary Fund study found that, for advanced economies, a 1 percentage point rise in immigration relative to total employment tends to boost total output by almost 1% five years later. The U.S. probably owes its soft landing—declining inflation without a big rise in unemployment—in part to the influx of foreign workers who have, according to Federal Reserve officials, helped alleviate labor market pressure. Even though the nation narrowly avoided recession last quarter and private consumption actually fell outright by 0.3%, the Bank of Japan elected to raise rates for the first time in 17 years this month. Places such as Japan, South Korea and Taiwan especially need immigrant labor because birthrates are falling even faster than in the U.S. Japan’s total fertility rate—live births per woman—had already fallen to 1.3 by 2021, according to United Nations data.
History of this topic
Opinion: It’s time to tell the truth about how immigration affects the U.S. economy
LA Times
As Lawmakers Debate Border, Immigrants Set To Add $7 Trillion To Economy
Huff Post
What rising immigration really means for California’s economy
LA Times
The immigrant population in the U.S. is climbing again, setting a record last year
NPR
The World’s Biggest Economies Cautiously Open Their Doors to More Foreign Worker
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