Updates
April 7, 2024, link here:
The daily march of migrants across the Southern border has been a political curse for President Joe Biden. But for the economy, it may have turned out to be a blessing.
By adding millions of new workers to the labor market, the immigration surge has lifted payrolls and growth, and potentially helped keep a lid on consumer prices, according to recent research. Capitol Hill’s budgeteers also think it stands to reduce the deficit in the coming years.
In an analysis published earlier this week, Ernie Tedeschi, a former Biden White House economist, found that the post-pandemic pickup in immigration accounted for at least one-fifth of the increase in U.S. gross domestic product since the end of 2019. Though it wasn’t the only factor, the boost from migrants helped explain why the American economy has bounced back much more strongly than those of other developed countries, he argued.
This is so incredible. I first talked about this in a post on July 23, 2022, almost two years ago.
In the [2024 - 2009 = ] fifteen years since I've been blogging, I've done four deep-dives of which I'm most proud:
- Netflix: "the next big thing"
- Devon: best operator in the Permian
- Nvidia: I pivoted from energy to semiconductor chips
- the Southern Surge: the $7 trillion gift
Original Post
That southern surge. The $7 trillion gift. Link here.
The linked Barron's story.
The U.S. fertility rate peaked in 2007 at 2.12 children per woman.
It is expected to level out this year at 1.70 births per woman, and remain there through 2054.
Demographics and aging trends could create significant headwinds for economic growth, as aging populations historically have experienced declines in work, productivity, and spending. But the news isn’t all bad, says Matthias Doepke, an economics professor ... with a title so long it won't fit on two lines.....
The future isn’t written in stone, he notes, while the experience of other countries in similar straits should offer the U.S. a road map to maximizing opportunities and avoiding pitfalls.
Doepke has spent much of his career studying how political and cultural changes affect economic development, with a focus on how macroeconomic conditions influence fertility choices. He recently spoke with Barron’s about the impact of demographic changes on the labor market, and the so-called demographic dividend.
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Reposting From Last Month
Locator: 46813IMMIGRATION.
From a while ago, link here. Note how far Biden moved the unemployment rate to a better number over the last three years (his first year numbers were "Trump's numbers").
The $7-trillion gift.
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