President Trump on Thursday unveiled his immigration reform plan, which calls for trading more economic immigrants for fewer family ones. The plan, which is the brainchild of presidential advisor Jared Kushner, fails to deliver what the economy desperately needs: more immigration. The plan does not touch overall immigration levels.
Consider the labor market, which is a job creation machine that is desperate for new workers. This month, the Labor Department announced that the unemployment rate fell to a 50 year low of 3.6 percent. The unemployment rate hasn't been this low since The Beatles released “Abbey Road.” Given the natural churn in the labor market, this unemployment rate means the country is enjoying essentially full employment.
Read Full Article »