Higher Immigration or Higher Interest Rates for America?
The persistence of restrictions on migrant workers and asylum seekers under President Joe Biden’s administration has exacerbated US labor shortages. The US must choose between a dynamic economy with lower interest rates and more foreigners, or a stagnant economy with high interest rates and fewer migrants.
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LONDON – The US economy is demanding too many workers. There are about twice as many job vacancies across the United States as people looking for jobs. The unemployment rate remains at a historic low, and the labor force participation rate is on the rise.