The Trumpian attack on immigrants is about as anti-supply side, pro-statist and inimical to free market prosperity as it gets. As we have seen in Parts 1 & 2, immigrant labor accounted for 42% of the thundering 3.62% annual real GDP growth during the golden age of American industrial expansion between 1870 and 1920, but that wasn’t the end of the story. During the most recent 50-year interval between 1970 and 2020, fully 35% of the far more tepid real GDP growth rate of 2.52% per annum was due to the increase in immigrant labor. Stated differently, without the added work force derived from … Continue reading
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