Fed Starts 2023 With ‘Long Way To Go’ On Key Metric
By the end of the first week of the rest of our lives, we'll have a better idea about whether the Fed is or isn't making progress towards engineering a more balanced labor market. Traders are anxious to see cooler wage growth and fewer job openings in the US. The first week of 2023 has the potential to deliver both. Or not.
Hopefully, "engineering a more balanced labor market" doesn't wind up being a euphemism for driving up the unemployment rate, but many economists think that's exactly what's
The wage gap is quietly being filled by immigrants- both legal and illegal. There were 5.4M SSNs issued in 2021 and only 3.7M US births. I would prefer immigration reform, but that seems like it won’t happen, so in the meantime, we have to make the most of the immigration situation that we have. I am in favor of giving them all a SSN, so they can be a productive member of our society- which is why most immigrants come to the US in the first place. When you realize what these people have gone through to get here, it is pretty obvious that they have plenty of determination and grit.
Truth, ‘nester. Proponents of cracking down on immigration promised it would raise wages for for those already here. It worked!
As for their work ethic, the right wing narrative is that the (dark skinned) immigrants immediately collect all sorts of taxpayer money which they live off of forever.
But the only group I’ve seen that lauded for living off of benefits were nice, white Russians. A common joke was”Vlad ran into a fellow countryman in Brighton Beach. Theyd both arrived a year earlier. Vlad: how are you settling in my friend? Gregor: not well, I still am working!”
To your point, a NY Times piece this morning notes the expanding production of US goods going to Mexico (and away from China), which grew 20% in 2022.