Fed's Kaplan: Immigration crackdown hurting economy

The Federal Reserve Bank of Dallas president Dallas said on Wednesday that President Trump 's immigration control has already restrained economic growth as unprotected workers were afraid of expulsion and spending cuts.

President Robert Kaplan of the Federal Reserve Bank of Dallas said in Washington's Foreign Relations Committee, "Millions of immigrants are not going shopping, staying home and are afraid not to go home when going out."

Mr. Kaplan said, "We have reached the limits, it is too early to get the data but it is interesting, I think we will see it, I think they are more likely to save than they consume "The effect has some impact on consumer spending and GDP growth. "

He pointed out that consumer spending accounts for about 70% of the economy, especially low income and middle income Americans, including immigrants who tend to spend money instead of saving money.

In addition to taking tough measures against illegal immigrants, the playing card pledged to reduce legal immigration as some of the more skilled foreign workers are given priority.

Kaplan noted that the increase in the aging population in the United States increased the role of immigrants in providing employers with sufficient labor. Many companies complain that the unemployment rate will not exceed 4% and are trying to find enough workers to dramatically reduce production and economic growth.

Mark Zandi, a chief economist at Moody's Analytics, estimates that the number of net immigrants to the US will decline from about 1 million to about 750,000 each year due to crackdowns on illegal immigrants and legal immigrants. He said that this mainly limits the size of the labor force and damages the economy by impeding consumption and productivity. He stated that many immigrants are risk-takers of new business, it is often more innovative and more productive than ordinary companies.

Zandi estimates that economic growth will increase by an average of 1/10 per annum by declining immigration of playing cards, and total economic output will be reduced by about 100 billion by 2021.

If President Trump is expelling all illegal immigrants, the economy suffers great losses. Private analysis by Wood Street Journal's rating agency Moody showed that as long as Arizona was required the economy fell by 2% due to illegal entry in 2007. The income of most workers will decrease. To my surprise, the most likely to benefit from mass exclusion will legitimately cross-border people.

Mark Zandi, a chief economist at Moody's Analytics, estimates that the number of net immigrants to the US will decline from about 1 million to about 750,000 each year due to crackdowns on illegal immigrants and legal immigrants. He said that this mainly limits the size of the labor force and damages the economy by impeding consumption and productivity. He stated that many immigrants are risk-takers of new business, it is often more innovative and more productive than ordinary companies.

After legitimate completion, immigrants will benefit the United States. However, illegal immigration is an exception, and new immigration bills will benefit countries and immigrants. Illegal immigration harms the economy in many ways, but this is generally equivalent to the loss of capital in the economy and the country as a country that loses its lifestyle. The new Immigration bill provides a good way to balance legitimate and illegal immigrant interests and procedures, such as the only national language guest worker program in the United States, a more demanding boundary, more evictions, and the establishment of English .