> Treasury Secretary Janet Yellen defended the benefits of immigration, arguing it has been an important source of labor supply and innovation and, more broadly, a growth for the US economy.
> Speaking on CNN’s Axe Files podcast with David Axelrod, Yellen said immigration is not in any way “a zero sum game,” pointing to economic research that has demonstrated its benefits.
> “What we see, and this is true with more recent immigration as well, is that immigrants supply their labor, but they also demand goods and services,” Yellen said. “And on balance, it helps the economy grow without actually depriving other people of jobs.”
> The Treasury chief’s comments come in the midst of a presidential election campaign where immigration has become a central issue.
> Polls ahead of the Nov. 5 vote show that immigration as a top concern for voters and that they prefer former President Donald Trump to handle it. He has pledged to finish building a border wall, revive a targeted travel ban and carry out mass deportations of migrants if he returns to the White House.
> Asked about mass deportations as an economic issue, Yellen pointed to the importance of immigration as source of labor supply, especially given the resident population’s demographic challenges.
> “Immigration has been an important source of labor force growth at a time when we have an aging population and our labor force would otherwise be declining over time,” Yellen said, adding that many firms need workers to be able to grow and to do jobs that, in many cases, Americans aren’t interested in doing.
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> Treasury Secretary Janet Yellen defended the benefits of immigration, arguing it has been an important source of labor supply and innovation and, more broadly, a growth for the US economy.
> Speaking on CNN’s Axe Files podcast with David Axelrod, Yellen said immigration is not in any way “a zero sum game,” pointing to economic research that has demonstrated its benefits.
> “What we see, and this is true with more recent immigration as well, is that immigrants supply their labor, but they also demand goods and services,” Yellen said. “And on balance, it helps the economy grow without actually depriving other people of jobs.”
> The Treasury chief’s comments come in the midst of a presidential election campaign where immigration has become a central issue.
> Polls ahead of the Nov. 5 vote show that immigration as a top concern for voters and that they prefer former President Donald Trump to handle it. He has pledged to finish building a border wall, revive a targeted travel ban and carry out mass deportations of migrants if he returns to the White House.
> Asked about mass deportations as an economic issue, Yellen pointed to the importance of immigration as source of labor supply, especially given the resident population’s demographic challenges.
> “Immigration has been an important source of labor force growth at a time when we have an aging population and our labor force would otherwise be declining over time,” Yellen said, adding that many firms need workers to be able to grow and to do jobs that, in many cases, Americans aren’t interested in doing.
!ping ECON&IMMIGRATION