“We saw the jobs report. Only 6,000 private sector jobs will be created. And at that rate, it’s going to take ten years before we get to full employment. That’s not hyperbole,” Biden said, seated beside Vice President Kamala Harris and House Speaker Nancy Pelosi in the Oval Office during a meeting with House Democratic leadership.
—The Los Angeles Times, January 15th.
Hangover: Jared Bernstein, member of Biden’s Council of Economic Advisors: “One thing we learned in the 1990s was that a surefire way to reconnect the fortunes of working people at all skill levels, immigrant and native-born alike, to the growing economy is to let the job market tighten up. A tight job market pressures employers to boost wage offers to get and keep the workers they need. One equally surefire way to sort-circuit this useful dynamic is to turn on the immigrant spigot every time some group’s wages go up.”
h/t Ed Driscoll