It’s hard to pick what to write about this morning, as there have been so many horrible …outrageous things coming out of the White House. The Military Parade, the Rob Porter scandal, the government shut down, the escalating national debt, the departure of McCabe, the release of the Nunes memo, the refusal to testify of Bannon and Lewandowski, are just a few of the reasons people in America may feel that the condition of the country is worse than ever.
Remember when Trump convinced people that the tax cuts would be “rocket fuel” for the economy.
The tax cut passed. Yet, yesterday, the Dow hit a free fall. It plummeted 1032 points, now down 10% from record; S&P 500 drops 3.7% to new low for week. Thus even the economy is a source of high anxiety.
The U.S. unemployment rate continues to sink, hitting a 17-year low in November (4.1 percent), and job seekers are finding work more easily than at any time since the mid-90s. Openings in the United States have now topped roughly 6 million for five months in a row, a record streak, according to the Bureau of Labor Statistics. The problem is that “If you have less labor, you’re going to have less growth,” he said, “unless it’s compensated by more technology or higher productivity.”
There is a significant need for low skilled immigrants to fill jobs. There is also a growing need for high-skilled immigrants who can fuel innovation, job creation and economic growth. Like it or not, our nation needs immigrants to grow and prosper in the decades ahead. Perhaps the aversion to immigrants coming into the country is the single biggest reason to explain the sudden drop in the optimism of the markets.
Thus, we need relief. The best relief I can offer, is late night humor.