*{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img+div{display:none} @media (max-width:620px){.image_block div.fullWidth{max-width:100%!important}.mobile_hide{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}.reverse{display:table;width:100%}.reverse .column.first{display:table-footer-group!important}.reverse .column.last{display:table-header-group!important}.row-10 td.column.first .border,.row-12 td.column.first .border,.row-8 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-10 td.column.last .border,.row-12 td.column.last .border,.row-14 td.column.last .border,.row-8 td.column.last .border{padding:5px 20px 25px 5px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-14 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:15px solid transparent;border-left:0}}
Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
Immigration cuts could cost economic growth: experts
As lawmakers feud over how to tighten restrictions at the southern border, experts argue policies targeting immigration could come with a cost.
© Eric Gay / The Associated Press
A bipartisan Senate deal to tighten border security and reduce immigration has stalled over objections from House Republicans, who are pushing for even tighter limits.
As the GOP pressed for more aggressive action to keep thousands of immigrants from crossing the border, experts argue such policies could dampen economic growth and deepen demographic issues holding back the American workforce.
“The vast majority of population growth that we have in the U.S. right now is from immigration,” Wendy Edelberg, director of The Hamilton Project and a senior fellow in Economic Studies at the Brookings Institution, said in an interview.
“This is a key reason
why our labor force grew in the past couple of years, and if it continues, it will be a key reason why our labor force continues to grow,” she added.
The Congressional Budget Office (CBO), the nonpartisan budget scorekeeper, pointed to higher immigration in a recent report as a key source of new workers and
boost to economic output.
The CBO estimated the labor force would grow by more than 5 million people over the next decade mainly due to increased immigration. The agency also projected a smaller federal budget deficit over the next 10 years, partly because of the immigration surge.
Altogether, U.S. gross domestic product is on track to increase by nearly $7 trillion and federal revenue is set to rise by $1 trillion.
Despite immigrants’ well-documented positive economic effects, management of their arrival has become a political hot potato.
Republicans have largely blamed President Biden’s border policies for the rise in migration from and through Latin America, but high numbers of border encounters are in large part a result of economic and governance disparities between the U.S. and other countries.
The Hill's Aris Folley and Rafael Bernal have more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
Did someone forward you this newsletter?
Subscribe here.
Essential Reads
Key business and economic news with implications this week and beyond:
Budget chief faces heat as Congress feuds over spending
Congressional Budget Office (CBO) Director Phillip Swagel faced hours of questions before the House Budget Committee on the challenges to the nation’s fiscal trajectory — and a bit of heat from Republicans over the accuracy of the agency’s projections.
Full Story
Corporate greed increasingly seen as ‘major cause’ of inflation: Poll
A new poll found 3 in 5 Americans now say corporate greed is a “major cause” of inflation.
Full Story
Delta CEO sends letter to Congress on financial support for employees
Delta Air Lines CEO Ed Bastian in a letter to members of Congress on Wednesday discussed steps the company has taken to help its employees, two days after more than 100 House members in a separate letter called on him to stay neutral in union talks at the company.
Full Story
Investors bought record share of low-priced housing in fourth quarter: Report
Investors bought more than a quarter of lower-priced homes in the fourth quarter of 2023 as mortgage rates and home prices hover well above their pre-pandemic baseline.
Full Story The Ticker
Upcoming news themes and events we're watching:
- The Labor Department releases initial jobless claims Thursday at 8:30 a.m. ET.
- The House Financial Services Committee will hold a hearing entitled “Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending” Thursday at 10 a.m.
In Other News
Branch out with more stories from the day:
Date night strike: Thousands of US, UK delivery, ride-hailing drivers stop work on Valentine’s Day
Thousands of ride-hailing and delivery workers in the U.S. and the U.K. went on strike on Valentine’s …
Full Story Good to Know
Business and economic news we've flagged from other outlets:
- Mortgage rates surge higher again, causing homebuyers to pull back (CNBC)
- Elizabeth Warren wins crypto recusals from Biden pick (POLITICO)
- What Is Bidenomics
? It Depends If You’re a Democrat or Republican (Bloomberg)
What Others are Reading
Top stories on The Hill right now:
Speaker Johnson on national security threat: ‘There is no need for public alarm’
Speaker Mike Johnson (R-La.) said “there is no need for public alarm” after House Intelligence Committee Chair Mike Turner (R-Ohio) called on President Biden to declassify information about a “serious national security threat.” Read more
House Intel chair calls on Biden to declassify details on ‘serious national security threat’
House Intelligence Chair Mike Turner (R-Ohio) made a cryptic call for President Biden to declassify information about a “serious national security threat” to allow for public discussions about how the U.S. should respond. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
- Massachusetts expanded the child tax credit. Congress should too.
- Expect the market to take Ukraine’s year of transition in stride
You're all caught up. See you tomorrow!
login
who are we?
contact us
qosheapp
Toi Staff
Gideon Levy
Belen Fernandez
Rami G Khouri
Mort Laitner
Donald Low
Ali Fathollah-Nejad
Nikkei Editorial
Michael Kwet
visit website
