Saturday, June 16, 2012

Barack Obama - #3977 - WAPo Wonders: What Will Hundreds of Thousands of Job Permits Do to the Economy? - Hot Air

.... With potentially as many as 800,000 new workers flooding into the system, what happens to the millions of Americans who can’t find work now? The Washington Post wonders the same thing, and more: President Obama has just opened a floodgate of opportunity for young illegal immigrants in the United States, but could it squeeze the aspirations of legal Americans in the process? … Under the new policy, as many as 1.4 million undocumented immigrants under age 30 will be able to apply for the amnesty, allowing them to work and attend college legally. To be eligible, they must have been in the United States for five years, have no criminal record, and attend high school or college or be a military veteran......But now? We’re not creating enough jobs to keep up with population growth as it is. With this new policy in place, Obama will introduce hundreds of thousands of suddenly-eligible workers into an economy with an 8.2% nominal unemployment rate, a 14.8% U-6 un/underemployed rate, with a civilian participation rate that has plummeted from 65.7% at the start of the Obama recovery in June 2009 (the same as it was when he took office, too) to 63.8%, lower than it was when Reagan faced his first midterm election. Those who are already struggling to find jobs are not only going to face more competition for those slots, the glut of labor will depress entry-level wages even further......But this has a large potential for backfire — and if jobs reports this summer continue the downward trend we’ve been seeing this year, those 23 million Americans who already feel locked out of the economy will be asking the same question the Post does this morning. Read entire article.......

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