By the way, this appears to be a reboot of the theory of "race suicide" from the early 20th century. W.S. Wallace claimed that immigrants caused native-born people to work harder and have fewer kids, this negating the effect of immigration on population.
But note that Wallace argued that immigration lowers fertility by making people work HARDER! Carney argues that immigration lowers fertility by REDUCING work.
Remember, the only thing that matters to the anti-immigration people is the policy conclusion: Brown Men Bad.
Here's U.S. fertility rates since 1980
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2/Inflation is low. So why are Summers and a couple other people (like Olivier Blanchard) warning that government borrowing and spending could lead to rampant inflation?
Heck, the spending they're scared about is smaller than the CARES Act!
New variants are spreading, some more transmissible, some more antibody-resistant. To outrun them, we need to keep ramping up both production and distribution as quickly as possible.
1/Today's Substack post is about Biden's chances of becoming a truly transformational president -- someone who will move U.S. economic policy onto a leftward track, as Reagan once moved it onto a rightward track.
2/Political scientist Stephen Skowronek has a theory that says we're due for a "reconstructive" President who will define a new paradigm for the next few decades.
3/Like most people, I thought Biden would be an incrementalist centrist who would get little done other than restoring competence and morality to the executive branch (and that alone would have been plenty of reason to vote for him!).