President Joe Biden’s executive order will tighten asylum restrictions. It could also impact labor markets and ease supply chain pressure at U.S.-Mexico…
President Biden's new executive order tightening asylum limits at the U.S.-Mexico border could mildly dent growth in the U.S. labor market, but may also help unclog supply chain bottlenecks at the border.
Currently, the average number of encounters with migrants is roughly 4,000 per day, Department of Homeland Security officials told NBC News. "This is a modest move as far as immigration changes go, so I think it would have only a small effect on job growth and economic expansion," said Ernie Tedeschi, economics director at Yale University's Budget Lab. Tedeschi formerly served as chief economist at the White House Council of Economic Advisors.
So far, experts say the short-term economic impacts will be relatively small-scale. Specifically, the new asylum limits could put a gentle dent in U.S. labor market growth. But they might also help unclog supply chain bottlenecks at the border and streamlineIf the new border measure bruises the economy at all, experts say the pain point will likely present in the labor market.
"A steady influx of immigrants is critical to ensuring the U.S. labor force can continue to grow," said Brookings Institution economist Tara Watson."Immigration has an ambiguous effect on inflation, since immigrants expand supply but also bring added demand as well," Tedeschi explained.Aerial view of trucks lining up near the border fence to cross to the United States at Otay Commercial port of entry in Tijuana, Baja California state, Mexico, on December 10, 2019.
Biden's executive order could help clear some of these supply chain bottlenecks. By placing limits on the number of migrant crossings, CBP agents would have more time to facilitate faster shipping with Mexico.Despite some of the potential economic silver linings of Biden's border policy, Pacheco said the best border policy for the economy and the labor force would be one that provides a long-term fix to the nation's"broken immigration and visa system.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden hosts Romanian leader at the White House to celebrate NATO partnershipPresident Joe Biden has hosted Klaus Iohannis, the president of Romania, at the White House
Read more »
Biden hosts Romanian leader at the White House to celebrate NATO partnershipPresident Joe Biden has hosted Klaus Iohannis, the president of Romania, at the White House.
Read more »
Biden hosts Romanian leader at the White House to celebrate NATO partnershipPresident Joe Biden has hosted Klaus Iohannis, the president of Romania, at the White House.
Read more »
New poll has Trump ahead of Biden in 5 of 6 swing statesNew polling shows President Joe Biden trailing former President Donald Trump in multiple key battleground states.
Read more »
Biden and Trump, trading barbs, agree to 2 presidential debates, in June and SeptemberPresident Joe Biden and former President Donald Trump on Wednesday agreed to hold two campaign debates
Read more »
Voters Want RFK Jr. in Presidential Debate, Poll FindsPresident Joe Biden and former President Donald Trump have agreed to a pair of debates.
Read more »