Homepage / Currency / Trump's immigration policies are 'economic poison' that will cost taxpayers billions
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election


Trump's immigration policies are 'economic poison' that will cost taxpayers billions

As two American citizens – one an immigrant, the other a child of immigrants – who have dedicated our careers to fighting for American workers, we believe President Trump’s immigration policies aren’t just morally wrong, they’re economic poison.

Take, for example, the story of Marvin Flores. Marvin is a bricklayer who has lived and worked in the United States legally for nearly 20 years. He has three children, all U.S. citizens by birth who don’t speak Spanish, the language of his native country, El Salvador. He has a mortgage here and pays taxes, including Social Security taxes, even though he is ineligible to collect those benefits. And he’s a union organizer, fighting for better wages and benefits for his brothers and sisters in labor.

Marvin is also one of over 300,000 migrants from ten countries living in the United States under Temporary Protected Status (TPS).

So when Trump began announcing the end of TPS, first for the thousands of Nicaraguans and tens of thousands of Haitians who gained protected status after natural disasters devastated their countries—and most recently for 200,000 Salvadorans—it was more than cruel. He also lit the fuse for an economic catastrophe.

When you add the uncertainty created by Republicans over the DREAM Act, which would protect Dreamers from deportation, the problem gets considerably worse. More than 97 percent of DACA recipients are in school or in the workforce.

Our construction industry will be especially hard hit. The National Immigration Forum estimates that 23 percent of male TPS holders work in construction, as do about ten percent of DACA recipients. By telling these workers they have to leave the country, Trump is single-handedly threatening 100,000 American construction jobs. These are highly skilled craft-workers, often with decades of training and experience.

Our construction industry is already in the midst of a labor shortage. Companies can’t afford to lose skilled workers. So Trump’s policies aren’t just inhumane, they’re also economically unsound.

And the economic havoc of ending DACA and TPS only gets worse as you consider all the other sectors in which these immigrant families work, such as foodservices, landscaping, transportation, retail, and health services.

And then there’s the sheer cost of deportation.

A report from the Immigrant Legal Resource Center found that deporting all Salvadoran, Honduran and Haitian TPS holders would cost taxpayers $3.1 billion, result in a $6.9 billion reduction to Social Security and Medicare contributions, and lead to a $45.2 billion reduction in GDP over a decade. The CATO Institute – a conservative think tank – estimates that ending DACA would cost our economy another $200 billion.

If Republicans follow Trump down this path, they’re making a grave mistake. With the uncertain future of DACA and the systematic dismantling of TPS, Trump is both destabilizing the American labor market and exacerbating the humanitarian crises that TPS was intended to mitigate.

Democrats are committed to protecting these workers and their families. There’s no reason why our lawmakers can’t come together to oppose Trump’s heartless and misguided policies and find a solution that fixes our broken immigration system. We can do it without hurting our economy and the families who strengthen it every day.

Commentary by James Boland and Tom Perez. Boland is president of the International Union of Bricklayers & Allied Craftworkers. He immigrated to the U.S. from Ireland in 1970. Perez is chair of the Democratic National Committee (DNC) and served as Secretary of Labor under President Barack Obama. His parents immigrated to the U.S. from the Dominican Republic.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.

Source: cnbc economy
Trump's immigration policies are 'economic poison' that will cost taxpayers billions

Comments are closed.