Unemployment Crisis: Greenspan ignores Immigration Impact
Print Friendly and PDF
Former Federal Reserve Chairman Alan Greenspan has got himself a lot of attention (333 Google News entries as I write) by giving an interview to ABC’s George Stephanopoulos predicting worse unemployment data - and offering no solution:

Greenspan told the ABC program "This Week" that ...a "pretty awful" September employment report released Friday showed the jobless rate continued to climb. A slowing or halt in job losses is different from reversing the rise in unemployment, Greenspan noted, adding that the nation's unemployment rate — currently 9.8 percent — is "going to penetrate the 10 percent barrier before heading down."... However, Greenspan said it was too soon to consider another economic stimulus package or other major spending plan

Greenspan predicts economic growth to hit 3 percent or higher CNNPolitics.com October 4, 2009

The blog Old Atlantic Lighthouse, however, does have a solution: To Greenspan: stop immigration is the answer

"Greenspan: But remember that unless there is a monthly increase of more than 100,000 a month, you’ve still got the unemployment rate continuing to rise". Greenspan sees unemployment going up. But he still advocates continued legal immigration. That’s why the unemployment rate rises if 50,000 jobs are created a month, plus fertility of Hispanics already here.

OAL then presents one of its trademark briefing books demonstrating that Greenspan has always been dogmatically pro open borders - and hypothesizes as to why.

One does not have to accept all of this to agree that Old Atlantic Lighthouse is in the first instance quite right: in the midst of the biggest slump in employment since the Depression, why isn’t the pace of immigration being mentioned? Why not a moratorium?

Print Friendly and PDF