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Housing and pay diverged because we opened the border in the middle of the last century: supply for labor went way up along with demand for housing and other es
by pinephoneguy 5y ago
Housing and pay diverged because we opened the border in the middle of the last century: supply for labor went way up along with demand for housing and other essential services. Combine that with some poor decisions by the Fed and you have high inflation with low wages. I don't know why you think immigration would have any other effect, the results have been extremely clear if you look at historical data.
- n8ta 5y ago1,041,570 people became legal permanent residents in 1910 and 1,031,765 did the same in 2019. What are you talking about 'flood gates' ? https://en.wikipedia.org/wiki/Immigration_to_the_United_States https://en.wikipedia.org/wiki/Immigration_to_the_United_Stat...
- pinephoneguy 5y agoYes, note how the immigration diverges from the domestic population growth in the late 60s, the same time house price growth diverges from wage growth. >What are you talking about 'flood gates' ? You tell me, I didn't write that.