Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Investing

Immigration Restrictions Prevent Mutually Beneficial Exchange

by September 22, 2023
September 22, 2023
Immigration Restrictions Prevent Mutually Beneficial Exchange

Jeffrey Miron

This article appeared on Substack on September 22, 2023.

The White House recently announced the granting of Temporary Protected Status (TPS) to Venezuelans who arrived in the US before July 31st, a special designation allowing them to stay and work for 18 months.

The announcement comes in large part as a reaction to the tens of thousands of migrants currently overwhelming New York City’s taxpayers, who have been paying $8 million a day to house asylum seekers.

The root of the problem is a provision of a 1996 immigration bill that requires asylum seekers to wait 180 days before receiving work authorization. This provision was likely meant as a deterrent to migration, but that is not happening.

Unfortunately, TPS may not resolve the problem because the current processing time for immigrant work visas is around 10 to 18 months. A real solution, changing the 1996 law, would require congressional legislation at a time when neither party is willing to touch immigration reform. The Biden administration is trying to shorten wait times for visas, but that attempt faces political and practical difficulties.

New York City Mayor Eric Adams hosts rally and delivers remarks calling for expedited work authorization for asylum seekers in New York, United States on August 31, 2023. (Photo by Selcuk Acar/​Anadolu Agency via Getty Images)

Given the choice, most asylum seekers would jump at a chance to work and would have no trouble finding jobs. The increased labor pool would be an economic boon to the city. Instead, under current policy, the immigrants that do find work illegally have to participate in an underground market subject to exploitation and abuse.

In short, we have a textbook situation where a prohibition on labor supply causes shortages, black markets, and losses for both business and labor. That New York City taxpayers have to pay millions to support these immigrants is ironic given that immigrants are normally a net fiscal gain, provided they are allowed to work.

TPS may ease the problem eventually, but more fundamental reform—legalization of more immigration—is a far better approach.

0
FacebookTwitterGoogle +Pinterest
previous post
Can Putin Survive a Settlement of the War in Ukraine?
next post
Why Website SEO Holds Significance for Your Online Presence

You may also like

Call for Papers: Cato Health Policy Workshop 2025

April 23, 2025

Tennessee Auctioneers Make a Bid for Free Speech

October 18, 2024

Introducing the Cato Handbook on Executive Orders and...

October 8, 2024

Seven Myths about Dollarization in Latin America

August 31, 2023

How the Trump Administration Can Obstruct Future Government...

January 27, 2025

Big Government Doesn’t Want You to Think about...

June 24, 2024

The Supreme Court Strikes Down Biden’s Loan‐​Forgiveness Program

June 30, 2023

Courts Decide Legal Questions About Foreign-Affairs Powers, Not...

February 6, 2024

California Forever Project Must Overcome Land-Use Restrictions

September 7, 2023

The Trump Administration’s Eggstremely Interesting Fix for High...

February 26, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved