TREND MACROLYTICS

A low fertility rate means fewer young adults entering the workforce to replace retirees, leading to labor shortages-unless immigration makes up the difference. In a recent analysis published in these pages, TrendMacro CEO Donald Luskin estimated that foreign-born people represent 80% of the adult-population increase in the U.S. since July 2022 and account for 71% of the 2.5 million new jobs. Without these workers, he estimated, the economy would have grown "less than a third as much as it actually has."... Why doesn't he get credit for strong growth? In part because he can't defend his immigration policies... "No investor can afford to ignore macro... unfortunately, most macroeconomics is useless nonsense." Donald Luskin Chief Investment Officer If the Global Financial Crisis and its aftermath have taught investors anything, it is that every security, every market, every country is profoundly interconnected by powerful macroeconomic forces. Yet typical economic analysis failed to..

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