Trump's immigration policies, including the deportation of approximately 750 immigrants daily, are predicted to raise inflation from 2.5% to almost 4%. Moody's chief economist Mark Zandi attributes this to declining foreign-born labor and stagnation in the overall workforce. The Labor Department reported a notable rise in the producer price index, due in part to increased costs for services. The White House contests that these deportations are harming the economy, focusing on initiatives to activate young Americans in the labor force.
Moody's chief economist Mark Zandi predicts that if Trump continues deporting immigrants at the current rate, inflation could rise from 2.5% to nearly 4% by next year.
Zandi links the decline in the foreign-born labor force and stagnation of the overall labor force since the beginning of the year to rising costs and inflation.
The Labor Department reported a significant rise in the producer price index (PPI), which increased by 0.9% from June to July, indicating notable inflationary pressures.
The White House resists the view that Trump's deportations are causing inflation, emphasizing efforts to engage young Americans and protect the domestic workforce.
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