Janet Yellen: Immigration Growth Rate
on Wednesday, June 7, 2017Janet Yellen Money Quote saying the growth of the labor force helps the economy to grow, so when immigration declines, so does economic growth. Janet Yellen said:
“Our economy has been growing at a slow pace. Immigration has been an important source of labor-force growth. So slowing the pace of immigration probably would slow the growth rate of the economy” — Janet Yellen
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In this quote, former Federal Reserve Chair Janet Yellen is explaining the economic impacts of reducing immigration levels. She notes that the U.S. economy has been growing slowly in recent years. Yellen then states that immigration has served as “an important source of labor-force growth,” meaning it has helped the workforce expand by adding new immigrant workers.
She goes on to say that “slowing the pace of immigration probably would slow the growth rate of the economy.” In essence, Yellen is arguing that cutting back on immigration would likely cause the overall economy to grow at an even slower pace by diminishing the supply of new workers entering the labor market and contributing to economic activity. Her assessment is that immigration is helping boost sluggish growth.