Questing for Atlantis

If studies from both the Cato Institute and the Center for American Progress weren’t enough to convince people that increasing immigration is a net boon to the economy, then perhaps the third time will be the charm.

From Newsweek:

While immigrants are blamed for dragging down American wages and stealing jobs, University of California, Davis, economist Giovanni Peri comes to a different conclusion. In a National Bureau of Economic Research working paper, Peri trowels through nearly five decades of immigration data and finds that foreign workers have boosted the economy, jacking up average income without crowding out American laborers. For each percentage of the workforce that is foreign-born, he found an almost 0.5 percent bump in average wages. In California, where the percentage of immigrants in the workforce has jumped more than 25 points since 1960, that means an almost 13 percent bonus—roughly $8,000. Immigrants, Peri says, push native-born workers into better-paying positions, expanding the size of the job pie so unskilled Americans aren’t left out.

H/T: Greg Siskind