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...why does the U.S. need more workers in the first place? With real wages being largely stagnant over the last four decades, who is producing what for whom?
The US, like most other developed countries, needs a constant influx of workers because the population is getting older on average. Boomers will soon be completely out of the labor market, and the smaller, younger generations will not be able to sustain the economy and society without extra hands.
Good summary.
It's times like this that I just want to stare at the Statue of Liberty in New York harbor, and just contemplate what kind of policy changes could possibly solve our upcoming labor shortage?
If only Lady Liberty could speak, she might have some ideas. I guess I will never know.
/s
Edit: I'm also a big fan of higher wages. And I suspect US immigration levels won't bounce back quite as high with a ploicy change, after years of racism in our news. We're going to feel that consequence pretty strongly, I suspect.
Good. Sustaining an economy that exploits and disenfranchises the majority, or even a significant minority, is indefensible.
It's mainly because of the infinite growth paradigm outpacing the rate of population growth. If only investors had realistic goals, we could avoid all this.