U.S. economy faces disaster if migrants are not hired

The U.S. economy could face catastrophe if the shortage of working-age population is not solved by attracting migrants to work. That was the view expressed Tuesday by Labor Secretary Martin Walsh in an interview with CNBC.

“We talk about our concerns about the recession, we talk about inflation. I think we’re going to face an even bigger disaster if we don’t attract more workers to us with immigration,” he said.

According to the minister, both parties are trying to “shut down migration,” even though the country needs immigrants. To do that, Walsh pointed out, there needs to be a “bipartisan solution.”

“Everywhere I’ve been in the country, where I’ve talked to big businessmen, small businessmen, they all say we need immigration reform. We need complete immigration reform. They want to create a way to get citizenship in our country, and they want to create better ways to get visas,” the head of the U.S. Department of Labor added.

According to the channel, the U.S. is concerned about the demographics of the working-age population. Thus, in the next few years, the generation of 1950-1960’s (“baby boomers”) will retire, in addition, by 2025, there will be a peak in the number of high school graduates who are likely to go to university. As a result of these factors, the “overall size of the labor pool” will shrink, the channel notes.

U.S. President Joe Biden said in an interview with CNN that a recession in the U.S. economy is possible, but he does not expect it. According to him, predictions about a recession in the U.S. economy “are heard every six months.