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We wade into the heated debate over immigrants' impact on the labor market. When the number of workers in a city increases, does that take away jobs from the people who already live and work there? Does a surge of immigration hurt their wages?
The debate within the field of economics often centers on Nobel-prize winner David Card's ground-breaking paper, "The Impact of the Mariel Boatlift on the Miami Labor Market." Today on the show: the fight over that paper, and what it tells us about the debate over immigration.
More Listening:
- When The Boats Arrive
- The Men on the Roof
This episode was hosted by Amanda Aronczyk and Jeff Guo. It was produced by Willa Rubin, edited by Annie Brown, and engineered by Valentina Rodríguez Sánchez. Fact-checking by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money in Apple Podcasts or at plus.npr.org/planetmoney.
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The stock market took another step lower Friday, as Treasury yields continued to rise to levels not seen in over a decade.
Today's drop brought the Dow below the important 30,000 mark and this close to bear-market territory, which is defined as a 20% drop from the most recent high (or its Jan. 3 peak at 36,585.06, in this case). The blue-chip index is the only one of its major market peers to have not crossed that threshold (the Nasdaq, remember, entered a bear market on March 7, and the S&P 500 on June 13).
SEE MORE 10 Dividend Growth Stocks Delivering Impressive Increases
"Financial markets are now fully absorbing the Fed's harsh message that there will be no retreat from the inflation fight," says Douglas Porter, chief economist at BMO Capital Markets. "The steep back-up in global rates further bludgeoned stocks, resource prices, and commodity currencies this week, given mounting recession odds," he added.
While yields on government bonds came off their earlier highs, they are still hovering at levels not seen in over 10 years (2011 for the 10-year note and 2007 for the two-year). Specifically, the 10-year Treasury yield hit a session peak of 3.829% before settling at 3.695%, while the 2-year Treasury yield climbed as high as 4.27% before ending at 4.201%.
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As for the equities marke
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