Is Immigration Bad for America?

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 March 23, 2026 — Immigration is perhaps the most incendiary issue these days, especially in the US. Is immigration bad for the economy, as many people apparently believe?

  1. Jobs

Its opponents worry that immigrants compete with US citizens for jobs, housing, and so forth.  What that instinct misses is that those coming from abroad add to the supply side of the equation at the same time that they add to demand.  Take housing.  Lots of immigrants work in construction.   They make up about one third of workers in the construction trades (32.5%), and more in the trades most relevant for home building, such as plasterers and stucco masons (61%), drywall/ceiling tile installers (61%), roofers (52%), painters (51%), carpet/floor/tile installers (45%).  Hence, they contribute to the supply of housing more than to demand, relative to the rest of the population. read more

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Usury laws and Trump’s proposed cap on credit card interest rates

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Feb. 19, 2026  — Donald Trump, at Davos in January, proposed putting a 10 % cap on the interest rates that banks can charge on credit cards, a position favored by many Democrats, including progressives like Bernie Sanders.  Is it possible that this is an issue where his rhetoric about helping the little guy might be warranted by his actions, unlike with most of his policies?

So-called usury laws have a long history. Each of the three major monotheistic religions has restrictions on usury.  In 1641, the Massachusetts Bay Colony set the maximum legal interest rate that could be charged on a loan at 8%.  Moreover, populist politicians like attacking heartless banks. Most US states already have ceilings on the credit card interest rate.  (The Trump proposal is to tighten that limit, at the federal level.) read more

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Caligula Reincarnated

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February 6, 2026 — Each time we think we have exhausted the question of what explains the crazy things that Donald Trump says and does, he comes out with something even crazier, which sends us back to the puzzle anew.

The first conclusion, popular during Trump’s first presidency, was that his assertions were never meant to be taken literally.  But as he has followed through on a growing number of threats, from seeking revenge against political opponents to attacking Venezuela and kidnapping its president, this explanation has lost plausibility. read more

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