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Jun. 17, 2021 01:50PM EST
Immigration's role in America's labor shortage
America's labor shortage crisis has been exacerbated by immigration restrictions that have reduced the number of both skilled and unskilled workers.
Between the lines: Most of the labor scarcity blame has been aimed at expanded unemployment benefits, hard-to-find child care and low wages. But there is a fourth leg to the stool.
By the numbers: Immigrant and non-immigrant visas issued during the year ended October 2020 were down by nearly five million, or 54%, from 2019.
- 572,587 fewer people received temporary or permanent worker visas (H, L, O, P, Q, J, and E) in 2020, a 44% drop from 1.3 million in 2019.
- The most significant drop-offs were for J and Q visas, for work- and study-based programs like au pairs, camp counselors and cultural exchange. Those were down 68% and 63%, respectively.
- H-visas for specialty work,temporary agricultural and non-agricultural work fell by the smallest percentage (24%).
For context: The U.S. had a 6% job opening rate in April, with the highest rates of 11.6% rate in arts, entertainment and recreation, 10.1% in leisure and hospitality, and a 9.9% rate in accommodation and food services — which combined works out to over 3.1 million unfilled jobs.
Timeline: Almost all of this decrease can be tied to Trump administration decisions to close legal immigration avenues in the pandemic's early months, while also tightening rules and enforcement of undocumented immigration.
- Freezes were put on green card applications in April, and most temporary work visas were halted in June.
- President Biden reversed the green card decision and recently let the worker visa ban lapse.
- But it will take time for the immigrant worker pool to be refilled, particularly as potential immigrants from certain countries remain blocked due to COVID-related health concerns. Moreover, many U.S. embassies and consulates continue to face massive backlogs of visa applications, often without enough resources to resume regular operations.
What they're saying: E.J. Dean, the third-generation owner of New England carnival operator Fiesta Shows, says that he's had to limit the number of rides offered this season because he's been unable to secure his typical supply of temporary workers from overseas (particularly from South Africa).
- "I'm trying to get people locally, but I've never seen things so tight," Dean explains. "It’s not even about the pay. People set up interviews and then they don't show up for them."
- Jon Baselice, VP of immigration policy at the U.S. Chamber of Commerce, adds: “COVID-related travel restrictions continue to prevent many employers from meeting their workforce needs and they are causing significant business disruptions for many companies, especially smaller seasonal businesses across the country that are dealing with acute workforce shortfalls.”
The bottom line: The U.S. economy cannot fully recover from the pandemic if employers can't find enough employees.
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Jul. 03, 2021 10:03PM EST
AOC urges U.S. Anti-Doping Agency to end Sha'Carri Richardson's suspension
Reps. Alexandria Ocasio-Cortez (D-N.Y.) and Jamie Raskin (D-Md.) sent a letter to the U.S. Anti-Doping Agency encouraging the group to rethink sprinter Sha'Carri Richardson's one-month suspension for recreational marijuana use.
What they're saying: "We urge you to reconsider the policies that led to this and other suspensions for recreational marijuana use, and to reconsider Ms. Richardson’s suspension. Please strike a blow for civil liberties and civil rights by reversing this course you are on," Ocasio-Cortez and Raskin said.
- "The ban on marijuana is a significant and unnecessary burden on athletes’ civil liberties. [The World Anti-Doping Agency] categorizes tetrahydrocannabinol (THC), the main active chemical in marijuana, as a prohibited competition substance. However, according to WADA’s own medical director, Alan Vernec, '[t]here is no evidence for cannabis use as a performance-enhancing drug.'"
- "Sports leagues have also evolved in their regulation of marijuana use by athletes. In recent years, Major League Baseball, the National Hockey League, and the National Football League have all removed penalties for marijuana use."
- "We are also concerned that the continued prohibition of marijuana while your organizations allow recreational use of alcohol and other drugs reflects anti-drug laws and policies that have historically targeted Black and Brown communities while largely condoning drug use in white communities."
"Their decision lacks any scientific basis. It's rooted solely in the systemic racism that's long driven anti-marijuana laws,"
Ocasio-Cortez said in a tweet
But, but, but: Asked about the decision on Saturday, Biden replied: "Rules are the rules," according to a White House pool report.
- "And everyone knows what the rules were going in. Whether they should remain that way is a different issue. But the rules are rules, and I was really proud of the way she responded," he added.
Catch up quick: Richardson was suspended by the USADA and disqualified from the Olympics' 100 meter race after testing positive for cannabis. The runner said she took the substance to cope with her biological mother's death, who passed just days before the Olympic trials.
- WADA claims marijuana can enhance an athlete's performance because it "reduces anxiety, allowing athletes to better perform under pressure and to alleviate stress experienced before and during competition."
Editor's note: This story has been updated.
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Jul. 08, 2021 01:26PM EST
Venture capitalists invested a record $288 billion in the first half of 2021
Venture capitalists invested $288 billion in the first half of 2021, an all-time record, per Crunchbase.
By the numbers: Venture capitalists invested $140 billion into U.S.-based startups in the first half of 2021, anall-time record, per Ernst & Young. At that pace, the 2020 total should be surpassed in a matter of days.
- Venture capitalists sold $232 billion worth of tech startups in the first half of 2021, an all-time record, according to 451 Research (a unit of S&P Global Market Intelligence).
- 410 companies went public on the Nasdaq in the first half of 2021, an all-time record, partially driven by an all-time record number of SPAC listings.
- Buyout activity in the first half of 2021 hit an all-time record, including a whopping $126 billion for North American deals in Q2 alone, per Preqin.
- Global M&A in the first half of 2021 topped $2.82 trillion, as we previously discussed, an all-time record.
All of this feeds on itself. For example, lots of VC exits lead to lots of VC deals, both because of animal spirits and structural reasons like fund recycling provisions.
- Plus, Preqin reports that there was an all-time record 5,248 private equity and venture capital funds in market at the start of July, targeting $900 billion. That would be on top of an all-time record amount of existing dry powder in PE/VC funds.
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Jul. 10, 2021 09:47PM EST
G20 leaders back global tax deal
Finance ministers from the world's 20 largest economies backed a proposal on Saturday that seeks to introduce an international tax on multinational companies and sets a global minimum tax rate of 15%, Politico reports.
Why it matters: If enacted, the reform could alter who gets to tax multinational corporations and "stop multinationals from shifting profits into tax havens," Politico reports.
What they're saying: "After many years of discussions and building on the progress made last year, we have achieved a historic agreement on a more stable and fairer international tax architecture," the finance ministers from the G20 club, who met at a summit in Venice on Saturday, wrote in a statement.
- "This is a victory for tax fairness, for social justice and for the multilateral system. But our work is not done ... I am optimistic that we will be able in that time also to reach a consensus among all European Union Member States on this crucial issue," said Paolo Gentiloni, the European commissioner for the economy, per Politico.
- Some EU countries, such as Hungary, remain opposed to the deal.
What's next: Final approval of the deal is not expected until the G20 leaders' meeting in Rome in October, and some details still need to be worked out before then.
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