New Fed report proves Milton Friedman and Joe Biden understood something vital about immigration—and explains why growth may sputter under Trump

The Trump Administration’s mission to severely curb unauthorized immigration was both highly successful and politically popular. Yet a new research paper from the Federal Reserve Bank of San Francisco found that the huge influx of foreigners under President Biden’s open border policy had the beneficial role of increasing the labor force, especially in fields where the U.S. sorely needed workers, notably in manufacturing and construction. The study further concludes that current crackdown has reduced...