Immigration

TESTIMONY -- Immigration and our economy. Madeline Zavodny: "Immigration overall does not have any adverse effect on employment among U.S. natives, and highly educated immigrants actually have a positive effect on natives employment." From the AEI archives. Kevin Hassett (2013): If the U.S. doubled its total immigration and prioritized bringing in new workers, it could add more than half a percentage point a year to expected GDP growth. Madeline Zavodny (2013): An additional 100 immigrants with advanced degrees regardless of field or where they obtained their degreesis associated with an additional 44 jobs among US natives.

Economy
NEW STUDY -- State spending limits don't work. Ben Zycher: "30 states have enacted formal limitations on taxes, budgets, or outlays as tools with which to strengthen fiscal discipline . . . the empirical finding reported here is simple and powerful: [they] are not effective." A good jobs report should worry Obama. Kevin Hassett: "The sequester is not crushing the economy. In addition to making the administrations apocalyptic rhetoric look foolish, there was another bit of bad news for the Obama administration in the data..." How the online sales tax got through the Senate. Tim Carney: "Once Wal-Mart and Amazon join hands, pro-business Republicans were happy to support legislation leading to higher taxes." Inflation not our biggest concern. Steve Conover: "For some strange reason [Republicans] are wrongly giving fear of money printing a higher priority than the growth debate." Do Keynesians care about the future? Jim Pethokoukis: "[Niall] Ferguson casually suggested that John Maynard Keyness advocacy of running big budget deficits during downturns evidenced comp lete disregard for the future." The changing tune of austerity (and why 2023 could bring an encore). Abby McCloskey: "Lets hope the Administration and Congress undertake tax and entitlement reform before its too late." *** Highlights from AEIs Annual Dinner on Wednesday. Rep. Paul Ryan (R-WI): "The progressive state offers a sense of security. But its a false sense of security because government cant keep all its promises. . . . We have to explain that conservatism is about more than the economy. Its also about our culture. Its about the kind of country we want to be. Its about the kind of life we want to share . . . . We have failed to communicate this vision to those who have never heard of it." ***

Finance

NEW STUDY -- Dodd-Frank harms community banks. Tanya Marsh and Joseph Norman: "Credit and banking services will be eliminated or become more expensive for small businesses, those living in rural communities, and millions of American consumers and businesses." Dont just take their word for it. (Event video) Representative Barr (R-KY): "Character lending no longer has a place in community banking." Cam Fine (ICBA): "There are 1200 counties where the only financial services provider is a community bank." Peter Wallison (AEI): "The policies that Washington is following in order to prevent the larger banks from failing may be causing many of the smallest banks to withdraw services." Too-big-to-fail spreads to insurance. Peter Wallison: "Most of the folks who are busy denouncing TBTF voted for the Dodd-Frank Act, which in effect authorizes . . . federal regulators to create new TBTF firms."

Energy
Richer and safer. Stan Veuger and Jason Rugolo: Selling American natural gasnot only makes the U.S. better off financially, but also strengthens a crucial alliance between the U.S. and an important ally. Should the US export natural gas? (Event video and resources) Indian Ambassador Nirupama Rao: "There is a clear benefit for India if exports of US natural gas are permitted." US oil output surges to highest level in 21 years. Mark Perry: "Welcome to Americas shale energy revolution."

International Economics
Fromans nomination is the first step in a big agenda. Claude Barfield: "The Obama administration has embarked upon the most ambitious trade policy agenda undertaken by an administration in two decades." Austerity breeds populism. Des Lachman: "Last weeks very strong showing by the populist UK Independence Party (UKIP) in the UKs local elections s hould serve as yet another wake-up call." Keeping Japan up at night. Des Lachman: "Who will be buying the Japanese government bonds that will be needed both to finance Japan's large budget deficit?"

Mark Your Calendar

5.10 Treasury releases its monthly account of the government deficit 5.13 AEI Event: Shadow Financial Regulatory Committee announcing policy on Basel III, SEC disclosure, swap trading, and too big to fail, Peter Wallison 5.15 AEI Event: What should be done with Fannie and Freddie? Peter Wallison, Alex Pollock 5.15 AEI Event: Game changer: Japan and the Trans-Pacific Partnership Agreement, Japanese Ambassador Kenichiro Sasae, Claude Barfield, Michael Auslin 5.15 Eurozone GDP figures released 5.16 US CPI data released

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