**Illegal Immigration's a Real Problem

Housekeeping: Happy Labor Day. Title topic starts 14 seconds in.

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Intro:

In recording for this week’s NFP, Morgan Stanley made reference to an Atlanta Fed report on immigrant workforce participation.¹

The immigration topic had been top of mind for some time, and some things needed to be said. The US workforce data masks a much bigger problem with no signs of stopping even if the immigration does.

Contents:

1. Immigrant Workforce Participation: A Shifting Trend

2. A Permanent Welfare State?

3. Workforce Participation Trends: The Red Line

4. The Changing American Dream

5. New Expectations and Political Promises

6. A Growing Culture Clash

7. A Disturbing Trend Among Younger Generations

8. The Impact of a Failing Educational System

9. The Rise of a Lumpenproletariat Class

10. Politicians Are Missing the Mark

Transcript also attached