Sorry, Trump, America Can't Be Great Again

3/3/2016 - Professor of Economics Giovanni Peri in Politico.

On both the right and left ends of the spectrum this has become the season of the fiery populists, with their ability to play to people’s frustrations. Donald Trump offers a restoration, Bernie Sanders a revolution, but both candidates suggest a return to a far better place in America. The majority of economic wisdom out there suggests these are false hopes: The most we can expect for the foreseeable future is incremental change, and we ought to get used to it—starting with a reality check on the campaign trail.

At the request of Bloomberg News, economist Giovanni Peri of the University of California at Davis recently calculated that increasing the GDP growth rate from 2.5 percent to 4 percent, without raising the rate of productivity growth, would require tripling the flow of legal immigrants to the U.S. And in the present political environment that is clearly not going to happen.

Read the full story in Politico.