Trump's RAISE Act Immigration Bill

As I reported here the other day, the White House has endorsed an immigration reform bill by Sens. Cotton and Perdue, known as the RAISE Act. The bill seems to be already drawing both support and fierce opposition. CNN White House correspondent Jim Acosta was so upset about the Trump administration’s endorsement of the bill that he picked a fight with Trump’s senior policy adviser Stephen Miller during the latter’s press conference.

Prevailing Truths

According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high.  So what is driving the real GDP growth?  In my opinion, the rise in real GDP is an illusion produced by the under-measurement of inflation.