The Washington Post has an opinion on the economic effects of migration.
It’s interesting in that migration is–and will continue to be–a hot-button topic in this election year. Much of the rhetoric will not be rational, as evidenced by the fear-mongering tone of TV ads of the recent race for the House to replace disgraced congressman George Santos.
The political operatives would have you believe that hordes of ravening aliens are descending on our homes to create havoc. That’s good and scary. (Boo!) But it’s not really an accurate portrayal. As the Post points out, despite the huge logistical challenges and humanitarian issues, the longer-term outlook of the surge in immigration could generate as much as $7 trillion to the economy.
How does this affect the toy industry? Well much of the surge is from younger, working age families, and the influx of these people may go a ways to combat an aging population. As these new arrivals get settled and established and have families, we can assume that to some extent they will become assimilated into our culture…and buy toys. It’s one potential answer to the issue of declining birthrates in the country as a whole.
This is not particularly original to the Post, though apt. Various other observers of the current geopolitical situation have been saying for a while. In the U.S. and other developed countries, birthrates have declined steadily for at least a decade and may now be below the replacement threshold. Immigration can, to some extent, solve this, with younger people coming into the economy who will help to shore up a shrinking workforce.
Of course, success in this all depends on forward-thinking policies. Those may not be forthcoming in an election year where, as noted, fear mongering is the mode du jour, even when it doesn’t work. Still, welcoming people seeking a better life–and who are eager to work for it–would be a better policy…and one that’s potentially good for our business, too.
What do you think?
