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

Intro:

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

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:

* Immigrant Workforce Participation: A Shifting Trend

* A Permanent Welfare State?

* Workforce Participation Trends: The Red Line

* The Changing American Dream

* New Expectations and Political Promises

* A Growing Culture Clash

* A Disturbing Trend Among Younger Generations

* The Impact of a Failing Educational System

* The Rise of a Lumpenproletariat Class

* Politicians Are Missing the Mark

Transcript also attached