James Keys and Tunde Ogunlana react to a surprising study from the Cato Institute, the well-known libertarian think tank, which demonstrates that over the last 30 years, immigrants (counting both legal and illegal) have contributed trillions more in taxes to federal, state, and local governments than they received back in benefits.  The guys also discuss how immigrants have been and remain an effective way to continually infuse youth into a society grow economic output and avoid economic contraction due to population aging.

Cato Study: Immigrants Reduced Deficits by $14.5 Trillion Since 1994 (Cato Institute)

Europe’s population crisis could shave 4% off its GDP by 2040, Morgan Stanley warns, and the options to solve it aren’t good (Fortune)