Top Economist, Trump'ın Göç Politikalarının Amerikan İşçilerine Zarar Verdiği Uyarısında Bulundu: "Ekonominin Tamamen Darmadağın Olmamasının Tek Nedeni..."

Top Economist Warns Trump’s Immigration Policies Are Hurting American Workers: ‘Only Reason Economy Isn’t in Complete Shambles Is...’

Namrata Sen

Wed, August 19, 2026 at 1:00 AM GMT+3 5 min read

JPM -1.65%

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Mark Zandi, chief economist at Moody's, attributes President Donald Trump's immigration policies to a high unemployment rate among American workers. He also blamed the administration for other supply-side policy shocks.

Zandi observed a drop in foreign-born unemployment to a level below that of native-born Americans in October 2025. The economist told Fortune that he expects a policy shift regarding immigration in the future. However, he cautions about immediate stagflationary impacts on the labor market, predicting price increases without corresponding output growth.

Don't Miss:

A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why
Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast

"The supply-side stagflationary shock of tariffs does the same thing," Zandi said. He added that the economy is facing three major policy-driven supply shocks that are slowing growth and raising inflation, citing the war in Iran as another supply shock.

"The only reason why the economy isn't in complete shambles is because of AI," he said.

Zandi attributes the rise in native-born unemployment to a general decrease in labour demand. He suggests that if U.S.-born workers now make up a larger portion of the labor force, they will be more affected by demand fluctuations. He also emphasizes the lack of skills and knowledge of jobs traditionally held by immigrants among native-born workers.

"These jobs are typically ones that are very difficult, very arduous jobs that require a lot of physical hardship, and the native-born workers just haven't done these jobs for quite some time and are in no mood to take them now—certainly not at these wages," Zandi told Fortune.

Farm Labor Shortage Risks Food Prices

The U.S. unemployment rate fell to 4.1% in July even as employers shed 23,000 jobs. The labor force participation rate fell to 61.4% in July, its lowest level since February 2021. This means the unemployment rate improved not because more Americans found jobs, but partly because fewer people were working or actively looking for work.

Zandi's remarks echoed the Labor Department's earlier warning, according to which the Trump administration's immigration crackdown could worsen farmworker shortages, disrupt U.S. agriculture and lead to food shortages and higher prices.

The Labor Department said U.S. workers are unlikely to replace foreign farm labor due to the physically demanding work and harsh conditions. Foreign-born workers account for about 38% of farming, fishing and forestry jobs, while 42% of crop workers could be unavailable amid the immigration crackdown.

Wage Gains Still Lag Economic Growth

Economist Mihir Torsekar argued that the U.S. affordability crisis is less about high prices and more about stagnant wages, with worker pay failing to keep pace with economic growth and corporate profitability for decades. While real average hourly earnings rose 1.4% from February 2025 to February 2026, he argues the increase remains modest relative to the broader economic gap, leaving many households financially stretched and increasingly reliant on high-interest credit.

Meanwhile, the White House argues Trump's immigration policies are boosting American wages, particularly in construction, manufacturing and transportation. New York Fed data offers some support, noting strong wage growth in construction and mining, driven partly by AI data-center demand and policy changes.

Image via Shutterstock

Read Next: Think you're saving enough for your kids? You might be dangerously off — see why

Building Wealth Across More Than Just the Market

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.

Arrived

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Realberry

Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

Mode Mobile

Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.

EquityMultiple

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.