WEBVTT - Bloomberg Wall Street Week - October 18th, 2024 0:00:13.080 --> 0:00:16.280 This is Wall Street Week. I'm David Weston bringing you 0:00:16.560 --> 0:00:20.560 stories of capitalism this week, the risks and rewards of 0:00:20.640 --> 0:00:23.279 nuclear energy at a time when we need all the 0:00:23.400 --> 0:00:27.960 power we can get, plus immigration and economic realities. How 0:00:28.000 --> 0:00:31.400 a glass factory in Fargo, North Dakota is filling the 0:00:31.400 --> 0:00:34.760 demand for labor. But we begin with the story about 0:00:34.880 --> 0:00:38.839 big global problems and about finding the money we need 0:00:39.200 --> 0:00:41.760 to solve them. 0:00:41.840 --> 0:00:45.840 So our aspirations are limitless, driving our work to deliver 0:00:45.920 --> 0:00:50.680 a better bank because eventually we will need a bigger bank. 0:00:51.040 --> 0:00:54.400 That's a Jay Banga, former CEO of MasterCard and current 0:00:54.440 --> 0:00:58.040 President of the World Bank, speaking in Morocco a year ago, 0:00:58.280 --> 0:01:01.520 just a few months after taking the top job. But 0:01:01.640 --> 0:01:04.440 what is a better World Bank and what does a 0:01:04.520 --> 0:01:07.440 bigger World Bank look like? To answer that, we need 0:01:07.480 --> 0:01:09.319 to go all the way back to the end of 0:01:09.360 --> 0:01:10.800 the Second World War. 0:01:11.280 --> 0:01:15.440 About eighty years ago, when the Bretonwoods Meeting took place. 0:01:15.800 --> 0:01:20.480 There was this important emphasis on helping to restructure and 0:01:20.640 --> 0:01:24.440 recreate the destruction that was done after the World War Two, 0:01:24.959 --> 0:01:28.000 and there was this emphasis on how do we go forward? 0:01:28.319 --> 0:01:31.360 So a number of multilaterals were created then and since 0:01:31.440 --> 0:01:34.839 then many more have come into existence all over the world, 0:01:35.200 --> 0:01:38.360 and their job was really to take capital that was 0:01:38.560 --> 0:01:44.120 generated from governments and turn that into a leverage form 0:01:44.160 --> 0:01:46.880 of capital to give that out to different entities. 0:01:47.120 --> 0:01:49.680 The various institutions have morphed a lot. 0:01:50.040 --> 0:01:54.240 So for example, the World Bank was created to help 0:01:54.280 --> 0:01:56.800 with the reconstruction of Japan and Europe, and now it's 0:01:56.840 --> 0:02:01.800 been working for many, many years on on helping emerging 0:02:01.840 --> 0:02:05.280 markets and developing countries, which covers a lot of very 0:02:05.320 --> 0:02:09.040 different countries with very different economic structures and systems and 0:02:09.520 --> 0:02:10.280 income levels. 0:02:10.400 --> 0:02:13.280 Asni Beschloss is the CEO and founder of Rock Creek 0:02:13.480 --> 0:02:16.240 and worked at the World Bank, including as treasurer and 0:02:16.320 --> 0:02:20.359 Chief Investment Officer in the eighties and nineties, she's witnessed 0:02:20.400 --> 0:02:23.760 firsthand the evolution of the Bank into what it is today. 0:02:24.680 --> 0:02:28.520 Obviously, emerging markets cover all the way from China, which 0:02:28.680 --> 0:02:32.280 is a huge economy, to small countries. 0:02:32.000 --> 0:02:33.800 Like Peru or Sierra Alone. 0:02:34.080 --> 0:02:39.240 You know, so fasts with very very different economics, populations, 0:02:39.320 --> 0:02:44.000 education levels, culture, et cetera. So what you mean by 0:02:44.000 --> 0:02:50.640 development is really bringing education, health, other social sector development 0:02:51.400 --> 0:02:55.120 needs to these countries, but also helping build their bridges, 0:02:55.240 --> 0:03:02.840 their dams, their clean energy, infrastructure and communications, and also 0:03:02.880 --> 0:03:06.200 their financial system, so you know, for example, helping to 0:03:06.200 --> 0:03:09.720 develop fintech in Latin America. So it's a very big 0:03:09.800 --> 0:03:13.160 range of things that the development institutions work with. 0:03:13.560 --> 0:03:13.720 Well. 0:03:13.760 --> 0:03:16.760 The multilateral banks, which include the World Bank, the African 0:03:16.760 --> 0:03:20.920 Development Bank, but also the International Monetary Fund, have significant 0:03:21.000 --> 0:03:25.440 financial capability to address exactly this type of debt crisis 0:03:25.840 --> 0:03:29.240 in low income economies. In fact, that's basically why they 0:03:29.240 --> 0:03:33.200 were created was to help reconstruct the world after World 0:03:33.200 --> 0:03:36.400 War Two and give developing countries a chance to grow 0:03:36.480 --> 0:03:39.640 their economies so they could become safe and productive trading 0:03:39.680 --> 0:03:43.360 partners with the United States and our allies. And so 0:03:43.800 --> 0:03:47.080 right now we believe that those institutions have to really 0:03:47.120 --> 0:03:51.760 step up their efforts to provide debt relief, to provide 0:03:51.880 --> 0:03:55.760 long term, stable and low cost capital for the public 0:03:56.040 --> 0:03:59.440 sector economies of these countries, and to actually finance the 0:03:59.440 --> 0:04:03.720 global public goods, including the fight against climate change, in 0:04:03.800 --> 0:04:06.520 economies that simply have no fiscal space to make those 0:04:06.520 --> 0:04:07.600 investments on their own. 0:04:07.880 --> 0:04:11.080 The World Bank's total disbursements have risen every year since 0:04:11.080 --> 0:04:15.360 twenty nineteen at a rate outpacing global economic growth, but 0:04:15.520 --> 0:04:18.800 that doesn't take into account repayments to the bank, and 0:04:18.920 --> 0:04:21.599 they haven't necessarily kept up with the growing needs of 0:04:21.680 --> 0:04:24.880 lower and middle income countries. If they're to get to 0:04:24.920 --> 0:04:27.839 anything as big as a j Banga is hoping for, 0:04:28.240 --> 0:04:30.760 he says, they'll need to turn to the private market. 0:04:31.080 --> 0:04:32.960 The only way this is going to work is by 0:04:33.000 --> 0:04:38.000 getting private sector capital, private sector innovation, in genuity technology 0:04:38.360 --> 0:04:41.279 that people that ambition to make return on their capital, 0:04:41.680 --> 0:04:44.640 but to come to the party where it's possible, whether 0:04:44.680 --> 0:04:45.760 it's a good business model. 0:04:46.160 --> 0:04:49.479 There are those who agree with Banga's call for private capital, 0:04:49.600 --> 0:04:52.880 among them Rod Shah, the president of the Rockefeller Foundation 0:04:53.120 --> 0:04:56.560 and former administrator of the US Agency for International Development 0:04:56.800 --> 0:04:58.240 in Barack Obama's White House. 0:04:58.760 --> 0:05:00.880 Well, to be honest, we're all always trying to attract 0:05:00.880 --> 0:05:03.159 private capital, especially from outside. 0:05:02.760 --> 0:05:03.360 Of the country. 0:05:03.480 --> 0:05:07.440 Right now, the foreign exchange environment is a very complex 0:05:07.760 --> 0:05:10.760 and risky one for countries, so we were building tools 0:05:10.800 --> 0:05:13.920 that take the risk out for those types of investors. 0:05:14.040 --> 0:05:17.360 The two biggest issues for would be investors are policy 0:05:17.360 --> 0:05:23.440 and regulatory clarity and consistency, which often also means anti 0:05:23.480 --> 0:05:27.200 corruption efforts that are serious, and then secondarily taking the 0:05:27.320 --> 0:05:31.200 risk out, especially on the foreign currency side. So for example, 0:05:31.240 --> 0:05:35.520 on the currency risk removal exercise, the World Bank is 0:05:35.560 --> 0:05:41.520 already planning to commit significant new resources to instruments that 0:05:41.600 --> 0:05:46.960 basically protect foreign investors from foreign currency exchange rate fluctuations 0:05:46.960 --> 0:05:49.839 over time, and those types of solutions are going to 0:05:49.839 --> 0:05:51.600 be absolutely critical to success. 0:05:51.880 --> 0:05:55.480 Though addressing those risks will surely help. The competition for 0:05:55.560 --> 0:05:57.720 private capital is as tough as ever. 0:05:58.400 --> 0:06:01.440 So in general, you know, if you look twenty years ago, 0:06:01.560 --> 0:06:04.560 emerging markets was the place where you would have faster growth, 0:06:04.600 --> 0:06:07.760 you would have higher returns, higher risk adjusted returns, and 0:06:07.760 --> 0:06:09.120 that's why the capital. 0:06:08.760 --> 0:06:09.360 Would go there. 0:06:10.120 --> 0:06:13.279 So if we look today, that has happened in some countries. 0:06:13.320 --> 0:06:15.640 So if you look at an India, let's say over 0:06:15.680 --> 0:06:19.279 the last ten years, equity markets ten percent up, Taiwan 0:06:19.320 --> 0:06:21.800 for obvious reasons because of being a center of innovation 0:06:21.960 --> 0:06:23.800 and chip making thirteen percent. 0:06:23.560 --> 0:06:24.640 Over the last ten years. 0:06:24.680 --> 0:06:28.200 And you have another set of forces going on which 0:06:28.279 --> 0:06:31.799 is completely changed in the last year or two, which 0:06:31.839 --> 0:06:32.679 is Ai. 0:06:33.720 --> 0:06:35.800 With ai comes huge need for. 0:06:35.760 --> 0:06:39.280 Power and data centers that need this enormous power. 0:06:39.720 --> 0:06:40.720 So the big. 0:06:42.120 --> 0:06:44.760 Job, really enough for Ajabanga and the leaders of the 0:06:44.800 --> 0:06:49.479 other multilateral banks is how do I compete to get 0:06:49.520 --> 0:06:52.640 private sector money in this kind of environment If in 0:06:52.680 --> 0:06:55.520 the past it was not proven that the returns could 0:06:55.520 --> 0:06:59.680 be the returns that weren't expected. If now there's this 0:06:59.760 --> 0:07:04.719 com petition we're sitting in Virginia, you could be investing 0:07:04.760 --> 0:07:07.839 in data centers, where there's regulation, where there's a rule 0:07:07.880 --> 0:07:11.120 of law, where there is no country risk, where there's 0:07:11.120 --> 0:07:15.200 no currency risk. I think the bank helps reduce your 0:07:15.200 --> 0:07:18.360 country risk and your repayment risks. You know, if you're 0:07:18.360 --> 0:07:21.120 aligned with the bank, and if you're investing together with 0:07:21.160 --> 0:07:24.120 the bank, you expect that you will get your capital 0:07:24.160 --> 0:07:27.600 return and the return and hopefully some other returns. The 0:07:27.680 --> 0:07:30.559 big issue there is that that is no longer enough. 0:07:31.440 --> 0:07:34.120 So if private capital is the key to achieving a 0:07:34.160 --> 0:07:38.760 bigger World Bank, how then to make it better? Specialist says, 0:07:38.840 --> 0:07:41.520 part of the problem today has been getting money into 0:07:41.520 --> 0:07:42.640 the right hands. 0:07:43.080 --> 0:07:45.360 Obviously, there's been a lot of studies on how to 0:07:45.680 --> 0:07:47.800 help generate more money. 0:07:47.560 --> 0:07:48.360 For the World Bank. 0:07:48.720 --> 0:07:52.040 But it's a really great question, David, because as we 0:07:52.120 --> 0:07:57.200 sit here today, World Bank actual disbursements in the last 0:07:57.200 --> 0:08:02.560 few years has been anything between ten billion and twenty billion. 0:08:03.440 --> 0:08:05.880 I don't think that's anywhere close to what we're just 0:08:05.920 --> 0:08:09.320 talking about, because these countries literally need trillions. So this 0:08:09.440 --> 0:08:12.000 is net dispersements after they've repaid their debt to the 0:08:12.000 --> 0:08:12.520 World Bank. 0:08:13.160 --> 0:08:14.960 So you do need a lot more. 0:08:15.280 --> 0:08:19.000 So the question is within its existing capital structure. The 0:08:19.040 --> 0:08:23.080 World Bank could be giving meant much more, but if 0:08:23.080 --> 0:08:26.040 it starts getting closer to a certain level, it does 0:08:26.160 --> 0:08:28.720 need to have more capital. So it's the chicken and 0:08:28.800 --> 0:08:32.240 egg where you do need more resources, but you need 0:08:32.280 --> 0:08:38.600 to start using your existing ability to generate loans and guarantees. 0:08:39.080 --> 0:08:42.640 One place to start could be the need for speed. Currently, 0:08:42.720 --> 0:08:45.920 dispersements take an average of twenty seven months from the 0:08:45.920 --> 0:08:48.040 time the bank gets a loan request to when the 0:08:48.080 --> 0:08:52.200 money shows up, a timeframe that Banga says is unacceptable. 0:08:52.600 --> 0:08:55.959 We tell communities to pay patiently, whether children grow well, 0:08:56.040 --> 0:08:59.720 poverty deepens will untreated illness is worse, and the warm 0:09:00.280 --> 0:09:05.040 to clean water is packed harder every step, sometimes ten 0:09:05.120 --> 0:09:09.640 years before the first benefits are felt. That is a lifetime. 0:09:11.040 --> 0:09:13.680 We have to do better. There is precious time they 0:09:13.720 --> 0:09:16.920 can save. We have the entire process in our process. 0:09:17.480 --> 0:09:19.559 You know the culture of the World Bank, having worked 0:09:19.559 --> 0:09:22.760 there in a senior role, and as they say, culture 0:09:22.800 --> 0:09:27.080 eats strategy for lunch. Yes, Ajia banker came in saying, 0:09:27.080 --> 0:09:28.719 I want to make the bank better before we make 0:09:28.760 --> 0:09:31.319 it bigger. There are those who say he has made 0:09:31.360 --> 0:09:34.319 some progress. Absolutely that he's expedited some things. It takes 0:09:34.600 --> 0:09:37.360 less time to get some things decided upon. Has it 0:09:37.440 --> 0:09:38.120 made progress. 0:09:39.080 --> 0:09:43.040 I think he definitely has made some progress. If you 0:09:43.120 --> 0:09:45.080 talk to people in the bank, you know, depends on 0:09:45.120 --> 0:09:46.800 who you talk to, you get different stories. 0:09:47.200 --> 0:09:49.119 But one of the two things. 0:09:48.880 --> 0:09:51.920 That do need to still happen is really this culture 0:09:52.000 --> 0:09:55.120 of urgency because at the end of the day, you're 0:09:55.120 --> 0:09:57.480 there to serve the countries that have these biginess. 0:09:57.480 --> 0:09:58.080 That's your job. 0:09:58.120 --> 0:10:02.840 You're thevironment, so you have to be much faster on 0:10:02.880 --> 0:10:04.120 your feet to get things done. 0:10:05.720 --> 0:10:08.520 Next on Wall Street Week, how and why North Dakota 0:10:08.640 --> 0:10:27.720 is embracing immigrants for the sake of its economy. 0:10:32.160 --> 0:10:36.400 This is Bloomberg Wall Street Week with David Weston from 0:10:36.520 --> 0:10:37.439 Bloomberg Radio. 0:10:45.520 --> 0:10:48.600 This is a story about our neighbors, who they are, 0:10:48.880 --> 0:10:54.400 whether we really know them, and why we need them. 0:10:54.559 --> 0:10:58.600 Neighbors like Anna Yore of Fargo, North Dakota. 0:11:00.840 --> 0:11:06.080 You can work in in gamel glass without no sperien, 0:11:06.880 --> 0:11:11.400 without know English, what's for. 0:11:11.400 --> 0:11:19.240 Immigrant and anyone in it job my yao, missine TECHNICIANE. 0:11:19.840 --> 0:11:24.640 I'm making spots of the window at this so you 0:11:24.760 --> 0:11:26.400 make it and then put that blaff on. 0:11:27.600 --> 0:11:30.520 You're moved from South Sudan to the city of Fargo 0:11:30.559 --> 0:11:34.040 fourteen years ago, seeking a better life. In twenty thirteen, 0:11:34.120 --> 0:11:36.680 she started working at Cardinal Glass and has been an 0:11:36.679 --> 0:11:38.240 employee there ever since. 0:11:39.080 --> 0:11:44.560 Have Minnie immigrants, we worked like a family, a friend 0:11:44.880 --> 0:11:49.440 and team work and we help, we support each other. 0:11:50.920 --> 0:11:53.520 So here in Fargo we have three hundred and forty 0:11:53.559 --> 0:11:58.400 seven teammates. About seventy percent of our team is comprised 0:11:58.440 --> 0:12:01.080 of people born outside of the UNI United States. 0:12:01.640 --> 0:12:05.319 Plant manager Mike Arnson has worked at Cardinal Glass Fargo 0:12:05.400 --> 0:12:08.920 since it opened in nineteen ninety eight. The company manufactures 0:12:08.960 --> 0:12:12.880 residential glass for windows and doors, with ten thousand employees 0:12:12.920 --> 0:12:16.800 across its forty nine locations. In Fargo alone, it employs 0:12:16.840 --> 0:12:18.760 about four hundred workers. 0:12:19.360 --> 0:12:23.640 What we want to do is attract and hire the 0:12:23.679 --> 0:12:28.240 most qualified, the best qualified teammates that we can attract, 0:12:28.360 --> 0:12:31.319 And it just so happens that a lot of those 0:12:31.360 --> 0:12:34.400 folks that we're attracting happen to be immigrants, and we're 0:12:34.400 --> 0:12:36.319 more than happy to have them here. 0:12:37.280 --> 0:12:40.400 According to the Bureau of Labor Statistics, North Dakota has 0:12:40.440 --> 0:12:44.640 the worst worker shortage in America, with only thirty workers 0:12:44.679 --> 0:12:48.319 for every one hundred available jobs. That's well below the 0:12:48.400 --> 0:12:51.760 national average of ninety five workers for every one hundred jobs. 0:12:53.160 --> 0:12:56.440 There are thirty thousand open jobs in North Dakota, and 0:12:56.720 --> 0:13:01.040 although our workforce continues to grow, if we get every 0:13:01.320 --> 0:13:04.240 high school and college graduate, every individual coming out of 0:13:04.280 --> 0:13:10.440 our correction system, every person on disability into the workforce tomorrow, 0:13:10.760 --> 0:13:13.280 we would still have thousands of open jobs. And so 0:13:13.360 --> 0:13:15.559 we really do need to be looking outside of our 0:13:15.600 --> 0:13:18.480 states borders and outside of our nation's borders to help 0:13:18.520 --> 0:13:21.280 identify how we can recruit workers to fill the jobs 0:13:21.280 --> 0:13:22.239 that we have available. 0:13:23.760 --> 0:13:27.760 Katie Rolston Howe is director of North Dakota's Workforce Division, 0:13:28.240 --> 0:13:32.800 overseeing the newly created Office of Legal Immigration. Their goal 0:13:33.400 --> 0:13:37.720 to bring together immigrants seeking employment and companies that need workers. 0:13:38.600 --> 0:13:41.560 With the political climate that we're in, immigration has become 0:13:41.600 --> 0:13:44.720 a really hot topic, and when we talk about the 0:13:44.760 --> 0:13:47.160 work that we're doing through the Office of Legal Immigration, 0:13:47.679 --> 0:13:51.280 a lot of times the conversation does go to conversations 0:13:51.320 --> 0:13:54.679 around the border or illegal immigration, and that's really not 0:13:54.720 --> 0:13:55.400 what we're doing. 0:13:56.760 --> 0:13:57.040 Really. 0:13:57.080 --> 0:14:02.040 Our focus is proactively identifying appropriate pathways and programs that 0:14:02.080 --> 0:14:04.920 we can utilize to help fill jobs in North Dakota. 0:14:05.920 --> 0:14:08.880 Employers have been responding really well. There's a ton of 0:14:09.000 --> 0:14:13.000 enthusiasm around the work that we're doing. Communities are responding 0:14:13.040 --> 0:14:15.440 well too, and so we've been able to really work 0:14:15.520 --> 0:14:17.800 with those who are already working in this space. 0:14:19.440 --> 0:14:22.720 North Dakota may be the extreme case, but its shortage 0:14:22.720 --> 0:14:26.000 of workers can be seen in various forms across the country. 0:14:26.480 --> 0:14:29.960 According to the US Chamber of Commerce, labor shortages affect 0:14:30.040 --> 0:14:34.520 just about every industry in nearly every state. Although shortages 0:14:34.560 --> 0:14:37.520 have become less significant over the past two years, the 0:14:37.640 --> 0:14:41.080 latest national data show that we still have over eight 0:14:41.240 --> 0:14:44.320 million job openings in the US and fewer than seven 0:14:44.360 --> 0:14:49.320 million people looking for those jobs. Pa Oranius is a 0:14:49.440 --> 0:14:53.360 labor economist with a Dallas Federal Reserve. Her research focuses 0:14:53.400 --> 0:14:57.040 on regional economic growth and demographic change. 0:14:57.080 --> 0:14:59.960 There are areas of the countries, especially the more rural state, 0:15:00.840 --> 0:15:02.880 where there's a great need for workers, but at the 0:15:02.960 --> 0:15:06.320 same time their populations are stagnant or declining, and so 0:15:06.400 --> 0:15:08.680 they have a tremendous need for workers, and of course, 0:15:08.720 --> 0:15:10.800 if you had a good policy, immigrants would be one 0:15:10.840 --> 0:15:13.400 of the best ways to funnel workers to those regions. 0:15:14.480 --> 0:15:17.560 As the overall size of the US workforce has grown, 0:15:17.760 --> 0:15:21.160 the proportion of immigrants in that workforce has grown as well, 0:15:21.600 --> 0:15:24.880 going from just over fifteen percent back in twenty ten 0:15:25.360 --> 0:15:29.480 to over nineteen percent today. That's some thirty three million people. 0:15:30.600 --> 0:15:33.920 The construction industry had the highest share of immigrant workers 0:15:33.920 --> 0:15:36.560 in twenty twenty two, and estimated it's three point three 0:15:36.640 --> 0:15:40.800 million people, or eleven point seven percent of all immigrant employment. 0:15:41.840 --> 0:15:44.680 In comparison, there were just over eight million native born 0:15:44.720 --> 0:15:48.040 workers in construction in twenty twenty two, representing six point 0:15:48.160 --> 0:15:50.800 two percent of all native born employment. 0:15:51.760 --> 0:15:55.320 We're in a demographic fall. We know that, slowly but surely, 0:15:55.720 --> 0:15:59.120 we're seeing the baby boomers retire, the aging of the 0:15:59.320 --> 0:16:02.400 US labor for the declining birth rates, and we know 0:16:02.520 --> 0:16:05.480 that labor shortages are not just a cyclical matter. They're 0:16:05.560 --> 0:16:08.360 actually a structural matter for the US economy. And if 0:16:08.400 --> 0:16:11.200 you look out ten years or so, we're actually looking 0:16:11.280 --> 0:16:14.040 at a point in time where the US born workforce 0:16:14.080 --> 0:16:16.920 will begin to decline. In fact, we will have no 0:16:17.040 --> 0:16:21.640 growth in the workforce without immigration. We've been very lucky 0:16:22.080 --> 0:16:25.160 in the US that immigrants have wanted to come to 0:16:25.240 --> 0:16:29.400 this country and they've contributed labor supply. In terms of 0:16:29.920 --> 0:16:33.360 their contributions to the economy. This labor supply has boosted growth. 0:16:33.960 --> 0:16:36.040 They've also tended to come in the areas of the 0:16:36.080 --> 0:16:39.840 economy where we have relative scarcity where we need workers, 0:16:40.120 --> 0:16:42.240 and so whether it's on the high skill end of 0:16:42.400 --> 0:16:45.520 the distribution or the low skill end of the distribution, 0:16:45.640 --> 0:16:50.000 we tend to bring in workers where there's fewer American workers, 0:16:50.040 --> 0:16:53.160 and so immigrants are really complementing that US labor force. 0:16:54.560 --> 0:16:58.120 This has really been key to rounding out the economy, 0:16:58.560 --> 0:17:03.520 addressing needs in different sects, and so definitely mostly sectors 0:17:03.560 --> 0:17:06.200 on more of the load to medium skilled end, because 0:17:06.240 --> 0:17:09.160 obviously it takes immigrants a while to learn the language, 0:17:09.200 --> 0:17:12.040 to get the skill set and the networks to sort 0:17:12.040 --> 0:17:15.200 of move up the job ladder in the US economy. 0:17:15.520 --> 0:17:19.000 But for now they're filling important needs in these sectors 0:17:19.000 --> 0:17:22.639 that employ recent immigrants and more the low skilled immigrants. 0:17:23.320 --> 0:17:26.600 Now looking forward, now that the economy is more imbalanced. 0:17:26.680 --> 0:17:29.560 Labor markets are more balanced, and we're really approaching a 0:17:29.640 --> 0:17:34.280 kind of a normalization after four years of a pandemic hangover. 0:17:34.840 --> 0:17:37.439 I think what we're looking to now is more of 0:17:37.520 --> 0:17:41.040 the structural factors that affect labor markets in the US 0:17:41.040 --> 0:17:44.240 and that are going to limit growth going forward. So 0:17:44.560 --> 0:17:47.200 we look at the demographics of the US labor force, 0:17:47.240 --> 0:17:49.800 We look at the retirement of the baby boomers, the 0:17:49.800 --> 0:17:52.960 aging of the workforce, the falling birth rates, and we 0:17:53.080 --> 0:17:55.600 know that in ten to fifteen years we won't have 0:17:55.680 --> 0:17:58.520 a growing US born workforce, and that really all the 0:17:58.560 --> 0:18:00.920 growth in the workforce is going to come from immigration. 0:18:01.440 --> 0:18:03.600 And that's the reality of where we are, and that's 0:18:03.640 --> 0:18:07.159 where we need to address policy in order to enable 0:18:07.480 --> 0:18:10.919 and facilitate more immigration if we want to continue to 0:18:10.960 --> 0:18:12.240 grow that labor force. 0:18:14.080 --> 0:18:17.040 The immigrant labor force has meant a steady stream of 0:18:17.080 --> 0:18:20.200 workers for the Cardinal Glass factory, but for anyone who 0:18:20.200 --> 0:18:23.720 thinks this is a local story, think again. It's also 0:18:23.800 --> 0:18:26.840 helped create real economic benefits for businesses and for the 0:18:26.840 --> 0:18:30.720 country as a whole. Economists point to immigration as one 0:18:30.760 --> 0:18:33.440 of the key factors that kept GDP and job growth 0:18:33.480 --> 0:18:35.840 strong in the wake of an aggressive fed hiking cycle. 0:18:36.160 --> 0:18:40.240 Even as inflation has cooled off around the world, other 0:18:40.320 --> 0:18:44.479 major economies haven't been so fortunate, with China, Japan, and 0:18:44.560 --> 0:18:48.000 South Korea among the countries grappling with net migration levels 0:18:48.160 --> 0:18:51.240 that are too low to counteract population declines. 0:18:51.880 --> 0:18:55.000 The reason why we've seen significant increases in labor supply 0:18:55.080 --> 0:18:58.760 and labor force participation it's legal immigration has come back 0:18:58.880 --> 0:19:01.959 after COVID and after the Trump administration, as well as 0:19:01.960 --> 0:19:04.879 more women coming into the workforce. That process of legal 0:19:04.880 --> 0:19:08.800 immigration that is now normalized, and the Biden administration prioritized, 0:19:08.840 --> 0:19:11.560 for example, working down visa backlogs and trying to get 0:19:11.600 --> 0:19:14.600 to a more normal system. I think under a Trump 0:19:14.640 --> 0:19:17.960 administration you could expect that to revert. And I think 0:19:18.000 --> 0:19:21.000 in addition to that being bad for innovation and bad 0:19:21.080 --> 0:19:26.840 for broader economic growth, it could also be quite inflationary 0:19:26.880 --> 0:19:29.080 in the short term, because what you're doing is constricting 0:19:29.119 --> 0:19:32.400 labor supply at a moment where we need more We 0:19:32.440 --> 0:19:34.960 need more workers. In the United States, our legal immigration 0:19:35.119 --> 0:19:38.920 system has been an engine for growth for decades. 0:19:39.240 --> 0:19:41.080 For a long time, North. 0:19:41.000 --> 0:19:44.400 Dakota businesses like Cardinal Glass have no doubts about how 0:19:44.400 --> 0:19:47.359 important immigrant workers are to the success of its operations 0:19:47.840 --> 0:19:51.399 and to the North Dakota economy overall. 0:19:51.640 --> 0:19:54.600 As the economy grows, we need people to move to 0:19:54.640 --> 0:19:57.600 Farga more ahead to help us run our businesses. And 0:19:58.240 --> 0:20:02.399 whether they come from Kansas City or New York City 0:20:02.680 --> 0:20:08.480 or Los Angeles or Somalia or Bosnia, we just need 0:20:08.480 --> 0:20:12.440 people to move here to help keep our economy growing. 0:20:13.359 --> 0:20:15.840 You don't even have to speak English to come work 0:20:15.880 --> 0:20:18.960 at Cardinaligi. We've cracked the code on that. We have 0:20:19.040 --> 0:20:23.200 master trainers that are multilingual, that can train our new 0:20:23.240 --> 0:20:27.880 teammates in their native language, and so we have entry 0:20:27.960 --> 0:20:32.000 level jobs where we can get people contributing right away, 0:20:32.480 --> 0:20:35.160 and as they grow in their comfort in those entry 0:20:35.200 --> 0:20:38.920 level jobs, then they can graduate onto jobs with a 0:20:38.960 --> 0:20:43.359 little more difficulty, a little more skills required, and probably 0:20:43.960 --> 0:20:47.240 within the course of a year, they can be contributing 0:20:47.280 --> 0:20:48.359 in a lot of different ways. 0:20:49.119 --> 0:20:51.880 For the management at Cardinal Glass and for its workers, 0:20:51.880 --> 0:20:56.200 immigration isn't about politics. It's about business and maybe something else. 0:20:56.760 --> 0:21:00.240 It's about reaching out to neighbors like Anna Yore to 0:21:00.280 --> 0:21:03.919 build relationships that work for both parties, which has proven 0:21:03.960 --> 0:21:06.640 to be the right as well as the smart thing 0:21:06.840 --> 0:21:11.840 to do. Next on Wall Street Week, the shifting balance 0:21:11.880 --> 0:21:14.760 of costs versus benefits for nuclear power. 0:21:24.600 --> 0:21:28.840 This is Bloomberg Wall Street Week with David Weston from 0:21:28.960 --> 0:21:29.879 Bloomberg Radio. 0:21:31.160 --> 0:21:34.199 This is a story about changing our minds when the 0:21:34.200 --> 0:21:38.160 facts change, and when we need to. For years, we've 0:21:38.200 --> 0:21:41.600 heard about the costs and dangers of nuclear power, stemming 0:21:41.640 --> 0:21:45.600 in large part from two commercial disasters some forty years ago, 0:21:45.760 --> 0:21:49.639 compounded by the ways governments responded and the news media 0:21:49.800 --> 0:21:50.360 covered them. 0:21:51.240 --> 0:21:53.800 It was the first step and a nuclear nightmare. 0:21:54.080 --> 0:21:57.360 The accident occurred here at the Three Mile Island Nuclear 0:21:57.440 --> 0:22:00.480 Power Plant, a dozen miles south of Harrisburg. It took 0:22:00.480 --> 0:22:03.399 a full eighteen days before the Soviet leader Mikhail Gorbachev 0:22:03.480 --> 0:22:07.199 made any public pronouncement on the nuclear disaster. Returnable today 0:22:07.240 --> 0:22:10.359 on Soviet television, mister Gorbachev said the accident has deeply 0:22:10.400 --> 0:22:11.919 affected the Soviet people. 0:22:12.119 --> 0:22:15.800 Engineers are fighting to contain the damage to this nuclear 0:22:15.840 --> 0:22:19.240 facility in Japan, warning that one of the reactors could 0:22:19.280 --> 0:22:19.880 melt down. 0:22:20.040 --> 0:22:23.240 But today, the need for more and cleaner energy is 0:22:23.359 --> 0:22:26.800 changing the cost benefit equation, and opinion in the US 0:22:26.840 --> 0:22:30.080 has started to shift. The majority of Americans now say 0:22:30.119 --> 0:22:33.840 they support more nuclear power. One of those supporters is 0:22:33.920 --> 0:22:36.160 Heather Haff Fear. 0:22:35.960 --> 0:22:39.320 Of nuclear is dangerous, but nuclear itself isn't. 0:22:39.720 --> 0:22:43.399 Haff is co founders of Mothers for Nuclear, a group 0:22:43.480 --> 0:22:46.440 she started on Earth Day in twenty sixteen to address 0:22:46.480 --> 0:22:49.399 some of the misconceptions about nuclear energy. 0:22:49.640 --> 0:22:52.440 I think when we talk about risk, it's also important 0:22:52.440 --> 0:22:55.440 to ask, you know, like, what is the actual impact 0:22:55.920 --> 0:22:58.520 when something happens? And so everyone kind of knows the 0:22:58.560 --> 0:23:01.040 big three things that have hapen in a nuclear a 0:23:01.160 --> 0:23:04.560 three mile Island, Chernobyl, and Fukushima. And when we go 0:23:04.600 --> 0:23:07.520 back and we look at those events and say, what 0:23:07.720 --> 0:23:11.840 was the impact to human health, our environment, the planet, 0:23:12.680 --> 0:23:16.280 it's pretty minimal, and even some of the impacts that 0:23:16.359 --> 0:23:21.240 we did feel were caused by our own overreaction to 0:23:21.440 --> 0:23:25.840 those incidents. We have rallies and marches to show our 0:23:25.840 --> 0:23:27.560 support for nuclear energy. 0:23:27.720 --> 0:23:29.520 We talk about. 0:23:29.200 --> 0:23:34.080 Why nuclear is important for our community. We give tours 0:23:34.960 --> 0:23:39.520 of nuclear energy and power plants, and try and share 0:23:40.080 --> 0:23:42.960 share with people our hope for the future and how 0:23:43.040 --> 0:23:48.919 nuclear supports clean energy for people. I started out not 0:23:49.040 --> 0:23:52.560 really knowing much about nuclear energy, and I was feeling 0:23:52.560 --> 0:23:55.840