As was the case in the Great Depression, Great Recession foreign-born employment levels also achieved 15% of employment. The Great Recession was preceded by two attempts at "Comprehensive Immigration Reform," a lobbying effort aimed squarely at labor-arbitrage. Additionally, US housing had become unaffordable through demand related inflation, and the mortgage industry had taken on an exuberant casino-style atmosphere.
Ultimately, the salary requirement necessary to service housing obligations inflated beyond globally competitive levels and with the job creation engine already in distress, millions were laid-off. In the aftermath, working-age (16 to 65) employment levels for the first decade of 2000s, increased by only 1 million, while the non-institutionalized, working-age population grew by 22 million.
Ultimately, the salary requirement necessary to service housing obligations inflated beyond globally competitive levels and with the job creation engine already in distress, millions were laid-off. In the aftermath, working-age (16 to 65) employment levels for the first decade of 2000s, increased by only 1 million, while the non-institutionalized, working-age population grew by 22 million.
