The stock market made a comeback and a few days ago became positive for the year. Even though the jobless rate is expected to rise to 10% by the end of the year and mortgage rates are expected to remain low too, the market has been so badly beaten that some recovery is probably a given.
At the same time America is shooting itself in the foot by delaying immigration even more and making people who are employed (employment based immgration requires that you be emplpoyed obviously) wait a decade or more to get their green cards. In my previous post I pointed out several ways immigration reform could boost employment ant the economy. And it seems that there cannot be a better time than now.
Fewer people want to come to the US now as is evident from the lack of applicants for H1 Visas this year as compared to the last few years.
However instead of moving forward, immigration dates continuously move backward at an alarming rate. In my previous post I posted the dates from the April Visa bulletin. The May bulletin made all EB-3 (skilled worker, jobs that require a bachelors degree) unavaileble until October. The Jun bulletin moved EB-2 (jobs that require a Masters degree or significant experience) back to 2000 for Indians. That means that there are some Indians with advanced degrees who have been waiting for nearly 10 years!
Looking at the trend of visa applications, it seems that there are more than half a million pending applications. It looks like things will get worse before they get better and America probably needs some kind of legislation to help legal employment based immigrants, the guys who pay taxes, spend etc. and in general help the economy.