The US could avoid falling into recession if they boosted immigration, Bill Ackman argued in a Twitter thread on Friday.
The US central bank faces the challenge of quelling US inflation without causing a spike in unemployment, a crash in asset prices, or a recession in the economy.
“Doesn’t it make more sense to moderate wage inflation with increased immigration than by raising rates, destroying demand, putting people out of work, and causing a recession?” the billionaire investor and Pershing Square boss asked.
The US could open its borders to Russians fleeing the national draft, Ackman said. That would undermine the country’s ongoing invasion of Ukraine and bolster America’s pool of skilled workers, he said.
“Let’s remove the barriers for Russia’s brightest,” he tweeted on Thursday night. “The most talented Russians must leave now before they become fodder in an unjust war. Doing so saves our economy and destroys Russia’s future.”
US inflation soared to a 40-year high of 9.1% in June, and remained above 8% in August. The Fed has responded by hiking its benchmark interest rate from near zero to between 3% and 3.25% this year and penciling in rates as high as 4.6% next year.