Trump’s Big Bet on Immigration Isn’t Paying Off for Most Workers

The Wall Street Journal’s latest analysis shows President Trump’s immigration crackdown has not delivered the promised wage boost for native‑born workers. Labor Department data reveal average hourly earnings rose 3.8% year‑over‑year, while the 41 industries that rely heavily on low‑skill immigrant labor—meatpacking, food service, restaurants—only saw 3.5% growth. Moreover, wage acceleration for U.S.-born employees is actually slowing, contradicting the administration’s narrative that tighter borders would lift domestic pay. Labor‑force participation among prime‑age workers remains flat, suggesting the policy’s broader labor‑market impact is minimal.

At the same time, the Trump administration is edging toward a rescue package for Spirit Airlines, offering up to $500 million in government loans in exchange for equity warrants. The move would mark a rare direct bailout of a single carrier, echoing post‑9/11 interventions but standing out in today’s market. Boeing’s production ramp‑up and Tesla’s 17% profit jump underscore a resilient corporate backdrop, yet the Spirit deal highlights lingering volatility in the aviation sector and the willingness of policymakers to step in when a key player threatens collapse.

Investors are also watching a new memory‑chip exchange‑traded fund that has attracted more than $1 billion in assets within two weeks—a record pace for a niche fund. The ETF capitalizes on soaring demand for AI‑driven computing power, as firms like Google roll out specialized inference chips and memory manufacturers such as Samsung and SanDisk see stock surges. This concentrated vehicle offers exposure to the tight supply chain of high‑performance memory, appealing to both hedge funds and overseas retail traders, particularly from South Korea. The rapid inflow signals confidence that AI infrastructure will continue to drive hardware spending, reinforcing the sector’s role in the broader economic recovery.