The Future of the U.S. Economy Lies in Mexico

The muscle behind the U.S. economic expansion is the same as the recovery's weakness, and it lies in one word: Mexico.

Since the low in December 2009, employment in the U.S. has increased by 13.6 million workers. Forty-three percent of that growth, or 5.9 million workers, came from Hispanics -- some born in the U.S., others immigrants. Mexico is by far the largest country of origin for Hispanic immigrants to the U.S. Net migration from Latin America since the recession has been minimal (more Mexicans have left than arrived), so this can best be thought of as a "demographic dividend" from Hispanic immigration in the 1980s, 1990s and 2000s. More Hispanics are entering their prime working years, or are too young to retire, in contrast to the shrinking labor force of white non-Hispanic Americans. Excluding Hispanics, the labor force in the U.S. is virtually unchanged since 2008.