Immigration boosts innovation and wages in the US. The positive dynamic impact of immigration on innovation and wages dominates the short-run negative impact of increased labor supply. Increased immigration to the US since 1965 is estimated to have increased innovation and wages by 5%.

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Despite its new, bigger headline number, Plaid is still valued at 40% below its $13.4 billion peak in 2021, when ultra-low interest rates drove a massive surge in fintech valuations.

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