Paul Krugman Warns This Trump Policy ‘Will Hurt More Than People Realize’
Lee Moran
Updated Thu, August 21, 2025
Famed economist Paul Krugman has warned how President Donald Trump’s administration is “about to ICE the economy” with its ramped-up crackdown on undocumented immigrants.
Concerns about “the economic impact of mass deportations are definitely second-tier” to the fear created by the expansion of the Immigration and Customs Enforcement agency, Krugman acknowledged in the latest edition of his newsletter published on Wednesday.
“But they’re still important, and a subject I know something about,” the 2008 winner of the Nobel Memorial Prize in Economic Sciences continued in the piece subtitled, “Mass deportations will hurt more than people realize.”
Undocumented immigrants constitute circa 5% of the U.S. workforce but are “strongly concentrated in certain industries and occupations” ― like agriculture, meatpacking, senior care and others — which could be essentially crippled, leading to further inflation, meaning “ICEing the economy will make native-born Americans substantially worse off,” Krugman said.
“In fact,” he concluded, “my guess is that arrests and deportations will eventually do even more economic harm than tariffs.”
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