Everyone is talking about Brexit – Thursday’s vote on whether or not the UK will stay in the European Union.
Naturally, legendary bond investor Bill Gross over at Janus Capital had to tweet his take.
He’s in the remain camp.
Gross: (1 of 2) Trade benefits labor less than corporations. Immigration benefits corporations more than labor.
— Janus Capital (@JanusCapital) June 23, 2016
Gross: (2 of 2) One day labor’s turn will come, but not on Brexit Day.
— Janus Capital (@JanusCapital) June 23, 2016
What Gross is saying, basically, is that immigration and trade are more in the country’s economic interest than the concerns of workers who are angry that they’re losing their jobs.
Those job-losing workers make up a big part of the Brexit camp, and the idea that foreigners are taking the jobs of UK citizens has been a big part of the argument for leaving.
But Gross thinks that argument will lose out against the benefits of being in the EU.
One day the government will, however, have to deal with the real concerns of the unemployed. Just not today.
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