Employees Terrified of ICE Raids Are Failing to Show Up at Work
Economics
The Big Take
High-profile immigration raids are scaring off workers and leaving employers unsure of how they'll manage without them.
By , Maxwell Adler, and Michael Smith
The Los Angeles garment district is emptied out. Texas dairy farmers say workers aren't showing up to milk cows. An Idaho onion grower already struggling to find enough crop hands says his labor supply is only getting worse.
And in Ventura, California, Deputy Mayor Doug Halter said that after nearby immigration raids targeted day laborers outside of Home Depots, all the Latinos seemed to have disappeared from one of the retailer's outposts near him. Walking through the aisles the other day, from what he could tell, there were only White people. 'If you know this area, you'll know that is abnormal.'
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The adjusted copy of the bill ending solar and wind energy tax credits facing those incentives out four years earlier than originally intended from 2032 to 2028. This comes at a time when solar energy is seeing less demand, especially with California slashing credits for excess power. And what's interesting is, you know, there was also a pretty strict phase out in the house version of the bill, but there had been some hopes and intensive lobbying happening on the part of those in the industry that there would be more favorable conditions in this Senate version. Lo and behold, Josh, those favorable conditions are not to be found. Yeah. Now lawmakers could still make changes. I mean, the Senate's trying to, you know, pass and send this bill back to the house by by July 4th. We'll see what what happens. But reports do note the odds appear to be fading that lawmakers intend to make changes to preserve credits for residential solar companies. I do see Guggenheim analysts cited saying hoping for a fix continues to be naive, they said. Uh the Senate bill though would rescue a tax credit for nuclear power. So that's news. Yes. At least for now. It gets a later phase out. I mean, we're looking at Plug Power on there as well, hydrogen producer. And the Senate version of the bill gets rid of an incentive that provides um that provides for hydrogen production specifically. I mean, the concern with many of these companies, Plug Power included, is that they will not be able to continue, perhaps even as a going concern, might not be able to continue in business um for some of these companies if they don't have these incentives. Plug Power has come out with some um there has been some talk about Plug Power in that category, but certainly it's going to be a big hit to these companies if it goes through. Also we're expecting a run down 40% there. Uh we are also watching Verve Therapeutics shares. They're soaring after the announcement that Eli Lilly will be buying that gene editing company for up to $1.3 billion. So that was the news. Lily making moves, Bloomberg reminding us, they've been on the hunt. In January, they agreed to pay as much as $2.5 billion for a cancer drug being tested by Scorpion therapeutics. In May, they announced the plan to buy Site One therapeutics for as much as $1 billion. Lily had been collaborating with Verve on its experimental gene editing program for reducing lipoprotein A with this now, of course, Lily would have full control. Yeah. And a couple things to mention here. Why is Lily being so acquisitive? I mean, they got Zepbound, which is a blockbuster. Well, like any big drug company, eventually it's going to lose patent protection for in the case of Zepbound, doesn't happen for a decade. But they're trying to look ahead at these experimental therapies. Secondly, as you mentioned, the specific product that Verve is working on is a cholesterol drug effectively, you know, aiming at improving cardiac health by targeting cholesterol. Um our friend Evan Seegerman over at BMO said that there's already a lot of cholesterol treatments out there. So he was more skeptical about the deal, but other analysts say that this does fit well into the Lily portfolio. So there's a little bit of debate here about whether it's a good deal for Lily, but the shares are down a little bit today. All right. We should get Evan on explaining that thesis. We should. Finally, PureCycle Technologies is reporting that it plans to grow its plastic recycling capacity to 8 billion pounds before 2030. The company designing new solutions to recycling plastics also announcing its executed binding agreements for a $300 million capital raise. The company's projecting Eda of $600 million by that 2030 deadline. This has been an interesting stock. Yeah. 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