To be fair to the border fence concept, a big expensive pointless construction project in the Southwest is a not-terrible economic stimulus. Not a great idea by any means, but it’d work better than the new GOP solution-for-everything of cutting the capital gains tax rate. Of course amidst a downturn, illegal immigration will decline no matter what we do. So President-Elect Obama would do well to label some random thing or other he likes as a border security measure and then claim success. On the merits, though, the more people who move to the United States the more quickly we can soak up the supply overhang of housing stock.