Wall Street’s most influential mega-investor says immigration is making it harder for developed countries to embrace productivity-enhancing high-tech technologies that boost ordinary people’s incomes.
“I would argue that the big winners among developed countries are those with declining populations,” said BlackRock founder Larry Fink. Said At a pro-globalist event hosted by the World Economic Forum in Saudi Arabia. He continued:
That’s something most people never talk about.we always thought [a] Depopulation is a negative factor [economic] growth. However, in conversations with leaders of these large developed countries, [such as China, and Japan] It has xenophobic, anti-immigrant policies and does not allow anyone to enter the country. [so they have] Shrinking demographics — these countries will rapidly develop robotics, AI, and technology…
If you commit to all the things that will change your productivity, most of us think that [emphasis added] —Even if the population declines, it will be possible to raise the country’s standard of living and the standard of living of individuals.
By contrast, countries with growing populations need to focus on basic issues of education and the “rule of law,” said Fink, who oversees $10 trillion worth of investments worldwide. said.
Therefore, for countries with growing populations, the answer will be education… [and] This is an important issue for countries that lack the rule of law and education infrastructure. [economic] Inequality will become even more extreme.
“This man tried so hard to profit from mass migration, only to realize that it backfired and now regrets his choices,” said Rosemary, co-founder of the group. Jenks said. Immigrant Responsibility Project.
“The United States has a history of proving that you can reduce immigration and still increase productivity and GDP per capita. “We’ve been doing that for a long time,” Jenks said. Since the 1960s, “what we’ve shown is that mass immigration is harmful…It reduces GDP per capita, it reduces quality of life, it reduces inequality,” Jenks said. added.
Throughout history, labor shortages have persisted. bumped into raise wages, boosted Innovation and reducing economic inequality.
The economic damage caused by immigration is increasingly being recognized in Washington, Jenks said.
Obviously it’s not the Chamber of Commerce’s fault – it’s still crying out about labor shortages even though all economic indicators show otherwise – but mass immigration is the solution. More and more Republicans are recognizing that this is not the case. I think Democrats understand that mass immigration is not the solution to the economy. [but] I think each person has their own reasons for wanting it… [so] I don’t want to give Fink any credit.
In recent months, economists, policymakers, and politicians in the United States and abroad have acknowledged that mass immigration is accelerating inflation, home prices, and interest rates.
Worse, economists say voters are seeing CEOs’ willingness to pay for significant growth in automation and productivity, which could mean more pay for doing more work each day. They admit that.
Overall productivity is about 1% below CBO’s pre-pandemic projections.
(The fact that output is slightly higher than CBO’s pre-pandemic forecast is due to stronger-than-expected labor inflows, particularly through immigration.) pic.twitter.com/xfIt8Lq7X1
— Jason Furman (@jasonfurman) May 2, 2024
But 81-year-old President Joe Biden still defends pro-immigration policies touted by investors and progressives in government seeking more low-wage workers, consumers and renters.
“One of the reasons our economy is growing is because of you and so many others. Why?” Biden said on April 30, “We will continue to grow immigrants, This is because we welcome them.” He continued:
Why has China stalled so much economically? Why is Japan in trouble? Why Russia? Why India? Because they are xenophobic. They don’t want immigrants! …Immigration is what makes us stronger. no kidding. This is not an exaggeration. Because there is an influx of workers who want to be here and contribute.
Mr. Biden’s economic strategy of “extractive migration” has been a boon for his coalition, driving up stock prices for many investors and importing many poor dependents into federal, state, and local governments.
Over the past 12 months, employment among native-born Americans has been essentially flat, with all net employment growth going to foreign-born workers. It is important to check her Y/Y changes in these categories. It is not seasonally adjusted, so changes in the previous month can be deceptive. pic.twitter.com/ioNq0LcViW
— Dr. EJ Antoni (@RealEJAntoni) May 3, 2024
By contrast, President Donald Trump has promised to eliminate illegal immigration. But he doesn’t discuss how to overhaul legal immigration to increase innovation and income for white-collar and blue-collar voters, despite the potential for Election Day rewards.
President Trump in Wisconsin takes aim at Bidennomics:
“Biden’s employment numbers are fake. He’s counting people going back to work… They call it the bounce back number.”
“Most of the numbers on immigration and employment were illegal immigrants. Almost all the numbers were from illegal immigrants… pic.twitter.com/tjua8cJjdZ
— Charlie Kirk (@charliekirk11) May 1, 2024
“The paradigm of negative population growth is changing,” Fink told the World Economic Forum. “Social issues are [we] needed instead of humans [work] In countries where the population is decreasing, it will be much easier for machines to work. ”
Extract migration
Since at least 1990, the federal government has relied on extractive migration to grow the consumer economy after helping investors move high-wage manufacturing jobs to low-wage countries.
Immigration policies rob poor countries of vast human resources.Additional workers, consumers and renters boost stock prices By lowering American wages, subsidizing less productive businesses, raising rents, and inflating real estate prices.
This economic policy deprived many mainland-born Americans of careers in a variety of business fields, reduced American productivity and political influence, slowed high-tech innovation, reduced trade, and Society has become inconvenient. solidarity of citizensAnd he encouraged government officials and progressives to ignore the policy. increased mortality rate of got thrown away, low status American.
I interviewed an amazing young woman who has been up and down the streets since she was 14 years old. She was immediately shocked by the meanest and scariest man ever to protect her. However, he was very mean to her and was much older. pic.twitter.com/VQTqj8Sjto
— Kevin Dahlgren (@kevinvdahlgren) May 3, 2024
The policy also siphons jobs and wealth from core states by subsidizing coastal investors and government agencies with large numbers of low-wage workers, high occupancy renters, and government-supported consumers. ing. Similar policies are hurting the people and economies of Canada and the United Kingdom.
Policies like colonialism harmed small countries and killed hundreds of Americans and thousands of immigrants. Taxpayer-funded jungle trail Passing through the Darién Canyon in Panama.
