President Joe Biden’s immigration crisis is causing mortgage rates to rise, putting a strain on young couples and families, according to the president of the Minneapolis Fed.
“The long-term impact of increased immigration on inflation is unclear, but immigrants still need a place to live, and their arrival in the U.S. likely increased demand for housing,” said Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. said. , Said May 7th.
“It’s probably a neutral policy,” he said, noting that mortgage rates are also trending up as interest rates rise. [interest] Interest rates in the housing market are higher than before the pandemic. ”
Kashkari is a member of the Federal Reserve, which is currently raising interest rates to control unpopular inflation caused by federal deficit spending.
But starting in 2021, Biden’s lawmakers are exacerbating inflation by importing about 10 million legal, illegal, and semi-legal immigrants.
Immigration is intended to fill jobs, reduce wages, stimulate the consumer economy, and raise rents. This human capital stimulus is good for investors who want to increase consumer demand and lower wages, and for progressives who want to increase the government’s dependents and potential voters.
But this huge influx is also slashing Americans’ wages while raising home prices, used cars, and other consumer goods.
Kristalina Georgieva, managing director of the International Monetary Fund, said in April that Americans are being paid fewer wages because of the “abundance of labor flowing across our borders.”
“Beyond G10” [group of wealthy countries] …There is no doubt that as soon as immigrants arrive, they will need supplies and demand will increase. [for used autos, food, etc.]”, economist The magazine approved it. “Nowhere is this more evident than in rental housing, which is in short supply worldwide.”
Overall productivity is about 1% below CBO’s pre-pandemic forecast.
(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
The disruption caused by mass immigration is forcing elites to reconsider their economic policies.
“The big winners will be countries with declining populations… [such as China and Japan who] Robotics, AI and technology will evolve rapidly,” said BlackRock founder Larry Fink. Said At an April 29 event hosted by the World Economic Forum in Saudi Arabia. He continued:
If you have all those promises [technology] Convert [per person] productivity, i.e. 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.
But Democrats want more immigration to stimulate the domestic consumer economy.
Immigrants, not voting Americans and their children, are what make us this way. [economically] We’re strong,” Biden said at a fundraiser for pro-immigration groups at the luxury Mayflower Hotel in Washington, D.C., on May 1.
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 push up It drives up stock prices by lowering American wages, subsidizing low-productivity 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. rising 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 harm small countries and kill hundreds of Americans and thousands of immigrants, some of whom are funded by our tax dollars. jungle trail Through the Darien Ditch in Panama.
