President Joe Biden’s immigration policies would slow American wage growth to just 1% per year by the early 2030s, according to analysts at the nonpartisan Congressional Budget Office.
“The increased supply of workers will put downward pressure on wages, especially for those with 12 or fewer years of education,” the June 18 CBO said. reporttitled “Budget and Economic Outlook Update: 2024 to 2034.”
Wage growth would fall to 3%, the report said, but would decline further after 2025, when inflation is projected to be 2% per year. As a result, Americans would see only 1% inflation-adjusted annual wage growth a year amid Biden’s wave of immigrants.
The report predicts that Biden’s economic policies will result in an increase of 8.7 million legal and illegal immigrants between 2021 and 2026.
Wage growth has accelerated in President Donald Trump’s low-immigration economy.
Overall, Biden’s immigration increase would expand the economy by 2.4% over 10 years, as the additional immigrants take up jobs, rent housing, consume food and buy manufactured goods, according to the report.
But the report also predicts that Biden’s immigration surge will lead to higher interest rates and mortgage rates, and slower productivity growth.
Increased productivity is crucial to future income and wealth because it measures how much value each individual and their work equipment can create in a day.
Just 3% of Biden’s immigrants would be skilled, the report says, but any productivity gains from that small percentage would be offset by an influx of less-skilled workers in lower-productivity jobs like meatpacking. “In the early stages of immigration growth, productivity gains will be more than offset by job gains in less-productive sectors of the economy, such as services,” the report acknowledges.
Biden’s immigration boost is projected to boost productivity by about 1.4%. But that score is lower than the previous estimate. 1.5 percent per year From 2007 to 2024.
In contrast, the Chinese government has discouraged immigration and pledged to boost productivity. 7 percent These gains are due to the Chinese government’s heavy spending to boost productivity. Automation, robots and cheap energyChina’s rapid productivity growth Wage Increase about 10 percent per year Between 2010 and 2021, the Chinese population increased.
Robotics and automation make up more than 90% of the workforce in this Chinese factory. pic.twitter.com/MHIFalLHCb
— Ryan Sikorski (@Ryansikorski10) December 28, 2023
But the US government’s economic strategy is very different: it spends heavily on imports, immigration and subsidizing immigrants in order to inflate the US consumer economy and grow the stock market.
In June, The Washington Post In Ohio, the average daily income is Only $15In Cincinnati, many Mauritanians work in slaughterhouses, indirectly feeding other new immigrants in the United States.
CINCINNATI — Umar Ball was in a hurry. 8 [Mauritanian] The men were crammed into a 2006 Honda Odyssey. [Koch Foods] Arrived at the chicken processing plant by 4pm At 3:40pm, traffic on Ronald Reagan Highway wasn’t moving fast enough.
Ball weaved his way through the queue of cars, switching between phone calls and WhatsApp messages: One man wanted help paying a down payment for a lawyer to start the asylum process, another wanted to know how many days he had before the US government would grant him work authorization.
Companies and investors profit from cheap foreign labor. Government agencies also profit from less productive immigrants, in part because Biden is importing more customers to fund his government’s anti-poverty and health programs.
The CBO reported that government spending on immigrants through 2034 would include $59 billion more for health care, $43 billion more for anti-poverty credits, and $35 billion more for food stamps, child nutrition programs, Supplemental Social Security Income, Social Security, Medicare, and higher education assistance. Immigration spending is a cost to taxpayers, but it’s also an economic stimulus for landlords and businesses like Walmart.
The government would pay more money to investors. “CBO also estimates that interest costs on the federal debt would be $84 billion higher from 2024 to 2034 than they would be without the program. [immigrant] The report noted this was a “sharp increase.”
Many media reports treated the CBO report as good news because it projected that Biden’s move would expand the economy by $8.9 trillion (2.4% cumulatively from 2024 to 2034), generating more tax revenue than would increase government spending.
“Increasing immigration would boost economy, reduce budget deficit, says bipartisan congressional scorer” Yahoo! News report.
“Surge in immigration will boost growth over the next decade, says CBO” Axios report.
“An immigration surge could reduce the national budget deficit by about $1 trillion over the next decade.” report TheHill.com, a German-owned pro-immigration media outlet.
But the media downplayed the costs, such as stagnant wages and the missed opportunity of a different economic strategy: reducing immigration and increasing productivity.
This graph on automation in China from the FT today puts things into perspective. pic.twitter.com/7EC9iEtUuC
— Mikuru (@MicleMihai) April 7, 2024
“We always [a] Decreasing population is a negative factor [economic] “Economic growth is critical to the growth of our countries,” BlackRock founder Larry Fink said at a pro-globalization event hosted by the World Economic Forum in Saudi Arabia in April.
But in conversations with leaders of these great developed countries, [such as China, and Japan] No one can enter a country with xenophobic, anti-immigration policies. [so they have] Robotics, AI and technology will develop rapidly in these countries with declining populations. All the promise of transforming productivity. Most of us would think so. [emphasis added] Even if the population declines, we will be able to improve the standard of living of the country and individuals.
Fink oversees $10 trillion in investment funds at BlackRock.
“think #China The reason for its success
Low wages? You’re stuck in 2000.now #robot, #automation, #AI, #5G, #cloud Computing and other areas are driving China’s competitive advantage.” #supply chain Eli Krumova #Robotics#AI #technology #engineering pic.twitter.com/UEga8PMu1Htranslator…
— (@bamitav) January 30, 2024
Extract Migration
Since at least 1990, the federal government has quietly adopted extractive migration policies to grow the consumer economy after helping investors relocate high-wage manufacturing sectors to low-wage countries.
Immigration policies extract huge amounts of human capital from impoverished countries: additional workers, white-collar graduates, consumers, renters. Boost stock prices By cutting American wages, subsidizing less productive businesses, raising rents, and sending real estate prices soaring.
The rarely mentioned economic policies have driven many native-born Americans out of various business careers, reduced American productivity and political influence, slowed high-tech innovation, reduced trade, and Citizen solidarityand government officials and progressives Rising mortality rate of Discarded, Low status American.
Donald Trump’s campaign recognizes the economic impact of immigration. Biden’s unpopular policies “flood the American workforce with millions of low-wage illegal immigrants, a direct attack on the wages and opportunity of hard-working Americans,” the Trump campaign said in a May statement.
This secretive economic policy has siphoned jobs and wealth from the Midwestern states by providing coastal investors and government agencies with a flood of low-wage workers, over-occupied renters and subsidized consumers. Similar policies are harming the people and economies of Canada and the UK.
Policies like colonialism have also harmed small nations and killed hundreds of Americans and thousands of immigrants, including: Taxpayer-Funded Jungle Trail Through the Darien Canyon in Panama.
