Vice President Kamala Harris should promise to grow the U.S. economy by importing more immigrant workers, consumers and renters, pro-immigration editorialists say. The Washington Post.
“Legal immigration is a critical component of economic growth and the solvency of benefit programs,” says columnist Jennifer Rubin. Declared August 27th.
” No shortage of good idea“We will take a range of measures, from eliminating outdated country caps to granting green cards to foreign STEM graduates, clearing the green card backlog, and increasing visas for seasonal workers,” Rubin added, without mentioning an alternative strategy of growing the economy by increasing American productivity.
Harris has already pledged to continue President Joe Biden's unpopular immigration policies, which have used guest workers and consumers as an economic stimulus package. “I am confident that we can live up to our proud tradition as a nation of immigrants and reform our dysfunctional immigration system,” she said at the convention.
Harris is her Conference Speech Announce a range of tax and spending redistributive policies.
… Whether you live in a rural area, a small town, or a big city. And as President, I will bring together workers, laborers, small business owners, entrepreneurs, and American businesses to create jobs, grow our economy, and lower the costs of everyday necessities like health care, housing, and groceries.
But the economic benefits of migration that Rubin argues and Harris suggests are very small.
Rubin said, Wendy Edelberg and Tara WatsonThe immigrant advocate is funded by two companies. Written in time “Our calculations suggest that the economic activity directly generated by increased immigration could boost real GDP growth by 0.1 percentage points in 2022 and 2023,” the magazine said.
Steven Camarota, research director at the Center for Immigration Studies, countered that the 0.1 percent claim is “within the margin of error in such calculations” and a small increase.
A 0.1 percent gain is 1 cent per $10.
“Why is she making this a big deal when the advocates she cites say it's minor and has potential downsides?” Camarota told Breitbart News.
The downsides of a Democratic Party include increased poverty, increased social unrest, and, for Democrats, the return of President Donald Trump, who would challenge Democratic dominance in Washington, DC.
In addition, the 0.1% increase is [Americans’ average] Camarota added, “This is not about 'wealth or per capita income,' but simply the economic impact of increasing numbers of immigrant consumers, renters and workers.”
The bulk of the alleged 0.1 percent economic growth comes from a policy of the federal government borrowing money to help poor immigrants enter American communities, jobs, hospitals, schools, politics and elections.
For example, the Federation for American Immigration Reform (FAIR) Reported The federal government borrowed and spent $150 billion on Biden's immigration in 2022.
As of the beginning of 2023, the net cost of illegal immigration in the United States was at least $150.7 billion at the federal, state, and local levels.
Illegal immigration costs each American taxpayer $1,156 per year ($957 when taking into account the taxes paid by illegal immigrants).
For each U.S.-born child of an illegal or undocumented immigrant, it costs the U.S. $8,776 per year.
But with mass immigration, ordinary Americans are left paying off their debts while wages stagnate and home prices soar. This poses a major threat to America's white-collar graduates, who are facing mounting economic pressures from President Biden's influx of white-collar immigrants.
That means that while the costs of migration are spread across the entire American population, the benefits are concentrated among a much smaller number of migrants, their employers, and the investors who turn the extra income into enormous wealth in the stock market and real estate.
For example, much of that debt spending goes to investors, landlords, and businesses that feed and house surplus migrants.
Wall Street investors benefit because stock prices are based on 15-year forecasts of future profits. So if you're promised a 0.1% annual increase in GDP for 15 years, you can expect a 2% increase in sales and rental profits. Naturally, the most influential immigrant advocacy group, FWD.us, reflects the interests of investors in the consumer economy, not the interests of employees in that sector.
Harris also proposes spending trillions of dollars on her promised “opportunity economy, where everyone has a chance to compete and succeed,” to offset the economic damage caused by expensive immigration policies. For example, she has pledged to spend tens of billions of dollars to offset the housing shortage and rising rents caused by pro-immigration policies.
Camarota said the damage goes beyond homes.
He explained that a large influx of foreign workers also minimizes the incentives for employers to find, train and hire the millions of Americans who have dropped out of the workforce.
Persistently low labor force participation rates in the United States come at huge economic costs and huge social costs in welfare dependency, crime, and overdoses. [early] Death, political alienation, [economic] Barriers to family formation…and [American] Labor force participation rates are now abysmal.
Rubin also ignored the social unrest caused by immigration, including the Democratic Party and its pro-immigration allies, and the widespread anti-Semitism on the nation's streets.
Rubin did not cite any lessons from other countries. CanadaJustin Trudeau's immigration policies have proven to be an economic disaster for young people in Canada. In the UK, the Conservative government suffered a major election defeat after reducing per capita income by importing millions of low-skilled immigrants. The same is true in Australia. Hit by a blow This is due to the government's decision to import millions of foreigners.
However, an alternative growth strategy exists that focuses on per capita productivity rather than total population.
Rubin ignores the alternative growth strategy currently being promoted by BlackRock founder Larry Fink.
“In the developed world, I would say the big winners are countries with declining populations.” He said He made the remarks at a pro-globalist event hosted by the World Economic Forum in Saudi Arabia.
That's something most people never talk about. [a] Decreasing population is a negative factor [economic] Growth. But when I talk to the leaders of these big developed countries that have xenophobic, anti-immigration policies, they're not going to let anybody in, and while their populations are declining, these countries are going to see rapid developments in robotics, AI, technology…
If that promise Transform your 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.
In 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 around the world. [we] In countries experiencing population decline, the task of replacing humans with machines will be much easier.”
Throughout history, labor shortages have increased productivity, raised wages, Boost Innovation, and Decreased Economic inequality. In June, the Federal Reserve Bank of St. Louis Reported:
Our estimates suggest that since 2021, increased labor problems (e.g., due to tight labor markets) have led to roughly $55 billion in additional investment in the U.S. economy.
This is a significant amount and is on par with funding allocated through the CHIPS and Science Act of 2022 to boost domestic semiconductor research and manufacturing.
It depends on productivity growth. A productivity growth of 2% or more is a rough target. Productivity growth averages 1-1.5% per year, but can be very volatile in the short term. pic.twitter.com/VKyV83TzRy
— Chris (@Finance_EconGuy) December 8, 2023
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 energy.
China's rapid productivity growth Wage Increase about 10 percent per year Between 2010 and 2021, China's population has grown at a much faster rate than wage growth in the United States. 1.5 percent per year From 2007 to 2024.
of South China Morning Post newspaper Reported On August 28, China's Machine Over Immigrants policy:
“From another perspective, it is obvious that as our society enters an era of technological, digital and intelligent advancements, labor will be replaced by technology,” Yuan said. [Xin, vice-president of the China Population Association and a professor of demography at Nankai University in Tianjin] He said.
“Labor may be in short supply, but it is not necessarily in short supply. China does not lack people or labor. Despite its declining population, China's sheer population size remains a defining feature of our country's modernization.”
China has bet on high-tech manufacturing, while since the 1990s U.S. economic policymakers have preferred to pump up Wall Street consumer investors with more immigrants.
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.
A little-known economic policy Economical The civic feedback signals that fuel a stable economy and democracy. Many native-born Americans are pushed out of careers in a variety of business sectors, American productivity and political influence declines, high-tech innovation slows, trade shrinks, Citizen solidarityand government officials and progressives Rising mortality rate 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.
