{"id":1026752,"date":"2021-11-18T08:58:52","date_gmt":"2021-11-18T13:58:52","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1026752"},"modified":"2021-11-18T08:58:55","modified_gmt":"2021-11-18T13:58:55","slug":"jpmorgan-wages-productivity-jumped-amid-trumps-low-migration","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jpmorgan-wages-productivity-jumped-amid-trumps-low-migration\/","title":{"rendered":"JPMorgan: Wages, Productivity Jumped Amid Trump&#039;s Low Migration"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjpmorgan-wages-productivity-jumped-amid-trumps-low-migration%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1026752&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/GettyImages-1135092221-640x335-1.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p class=\"subheading\">President Donald Trump\u2019s tight labor market from 2017 to 2019 pulled many left-behind Americans into work and jobs, setting the stage for higher economic growth in future years, says a report by JPMorgan.<\/p>\n<p>\u201cThe pre-COVID experience demonstrated that a tight labor market can produce \u2026 gains in labor force participation, and, in fact, our forecast looks for well-above-trend labor force growth near 1% in the coming years,\u201d says <a href=\"https:\/\/www.breitbart.com\/Users\/neilmunro\/Downloads\/JPM_US__Population_slowd_2021-11-12_3922350%20(1)%20(1).pdf\" target=\"_blank\" rel=\"noopener\">the report<\/a>, titled \u201cUS: Population slowdown threatens trend growth.\u201d<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Each percentage gain in \u201clabor force participation\u201d means that roughly 1.6 million Americans are rejoining the workforce after unemployment, training, illness, or addiction. Almost 98 percent of working-age men worked during the 1960s, but the share gradually dropped <a href=\"https:\/\/cis.org\/Oped\/Recent-Immigration-Slowdown-May-Have-Helped-Reverse-DecadesLong-Decline-LaborForce\" target=\"_blank\" rel=\"noopener\">below 90 percent<\/a> by 2014.<\/p>\n<p>JPMorgan also said that the coronavirus-caused shortage of workers also prompted U.S. companies to raise the wage-boosting productivity of their American employees, such as by providing them with more machines, robots, and computers.<\/p>\n<p>\u201cGiven the experience of the past few [growth and recession] cycles, there is a good chance the [crisis-caused] bump up in the level of productivity will persist,\u201d JP Morgan noted.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>But JPMorgan ended its report with a warning to government and business:<\/p>\n<blockquote readability=\"9\">\n<p>After the welcome level shift up during the COVID-19 recession, the fundamentals point to a continuation of relatively slow productivity growth in coming years \u2026&nbsp;Until business investment steps up more meaningfully, the odds remain low that productivity growth will shift higher.<\/p>\n<\/blockquote>\n<p>JPMorgan\u2019s report matches a <a href=\"https:\/\/www.breitbart.com\/immigration\/2019\/12\/16\/nyt-columnist-american-snakes-and-vermin-support-donald-trumps-immigration-policy\/\" target=\"_blank\" rel=\"noopener\">December 2020 report<\/a> by Goldman Sachs.<\/p>\n<p>\u201cWe know that labor force participation rose when the level of immigration clearly fell during the [President Donald] Trump administration,\u201d responded Steven Camarota, research director at the Center for Immigration Studies.<\/p>\n<p>Legislators, he said, \u201cface a stark [policy] choice: Either more immigration, and lower wages and labor force participation, or less immigration [with] higher wages, higher labor force participation, and higher productivity.\u201d<\/p>\n<p>Historically, governments have tried to grow their workforces by encouraging the creation of new families, by educating children, and by preserving the health of adults.<\/p>\n<figure id=\"M-ROS-B3\" class=\"a8d adSo\"><\/figure>\n<p>But since the 1960s,&nbsp; and especially since the 1990s, the U.S. government has also tried to extract more workers \u2014 and consumers \u2014 from poor countries.<\/p>\n<p>For example, since the early 2000s, the U.S. government has already extracted roughly three million people from India and roughly three million from Central America. These migrants arrived as legal immigrants, visa workers, or illegal migrants through a largely unguarded southern border, and they help to hold down wages and to drive up consumer and real estate sales throughout the United States.<\/p>\n<figure id=\"D-ROS-B2\" class=\"a8d\"><\/figure>\n<p>JPMorgan\u2019s report lamented that Trump\u2019s pro-American policies reduced the inflow of migrants:<\/p>\n<blockquote readability=\"15\">\n<p>The Census Bureau estimates that the contribution of net international migration to US population growth was about 1.07 million in 2016, before falling steadily to 0.48 million by 2020 \u2026 we estimate that the US population is missing about 3 million recent immigrants relative to pre-2017 trends, a large majority of whom would have been of working age.<\/p>\n<p>\u2026 the COVID-19 pandemic and recession also drove a sharp drop in labor force participation across all age groups, with the labor force still down by about 3 million relative to pre-COVID levels and by about 6 million relative to pre-COVID trends.<\/p>\n<\/blockquote>\n<p>Other business-backed advocates claim the migrant shortfall <a href=\"https:\/\/twitter.com\/AlexNowrasteh\/status\/1459322072182706177?s=20\" target=\"_blank\" rel=\"noopener\">is larger.<\/a><\/p>\n<p>But President Joe Biden\u2019s corporate-backed deputies have <a href=\"https:\/\/www.breitbart.com\/immigration\/2021\/11\/17\/border-chief-mayorkas-justice-is-our-priority\/\" target=\"_blank\" rel=\"noopener\">opened the spigot again<\/a>&nbsp;and are on track to import roughly 1.5 million workers and two million consumers in 2021.<\/p>\n<figure id=\"M-ROS-B4\" class=\"a8d adSo\"><\/figure>\n<p>Legal and illegal immigration imposes huge economic, civic, and personal costs on Americans \u2014 often&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2021\/10\/21\/critics-feds-ok-fortune-500-war-on-u-s-professional-class\/\" target=\"_blank\" rel=\"noopener\">unjust<\/a>, and frequently&nbsp;<a href=\"https:\/\/www.breitbart.com\/crime\/\" target=\"_blank\" rel=\"noopener\">lethal<\/a>.<\/p>\n<p>Labor migration is&nbsp;deeply&nbsp;<a href=\"https:\/\/www.breitbart.com\/tag\/immigration-poll\/\" target=\"_blank\" rel=\"noopener\">unpopular<\/a>&nbsp;because it damages ordinary Americans\u2019&nbsp;<a href=\"https:\/\/www.breitbart.com\/immigration\/2021\/03\/12\/bloomberg-opts-h1bs-take-two-three-new-tech-jobs-each-year\/\" target=\"_blank\" rel=\"noopener\">career<\/a>&nbsp;opportunities, cuts their&nbsp;<a href=\"https:\/\/www.breitbart.com\/economy\/2021\/04\/08\/elite-academics-hide-amnesty-wage-pain-americans\/\" target=\"_blank\" rel=\"noopener\">wages<\/a>, and raises their&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2021\/06\/16\/new-yorks-mayoral-rivals-vow-cheap-housing-plus-more-migrants\/\" target=\"_blank\" rel=\"noopener\">rents<\/a>.&nbsp; Migration also curbs Americans\u2019&nbsp;<a href=\"https:\/\/www.breitbart.com\/economy\/2020\/07\/11\/president-trump-wins-big-on-secret-meatpacking-robots\/\" target=\"_blank\" rel=\"noopener\">productivity<\/a>, shrinks their political&nbsp;<a class=\"x5l\" href=\"https:\/\/www.google.com\/search?q=https%3A%2F%2Fwww.breitbart.com+%22john+binder%22+%22demographic+change%22&amp;rlz=1C5CHFA_enUS946US946&amp;oq=https%3A%2F%2Fwww.breitbart.com+%22john+binder%22+%22demographic+change%22&amp;aqs=chrome..69i57j69i58.10228j0j4&amp;sourceid=chrome&amp;ie=UTF-8\" target=\"_blank\" rel=\"noopener external\">clout<\/a>, and widens&nbsp;regional wealth&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2021\/08\/13\/zuckerbergs-data-says-amnesty-gives-economic-windfall-coastal-democratic-states\/\" target=\"_blank\" rel=\"noopener\">gaps<\/a>. Migration also <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/11\/01\/survey-elite-imposed-migration-is-transforming-national-politics\/\" target=\"_blank\" rel=\"noopener\">radicalizes<\/a> Americans\u2019 democratic, compromise-promoting civic&nbsp;<a href=\"https:\/\/www.breitbart.com\/search\/?s=%22white+supremacy%22#gsc.tab=0&amp;gsc.q=%22white%20supremacy%22&amp;gsc.page=1\" target=\"_blank\" rel=\"noopener\">culture<\/a>, and allows elites to ignore&nbsp;<a class=\"x5l\" href=\"https:\/\/en.wikipedia.org\/wiki\/Diseases_of_despair\" target=\"_blank\" rel=\"noopener external\">despairing Americans<\/a>&nbsp;at the&nbsp;<a class=\"x5l\" href=\"https:\/\/twitter.com\/JorgeAl49986803\/status\/1439791277571145737?s=20\" target=\"_blank\" rel=\"noopener external\">bottom of society<\/a>.<\/p>\n<p>The <em>Washington Post<\/em> reported the drug deaths of 100,000 Americans from April 2020 to April 2021, and noted:<\/p>\n<blockquote readability=\"19.374068554396\">\n<p>Despite the efforts of governments, health care providers, activists and others, the problem is getting worse \u2014 much worse. The&nbsp;<a href=\"https:\/\/www.cdc.gov\/nchs\/nvss\/vsrr\/drug-overdose-data.htm\" target=\"_blank\" rel=\"noopener\">new figures<\/a>, which are provisional but rarely change much in final tallies, represent a 28.5 percent increase from the same period a year earlier. The financial, mental health, housing and other difficulties of the covid-19 pandemic are widely blamed for much of the increase.<\/p>\n<p>Overdose deaths are not evenly distributed across the U.S. The worst of the crisis has shifted geographically over the past 20 years, as illegal users of pharmaceutical opioids turned to heroin and then illicit fentanyl. But&nbsp;<a href=\"https:\/\/www.washingtonpost.com\/health\/flooded-with-opioids-appalachia-is-still-trying-to-recover\/2019\/07\/24\/26607328-ad4a-11e9-a0c9-6d2d7818f3da_story.html?itid=lk_inline_manual_10\" target=\"_blank\" rel=\"noopener\">Appalachia<\/a>&nbsp;always has been hit hard.<\/p>\n<\/blockquote>\n<p>The states with the worst drug-deaths include Kentucky, West Virginia, Louisiana, Ohio, Tennessee, Indiana, Missouri, and Pennsylvania. Many of those states have lost jobs, investment, and wealth because the government\u2019s migration policy encourages coastal investors in California, Texas, New York, and other wealthy states to create in-state jobs for each wave of compliant and lower-wage migrants.<\/p>\n<p>The term for the government-enabled, economy-and-drug disaster is \u201c<a href=\"https:\/\/www.breitbart.com\/politics\/2020\/05\/05\/authors-college-grads-face-deaths-of-despair-epidemic\/\" target=\"_blank\" rel=\"noopener\">deaths of despair.<\/a>\u201d<\/p>\n<p>Nationwide, drugs deaths stabilized from April 2017 to April 2019, around 70,000.&nbsp;But the death toll sharply jumped up to 94,422 during the next 12 months up to April 2020. A flood of synthetic opioids, such as fentanyl \u2014 much of which is manufactured in Mexico and China \u2014 pushed the deaths from synthetic opioids up by 22,255, to a total of 57,614. The number continued to rise in April 2020 to April 2021 period, when 100,000 Americans died, including 64,178 from synthetic opioids.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\" readability=\"10.852507374631\">\n<p lang=\"en\" dir=\"ltr\">.<a href=\"https:\/\/twitter.com\/toddspitzeroc?ref_src=twsrc%5Etfw\">@toddspitzeroc<\/a> speaking on fentanyl-related poisonings across the county and how his office is working to convict those who manufacture and distribute fentanyl-laced pills.<\/p>\n<p>Orange County has seen a 1,000% increase of fentanyl deaths over the last 5 years. <a href=\"https:\/\/t.co\/GGzC80mTaI\">pic.twitter.com\/GGzC80mTaI<\/a><\/p>\n<p>\u2014 Drew Van Voorhis (@DrewVanVoorhis) <a href=\"https:\/\/twitter.com\/DrewVanVoorhis\/status\/1458203597565423618?ref_src=twsrc%5Etfw\">November 9, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u201cThe decline in work [participation since the 1960s] has been devastating for the less-educated, and it contributed to crime, the obesity crisis, and opioids,\u201d Camarota told Breitbart News. \u201cOne of the best things that we can do for people who don\u2019t go to college is to let the labor market be tight and keep immigration low.\u201d<\/p>\n<p>For many years, a&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2020\/03\/30\/harvard-harris-poll-5-in-6-americans-want-to-end-immigration-from-mexico\/\" target=\"_blank\" rel=\"noopener\">wide<\/a>&nbsp;<a href=\"https:\/\/www.breitbart.com\/immigration\/2021\/01\/14\/poll-americans-want-companies-hire-americans-before-migrants\/\" target=\"_blank\" rel=\"noopener\">variety<\/a>&nbsp;of&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2020\/04\/13\/ipsos-poll-nearly-8-in-10-americans-want-immigration-moratorium-for-u-s\/\" target=\"_blank\" rel=\"noopener\">pollsters<\/a>&nbsp;have&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2019\/08\/05\/poll-swing-voters-hugely-oppose-2020-democrats-promising-more-immigration\/\" target=\"_blank\" rel=\"noopener\">shown<\/a>&nbsp;<a href=\"https:\/\/www.breitbart.com\/immigration\/2020\/04\/24\/poll-trumps-opponents-applaud-his-jobs-for-americans-immigration-policy\/\" target=\"_blank\" rel=\"noopener\">deep<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2017\/01\/31\/poll-shows-public-support-trump-migration-poicy\/\" target=\"_blank\" rel=\"noopener\">broad<\/a>&nbsp;<a href=\"https:\/\/www.breitbart.com\/economy\/2020\/05\/28\/business-poll-backfires-shows-public-wants-less-migration\/\" target=\"_blank\" rel=\"noopener\">opposition<\/a>&nbsp;to&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2020\/11\/16\/exit-polls-3-in-4-voters-want-less-immigration-during-and-after-pandemic\/\" target=\"_blank\" rel=\"noopener\">labor migration<\/a>&nbsp;and the inflow of&nbsp;<a href=\"https:\/\/www.breitbart.com\/economy\/2020\/08\/06\/ipsos-poll-public-opposes-migrant-workers-by-21\/\" target=\"_blank\" rel=\"noopener\">temporary<\/a>&nbsp;contract workers&nbsp;into jobs sought by young U.S. graduates. This <a href=\"https:\/\/www.breitbart.com\/immigration\/2021\/03\/05\/survey-americans-underestimate-quiet-public-opposition-to-legal-migration\/\" target=\"_blank\" rel=\"noopener\">opposition<\/a> is <a href=\"https:\/\/www.breitbart.com\/economy\/2020\/04\/29\/washington-post-poll-hispanics-are-the-strongest-opponents-of-immigration\/\" target=\"_blank\" rel=\"noopener\">multiracial<\/a>, <a href=\"https:\/\/www.breitbart.com\/immigration\/2020\/07\/11\/poll-suburban-women-strongly-back-donald-trumps-migration-policy\/\" target=\"_blank\" rel=\"noopener\">cross-sex<\/a>,&nbsp;<a href=\"https:\/\/www.breitbart.com\/politics\/2020\/09\/24\/survey-hispanic-americans-most-opposed-to-illegal-immigration-defunding-police\/\" target=\"_blank\" rel=\"noopener\">non-racist<\/a>,&nbsp;<a href=\"https:\/\/www.breitbart.com\/immigration\/2018\/04\/27\/study-black-working-class-opposes-mass-migration\/\" target=\"_blank\" rel=\"noopener\">class-based<\/a>, <a href=\"https:\/\/www.breitbart.com\/economy\/2021\/02\/22\/poll-democrat-sex-split-visa-workers\/\" target=\"_blank\" rel=\"noopener\">bipartisan<\/a>, <a class=\"x5l\" href=\"https:\/\/twitter.com\/USTechWorkers\/status\/1377363222005575680?s=20\" target=\"_blank\" rel=\"noopener\">rational<\/a>, <a href=\"https:\/\/www.breitbart.com\/immigration\/2021\/05\/11\/harvard-poll-swing-voters-want-biden-to-embrace-trumps-border-goals\/\" target=\"_blank\" rel=\"noopener\">persistent<\/a>, backed by&nbsp;<a class=\"x5l\" href=\"https:\/\/www.rasmussenreports.com\/public_content\/political_commentary\/commentary_by_larry_schack_and_mick_mcwilliams\/project_home_fire_center_for_politics_research_reveals_outsized_role_immigration_plays_in_fueling_our_national_divide\" target=\"_blank\" rel=\"noopener external\">Democratic voters<\/a>, and&nbsp;<a href=\"https:\/\/www.breitbart.com\/economy\/2021\/01\/22\/rasmussen-poll-liberals-and-wealthy-welcome-caravan-migrants\/\" target=\"_blank\" rel=\"noopener\">rests on<\/a>&nbsp;the solidarity that Americans owe to each other.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Donald Trump\u2019s tight labor market from 2017 to 2019 pulled many left-behind Americans into work and jobs, setting the stage for higher economic growth in future years, says a &#8230;<\/p>\n","protected":false},"author":39,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1026752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1026752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1026752"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1026752\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1026752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1026752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1026752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}