{"id":1436560,"date":"2022-04-13T22:44:43","date_gmt":"2022-04-14T02:44:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1436560"},"modified":"2022-04-13T22:44:47","modified_gmt":"2022-04-14T02:44:47","slug":"bidens-high-migration-economy-wages-crash-by-almost-3-percent","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-high-migration-economy-wages-crash-by-almost-3-percent\/","title":{"rendered":"Biden&#039;s High-Migration Economy: Wages Crash by Almost 3 Percent"},"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\">18<\/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%2Fbidens-high-migration-economy-wages-crash-by-almost-3-percent%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=1436560&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\/joe-biden-migrant-caravan-illegal-aliens-border-crisis-getty-640x335-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p class=\"subheading\">Americans\u2019 wages have dropped by almost 3 percent under President Joe Biden\u2019s high migration, big-spending policies, according to data presented by one of President Barack Obama\u2019s top economists.<\/p>\n<p>\u201cInflation ran 8.5% in the year ending last month, while nominal wages grew only 5.6%, a decline in inflation-adjusted wages of 2.7%,\u201d Jason Furman at Harvard University wrote in a <em>Wall Street Journal<\/em> <a href=\"https:\/\/www.wsj.com\/articles\/even-in-a-hot-economy-wages-arent-keeping-up-with-inflation-unemployment-job-growth-federal-reserve-11649779113?mod=e2two\" target=\"_blank\" rel=\"noopener\">article<\/a>.<\/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>\u201cThat [2.7 percent] is a larger decline than any pre-pandemic year in the last forty years,\u201d he said in <a href=\"https:\/\/twitter.com\/JStein_WaPo\/status\/1513888198178529280?s=20&#038;t=fgruyv9mj_Axe3BFJ5Iu7Q\" target=\"_blank\" rel=\"noopener\">an April 12 tweet.<\/a><\/p>\n<p>Americans\u2019 disposable income fell because prices inflated faster than wages rose. Prices rose by a shocking 8.5 percent, while wages rose by an impressive 5.6 percent.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: US inflation hit 8.5% in March \u2013 the highest level since the end of 1981. <\/p>\n<p>High gas prices accounted for half the March inflation spike. (Gas prices peaked on March 11). Rising food and rent prices also hurt.<\/p>\n<p>Wages (up 5.6% in past yr) are not keeping up with inflation <a href=\"https:\/\/t.co\/6gGXNpSQP5\">pic.twitter.com\/6gGXNpSQP5<\/a><\/p>\n<p>\u2014 Heather Long (@byHeatherLong) <a href=\"https:\/\/twitter.com\/byHeatherLong\/status\/1513857761922142211?ref_src=twsrc%5Etfw\">April 12, 2022<\/a><\/p>\n<\/blockquote>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<div class=\"article-body\">\n<p class=\"font-copy font--article-body gray-darkest ma-0 pb-md\">Republicans are spotlighting the economic damage. For example, a message from the Republican National Committee pointed out:<\/p>\n<blockquote>\n<p>FACT: Real average hourly earnings are\u00a0<a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1513863748100018183\">down 2.7%<\/a>\u00a0and real average weekly earnings are\u00a0<a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1513863748100018183\">down 3.6%<\/a>.<\/p>\n<p>FACT: Bidenflation is costing Americans\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-29\/u-s-households-face-5-200-inflation-tax-this-year-chart\">$433 per month<\/a>\u00a0just to maintain the same level of living.<\/p>\n<\/blockquote>\n<\/div>\n<p class=\"font-copy font--article-body gray-darkest ma-0 pb-md\">But establishment experts rarely mention the impact of mass migration on Americans\u2019 wages and housing.\u00a0Furman, for example,\u00a0 keeps a narrow focus on dollar inflation \u2014 not the impact of Biden\u2019s other economic policies.<\/p>\n<p>Since January 2020, Biden has largely opened the nation\u2019s borders to a wave of roughly 2 million migrant workers and families. That huge inflow of legal immigrants, illegal immigrants, quasi-legal asylum seekers, and visa workers inflates the U.S. economy for investors, CEOs, and tax collectors. That policy will re-inflate the two-decade-long <a href=\"https:\/\/www.breitbart.com\/immigration\/2021\/12\/20\/washington-post-low-wage-employers-struggle-after-cheap-labor-bubble\/\" target=\"_blank\" rel=\"noopener\">cheap labor bubble<\/a> that was burst in 2020 by President Donald Trump\u2019s policies.<\/p>\n<p>For example, the new migrants need homes, so they are helping to inflate rents and revenues for housing investors.\u00a0\u201cNationwide rent prices have increased significantly year-over-year,\u201d said <a href=\"https:\/\/www.rent.com\/research\/average-rent-price-report\/\" target=\"_blank\" rel=\"noopener\">a report<\/a> by Rent.com, released March 15. \u201cOne- and two-bedroom rents were up 24.4 percent and 21.8 percent, respectively.\u201d<\/p>\n<p>The inflow of job-seeking migrants also reduces wage growth because employers no longer have to offer wages increases to find willing American workers,\u00a0said Rob Law,\u00a0the director of regulatory affairs and policy for the Center for Immigration Studies.<\/p>\n<p>\u201cIf you have a tight labor market, then wages go up,\u201d because employers must outbid each other to hire willing Americans, he said.\u00a0 But \u201cemployers have a government subsidy [from Biden] in the form of a basically unlimited combination of legal, pseudo-legal, and just blatantly illegal workers,\u201d he said.<\/p>\n<figure id=\"M-ROS-B3\" class=\"a8d adSo\"><\/figure>\n<p>\u201cInflation and immigration are the one-two punch that cripples American workers\u2019 take-home pay,\u201d Law said.<\/p>\n<p>Cheap labor migration also reduces high-tech investment by companies and farms. The result is that some U.S. companies use stoop labor instead of American-made machines:<\/p>\n<figure id=\"D-ROS-B2\" class=\"a8d\"><\/figure>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ricardo shared a video picking sweet potatoes in Mississippi. Workers are bent over for hours picking the vegetable in cold, wet &#038; muddy conditions.  <a href=\"https:\/\/twitter.com\/hashtag\/WeFeedYou?src=hash&#038;ref_src=twsrc%5Etfw\">#WeFeedYou<\/a> <a href=\"https:\/\/t.co\/slb6ojhZQm\">pic.twitter.com\/slb6ojhZQm<\/a><\/p>\n<p>\u2014 United Farm Workers (@UFWupdates) <a href=\"https:\/\/twitter.com\/UFWupdates\/status\/1513967896128462853?ref_src=twsrc%5Etfw\">April 12, 2022<\/a><\/p>\n<\/blockquote>\n<p>Economists and reporters ignore the economic impact of the government\u2019s long-standing economic policy of inflating the economy with imported workers, renters, and consumers, Law said:<\/p>\n<blockquote>\n<p>It\u2019s an across-the-board economic impact when you have a surplus of workers. There\u2019s an increase in demand for housing in certain areas. There is a decrease in the ability to get certain preferred supplies or food stock when you are importing a whole new wave of people. Across the board, Americans are finding themselves worse off with their pay, their job opportunities, their housing, even healthcare in the form of longer lines.<\/p>\n<p>The professional class likes to pretend that immigration is really only about humanitarian stuff and naturalizations. Immigration has a direct impact on every aspect of our American society, from the economy, from taxes, from public services. Which is why it\u2019s so critically important that you consider what the levels are \u2026\u00a0 too much of it \u2014 legal or illegal\u2013\u00a0 is collectively a net loss to communities.<\/p>\n<\/blockquote>\n<p>Furman recognized the value of a tight labor market where employers must compete for workers, saying:<\/p>\n<figure id=\"M-ROS-B4\" class=\"a8d adSo\"><\/figure>\n<blockquote>\n<p>There are good reasons to run a hot economy. Bringing in [American] workers whom employers would normally be reluctant to hire\u2014those with, say, a past felony conviction, a disability or lower educational attainment\u2014is genuinely wonderful. But in economics all good things don\u2019t always go together. Millions of new jobs don\u2019t necessarily lead to higher pay for the 150 million workers who are already employed.<\/p>\n<\/blockquote>\n<p>Hot economies allow inflation because employers can easily and quickly raise prices faster than wages, he argued. \u201cWith so many eager customers, businesses can charge higher prices. Which goes up more\u2014the bargaining power of workers or the pricing power of businesses\u2014is theoretically ambiguous,\u201d he said.\u00a0The lesson, he said, is that federal policy should not overheat the economy by piling on spending programs.<\/p>\n<p>Back in 2016, when he was working for Obama, Furman <a href=\"https:\/\/www.breitbart.com\/politics\/2016\/08\/13\/obamas-top-economist-admits-feds-jobs-policy-is-as-painful-as-five-recessions\/\" target=\"_blank\" rel=\"noopener\">admitted<\/a> that government policy had a devastating impact on Americans because it pushed many millions of Americans \u2014 <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/03\/15\/d-c-s-economic-policy-sidelines-almost-20-million-american-men\/\" target=\"_blank\" rel=\"noopener\">perhaps 20 million men<\/a> \u2014 out of the labor market, into poverty, and onto charity and welfare.<\/p>\n<p>\u201cThis [dropout] is caused by policies and institutions, not by technology,\u201d admitted\u00a0<a class=\"x5l\" href=\"https:\/\/www.whitehouse.gov\/blog\/author\/jason-furman\" target=\"_blank\" rel=\"noopener external\">Jason Furman<\/a>, an economist who chairs the president\u2019s Council of Economic Advisors. \u201cWe shouldn\u2019t accept it as inevitable,\u201d he\u00a0<a class=\"x5l\" href=\"https:\/\/www.facebook.com\/brookings\/videos\/vb.137459917707\/10154430346507708\/?type=3&#038;theater\" target=\"_blank\" rel=\"noopener external\">told a Brookings Institute expert, Dave Wessel<\/a>, on<span class=\"Apple-converted-space\">\u00a0<\/span>August 10.<\/p>\n<p>The activists who want more immigration seized on the bad inflation news to argue that the government should <a href=\"https:\/\/www.breitbart.com\/tag\/extraction-migration\/\" target=\"_blank\" rel=\"noopener\">extract more migrants<\/a> from poor countries.<\/p>\n<p>Catherine Rampell, for example, is a <a href=\"https:\/\/www.breitbart.com\/economy\/2021\/11\/26\/bloomberg-canadians-wages-shrink-amid-immigration\/\" target=\"_blank\" rel=\"noopener\">pro-migration<\/a> op-ed writer for the <em>Washington Post<\/em>, who tried to argue on April 11 that more immigration would make Biden <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2022\/04\/11\/democrats-missing-real-immigration-threat-workers-economy\/\" target=\"_blank\" rel=\"noopener\">less unpopular<\/a>:<\/p>\n<blockquote>\n<p>Democrats are terrified that a coming border surge might tank their midterm chances.<\/p>\n<\/blockquote>\n<div class=\"article-body\">\n<blockquote>\n<p class=\"font-copy font--article-body gray-darkest ma-0 pb-md\">But they have largely ignored a much more serious immigration-related political risk. The problem in the months ahead isn\u2019t that the United States will allow in too many immigrants; it\u2019s that we\u2019ll admit too\u00a0<i>few<\/i>, particularly the kinds of workers who can fill critical labor-market shortages.<\/p>\n<\/blockquote>\n<p class=\"font-copy font--article-body gray-darkest ma-0 pb-md\">Rampell, Princeton \u201907,\u00a0 is a persistent advocate for the <a href=\"https:\/\/www.breitbart.com\/economy\/2021\/01\/10\/critics-joe-biden-is-restarting-hunger-games-migration-policy\/\" target=\"_blank\" rel=\"noopener\">colonization-style extraction<\/a> of human resources from foreign countries for use in the U.S. economy.\u00a0 That is good for CEOs but especially good for clever investors, such as\u00a0<a class=\"x5l\" href=\"https:\/\/a16z.com\/author\/alex-rampell\/\" target=\"_blank\" rel=\"noopener external\">her Harvard-graduate brother,<\/a>\u00a0who works for Andreessen Horowitz, an investment firm in Silicon Valley.<\/p>\n<\/div>\n<p>Meanwhile, polls show that immigration is helping to wreck the Democrats\u2019 standing in the polls. Breitbart News <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/04\/11\/cbs-poll-8-in-10-americans-support-reducing-immigration-stricter-vetting\/\" target=\"_blank\" rel=\"noopener\">reported<\/a>\u00a0on April 11:<\/p>\n<blockquote>\n<p>A CBS News\/YouGov Poll\u00a0<a class=\"x5l\" href=\"https:\/\/drive.google.com\/file\/d\/1O8Rc7BO6uzNdoyDgBYAvBqiwScs9Y6uU\/view\" target=\"_blank\" rel=\"noopener external\">shows<\/a>\u00a0that even when Americans are not told the current level of overall immigration to the U.S. \u2014 where more than a million green cards are awarded, more than a million temporary visas are allotted, and hundreds of thousands of illegal aliens are added to the population annually \u2014 they continue to back reductions and limits over expansions and uncontrolled migration.<\/p>\n<p>The poll asks Americans, \u201cWhat do you think U.S. immigration policy should generally be?\u201d About 61 percent of Americans said \u201csome immigration\u201d should be allowed but \u201cbased on strict criteria,\u201d suggesting an overall reduction with a more rigorous vetting and assimilation policy.<\/p>\n<p>About 19 percent of Americans said they want to \u201cstop most or all immigration\u201d to the U.S., while 20 percent said \u201callow a lot of immigration, including most or all people who want to enter,\u201d suggesting support for an open border policy.<\/p>\n<\/blockquote>\n<p>RealClearPolitics.com reported on April 12 that a<a href=\"https:\/\/www.realclearpolitics.com\/epolls\/other\/president-biden-job-approval-immigration-7359.html#!\" target=\"_blank\" rel=\"noopener\"> sample of recent polls<\/a> shows that Biden\u2019s immigration policy is backed by just <a href=\"https:\/\/www.realclearpolitics.com\/epolls\/other\/president-biden-job-approval-immigration-7359.html#!\" target=\"_blank\" rel=\"noopener\">35 percent<\/a> of Americans, and is opposed by 59 percent.<\/p>\n<p>Also, multiple Democratic legislators are protesting as Biden is scheduled to open the southern border on May 23 to all economic migrants who claim they are seeking asylum.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Yes, this is Walmart. See <a href=\"https:\/\/t.co\/kZTaXICCmz\">https:\/\/t.co\/kZTaXICCmz<\/a> <a href=\"https:\/\/t.co\/c7AvAsJwpl\">https:\/\/t.co\/c7AvAsJwpl<\/a><\/p>\n<p>\u2014 Neil Munro (@NeilMunroDC) <a href=\"https:\/\/twitter.com\/NeilMunroDC\/status\/1167080294802952192?ref_src=twsrc%5Etfw\">August 29, 2019<\/a><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Americans\u2019 wages have dropped by almost 3 percent under President Joe Biden\u2019s high migration, big-spending policies, according to data presented by one of President Barack Obama\u2019s top economists. \u201cInflation ran<\/p>\n","protected":false},"author":39,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1436560","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\/1436560","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=1436560"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1436560\/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=1436560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1436560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1436560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}