BREAKING NEWS: President Trump Announces Total Immigration Moratorium
President Donald Trump announced on Monday night that he will be stopping all immigration temporarily because of the coronavirus pandemic.
“In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!” Trump announced.
Trump’s announcement comes as U.S. prosperity is decimated due to the coronavirus-related economic shutdown. Much of the gains that Trump has made over the first three years of his presidency have been wiped out because of the China virus.
Big League Politics has reported extensively on the devastation that has occurred in the economy:
The International Monetary Fund (IMF) predicted on Tuesday that the coronavirus pandemic will result in the worst recession since the Great Depression, even surpassing the economic turmoil of the late 2000s. They expect a contraction of the world economy by 3 percent whereas the economy only contracted 0.7 percent in 2009.
“The Great Lockdown, as one might call it, is projected to shrink global growth dramatically,” said IMF economic counselor Gita Gopinath in the fund’s 2020 World Economic Outlook. “Much worse growth outcomes are possible and maybe even likely.”
If the virus subsides over the second half of the year, the IMF expects economic growth to pick back up. They anticipate 5.8 percent growth in 2021 as a projected recovery takes hold aided by stimulus funds and money printing. This is only speculation, as certain experts predict that the coronavirus shut down could last many months. The IMF notes the “extreme uncertainty” of the situation while making their predictions.
“Many countries face a multi-layered crisis comprising a health shock, domestic economic disruptions, plummeting external demand, capital flow reversals, and a collapse in commodity prices,” the fund’s outlook states. “Risks of a worse outcome predominate.”
Earlier today, we reported about oil prices dropping to historic lows due to lack of demand and severe warehousing shortages:
On Monday, American oil prices hit the lowest point in history due to the lack of demand caused by the coronavirus pandemic largely shutting down economic productivity.
During the lowest point of the day, a barrel of oil went negative to the tune of a shocking and unprecedented $-40.32 for the May futures contract. Since oil futures trading was allowed on the market by NYMEX in 1983, this is the lowest price that has ever been recorded.
Traders are more focused on oil futures in June when the economy is expected to improve. The June futures contract is currently trading at $22 per barrel, which also dipped by 12 percent during the day. Brent crude futures, which is the benchmark for the world, dropped to $27 a barrel, a loss of 3.8 percent of value on the day.
Washington lawmakers are crippled by fear and panic, not knowing what to do about these developments. Oil corporations, which are some of the richest and most powerful in the world, may be the next to come looking for a federal bailout as trillions are spent to prop up the economy.
“The confusing thing for markets at the moment is the huge dichotomy between what will possibly be one of the worst synchronized global economic slumps in history against what is undoubtedly the largest ever intervention,” Deutsche Bank strategist Jim Reid said to his clients on Monday.
President Trump is effectively taking the advice of former Attorney General and U.S. Senate candidate Jeff Sessions by freezing immigration.
By suspending immigration, Trump will protect workers from being displaced by third-world replacements during a time of extreme uncertainty. He will also prevent the further spread of coronavirus by keeping foreigners out of the country.