Yahoo reports that President Donald Trump thinks that the Federal Reserve has been “very, very destructive” by raising interest rates too quickly.
Trump has made a habit of criticizing the Federal Reserve and has urged policymakers at the Fed to lower the benchmark interest rate. However, this request was ignored as Trump recounted in an interview with CNBC where he said “they certainly didn’t listen to me because they made a big mistake. They raised interest rates far too fast.”
Trump claims that the Fed has put him in an unfavorable position in the trade war with China. In his view, Chinese president Xi Jinping has more control over his country’s central bank, which has helped to offset the impact of Trump’s tariffs on Chinese goods.
Trump later said, “We should be entitled to have a fair playing field, but even without a fair playing field — because our Fed is very, very destructive to us — even without a fair playing field, we’re winning, because the tariffs are putting us at a tremendous competitive advantage.”
Fed Chairman Jerome Powell has insisted that the central bank maintain its independent course and keep itself from being influenced by politics.
The Fed is set to announce its next policy decision next week. Last year, the Fed raised key policy rates four times. However, this year Powell has emphasized patience and is waiting to see how the American economy behaves in light of Trump’s trade war with China.
However, signs of the U.S. economy slowing down has made economists consider cutting interest rates to foster economic growth.
Trump highlighted Xi’s tremendous control over the Chinese economy, “Don’t forget, the head of the Fed in China is President Xi. He’s the president of China. He also is the head of the Fed. He can do whatever he wants.”
Central banking has become a double-edged sword so far.
Established in the 1910s close to the same time as the U.S. enacted the income tax, the Fed has the power to manipulate interest rates, and as a result, create boom and bust cycles that hurt the American economy.
Trump should exclusively focus on the use of tariffs to get China to change its policies. Tariffs can be used as a mechanism of soft power in order to tame countries that hurt U.S. interests. On the other hand, central banking policy is risky because of its ability to not only distort the American economy, but also increase inflation if too much money is being printed.
In the short-term, the U.S. should maintain a tight monetary policy. However, in the long-term, the Fed should ultimately be abolished and replaced with a free market money.
As the U.S. Elections Approaches, Thousands of Immigrants are Gaining U.S. Citizenship
America’s foreign voter base continues to grow ahead of the 2020 presidential election.
John Binder of Breitbart News noted that this is “adding a bloc of first-time foreign-born voters to the electorate.”
The last few months has seen delays in naturalization ceremonies thanks to the Wuhan virus pandemic. As of June, the United States Citizenship and Immigration Services (USCIS) agency restarted ceremonies, with 2,000 immigrants being naturalized according to a report published by Camila DeChalus on June 10.
Other immigrants, who were expected to receive citizenship in 2020, are now pressing legal action against the federal government.
Prior to the crisis, USICS was naturalizing immigrants to the tune of 60,000 monthly.
Binder broke down the overall legal migration numbers:
Legal immigration levels — where 1.2 million immigrants secure Green Cards and nearly a million obtain naturalized citizenship annually — has driven up the nation’s foreign-born voting population to record levels.
The Breitbart writer highlighted another demographic trend that is taking place across America:
In February, Pew Research Center revealed that for the first time since 1970, one-in-ten U.S. voters will have been born outside the country in the 2020 election. High legal immigration levels have also ensured that Hispanic voters will replace black Americans as the largest voting minority for the first time in U.S. history.
According to research from The Atlantic, the New York Times, and Axios, Democrats tend to benefit from an increased foreign-born population.
Binder gave an overview about what these foreign voter numbers look like:
The Atlantic‘s Ronald Brownstein reveals nearly 90 percent of House congressional districts with a foreign-born population above the national average are won by Democrats. This means every congressional district with a foreign-born population exceeding 14 percent has a 90 percent chance of electing Democrats and only a ten percent chance of electing a Republican.
Exit polling data indicated that Trump won 49 percent of native-born Americans’ votes, whereas Clinton won 45 percent of the vote. As far as foreign voters were concerned, Clinton trounced Trump by raking in 64 percent of the immigrant vote, while Trump got only 31 percent.
At the moment, the Binder points out that the “U.S. is on track to import about 15 million new foreign-born voters in the next two decades due to existing legal immigration levels.”
Those 15 million new foreign-born voters include about eight million who will arrive through chain migration, where newly naturalized citizens can bring an unlimited number of foreign relatives to the country.
The U.S. is undergoing a massive demographic transformation thanks to public policy.
In previous eras, migration waves would at least be contained by legislative pauses that allowed for assimilation.
But now, elites are content by keeping the illegal and legal migration gravy train going without any pause in sight.
Given immigrant voting trends, many freedoms such as the right to bear arms and free speech could be in jeopardy thanks to Democrats gaining a new voting bloc that will help them stay in power for a long time.
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