The Ruling Class Believes That Immigration Is Boosting Economic Growth In The United States
Jose Nino
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The ruling class has been ecstatic about the massive influx of immigrants that has arrived in the United States since the Biden regime was installed in office. These elites like the idea of cheap labor and cheap votes, in addition to the white displacement that mass migration brings about.
On the other hand, many Middle Americans have grown increasingly critical of mass migration. In February, the non-partisan Congressional Budget Office (CBO) calculated that immigration will create a $7 trillion boost to gross domestic product over the course of the upcoming decade. The agency reached that conclusion after factoring in the recent surge in immigration.
The CBO release kicked off a series of economic projections from investment bank economists that incorporate the recent immigration influx and determine what impact it has had on consumer spending and overall macroeconomic activity. Goldman Sachs Group Inc. changed its near-term economic growth projections on March 17, 2024. JPMorgan Chase & Co. and BNP Paribas SA were several of the banks that recognized the economic impact from increasing immigration in recent times.
“Immigration is not just a highly charged social and political issue, it is also a big macroeconomic one,” Janet Henry, global chief economist at HSBC Holdings Plc, said in a note to clients March 19. She argued that no other advanced economy is reaping the benefits from mass migration like the US is, and “the impact of migration has been an important part of the US growth story over the past two years.”
Morgan Stanley economists Sam Coffin and Ellen Zentner argued in March that the faster population growth spurred by immigration will allegedly lead to stronger employment and population estimates than initially projected.
Goldman projects that immigration was around 2.5 million in 2023, a figure that is considerably higher than the 1.6 million number hinted at the change in the foreign-born population in the official household survey put out by the Census Bureau.
A Bloomberg report called attention to how the recent increase from immigration is the product of both additional legal immigrants as the US is experiencing unprecedented visa backlogs and the spike in illegal border crossings. The US has 32.5 million immigrant workers, which comprise roughly 20% of US workers — 18.6% to be exact —, a record figure in the data that the government has compiled in the last few decades.
Indeed, the US is experiencing a massive demographic change and for the worst. This change is brought about by mass migration. Unfortunately, this type of change is bad for the socio-economic fabric of the US, as it concentrates wealth in the hands of anti-white, woke capital, while whittling away at the economic power of the working class.
The only way to prevent a socio-economic disaster form unfolding here is for immigration to be fully restricted
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