The Latest Democrat Big Lie: Illegal Immigration Will Boost US GDP By $7 Trillion. Sure, Let's All Break Windows and Burn Down Businesses, Too.
Posted by freedomforall 2 months, 2 weeks ago to Government
Excerpt:
"Of course, if it was just Krugman doing the full court propaganda press we wouldn't even bother with this response, but we were rather amazed to hear none other than the Fed chair bring the topic of immigration up in his 60 Minutes interview. Luckily, unlike the NYT ecomedist, Powell's take was far more accurate, if much more sinister. For those who missed it, here is what Powell said when host Scott Pelley asked him why the return of immigration to the US after the Pandemic (when Trump locked down all the borders) was so important:
PELLEY: Why was immigration important?
POWELL: Because, you know, immigrants come in, and they tend to work at a rate that is at or above that for non-immigrants. Immigrants who come to the country tend to be in the workforce at a slightly higher level than native Americans do. But that's largely because of the age difference. They tend to skew younger.
PELLEY: Why is immigration so important to the economy?
POWELL: Well, first of all, immigration policy is not the Fed's job. The immigration policy of the United States is really important and really much under discussion right now, and that's none of our business. We don't set immigration policy. We don't comment on it.
I will say, over time, though, the U.S. economy has benefited from immigration. And, frankly, just in the last, year a big part of the story of the labor market coming back into better balance is immigration returning to levels that were more typical of the pre-pandemic era.
PELLEY: The country needed the workers.
POWELL: It did. And so, that's what's been happening.
Two points here: first, whether he meant to or not, Powell just insulted a few hundred million native-born Americans who reportedly do not work at a "rate that is above that for non-immigrants", i.e., they are plain old lazy, and then there is the far more ominous insinuation: when Powell says that a "big part of the story of the labor market coming back into better balance is immigration returning to levels that were more typical of the pre-pandemic era," what he really means is that the reason why inflation has fallen so fast since peaking in June 2022 (at 9.1% YoY) without a corresponding surge in the unemployment rate, is because immigrants (whether legal or illegal) were replacing the jobs of those native American workers who were leaving the labor force! Or said otherwise, you have Replacement Theory to thank for the drop in inflation (i.e., wages) which would not have been possible without the surge in immigration, which in turn is why native-American workers haven't seen any job gains in 6 years!
Which also explains why private worker wages have indeed tumbled in the past two years, even as government wage growth has exploded to an all time high. That's right, Replacement Theory for thee... just not for the Deep State, which is taking all the benefits of sliding wages (thanks to Paco mowing your lawn again), and pushing wages of government workers (i.e., the Deep State) to an all time high!
Anyway, since it is an election year, the CBO - whose forecasts have been dead wrong and overly optimistic every single year this century - was tasked with coming up with some optimistic talking points for the Biden admin, like how many trillions in nominal GDP growth the US economy will add if it maintains the current course over the next decade, and it did as ordered. In fact, it did so well, that the WaPo's favorite economic columnist and spin master, Catherine Rampell, was effusive in her praise of the CBO forecast on X (formerly twitter). To be sure, not even she could mask the fact that the US is on an unsustainable fiscal course, pointing out that "Thanks largely to those higher-than-previously-expected interest rates, CBO raised its estimate of net outlays for interest over the next decade by $1.2 trillion (or 11%)" (spoiler alert: outlays due to the soaring interest will be orders of magnitude greater).
But what matters for this analysis is the CBO's punchline, and what one item they goalseeked to get to their mandated economic increase. Can you guess where the bulk of economic growth comes from?
Why, that's right: immigration!"
----------------------------------------
D.C. NIFO
"Of course, if it was just Krugman doing the full court propaganda press we wouldn't even bother with this response, but we were rather amazed to hear none other than the Fed chair bring the topic of immigration up in his 60 Minutes interview. Luckily, unlike the NYT ecomedist, Powell's take was far more accurate, if much more sinister. For those who missed it, here is what Powell said when host Scott Pelley asked him why the return of immigration to the US after the Pandemic (when Trump locked down all the borders) was so important:
PELLEY: Why was immigration important?
POWELL: Because, you know, immigrants come in, and they tend to work at a rate that is at or above that for non-immigrants. Immigrants who come to the country tend to be in the workforce at a slightly higher level than native Americans do. But that's largely because of the age difference. They tend to skew younger.
PELLEY: Why is immigration so important to the economy?
POWELL: Well, first of all, immigration policy is not the Fed's job. The immigration policy of the United States is really important and really much under discussion right now, and that's none of our business. We don't set immigration policy. We don't comment on it.
I will say, over time, though, the U.S. economy has benefited from immigration. And, frankly, just in the last, year a big part of the story of the labor market coming back into better balance is immigration returning to levels that were more typical of the pre-pandemic era.
PELLEY: The country needed the workers.
POWELL: It did. And so, that's what's been happening.
Two points here: first, whether he meant to or not, Powell just insulted a few hundred million native-born Americans who reportedly do not work at a "rate that is above that for non-immigrants", i.e., they are plain old lazy, and then there is the far more ominous insinuation: when Powell says that a "big part of the story of the labor market coming back into better balance is immigration returning to levels that were more typical of the pre-pandemic era," what he really means is that the reason why inflation has fallen so fast since peaking in June 2022 (at 9.1% YoY) without a corresponding surge in the unemployment rate, is because immigrants (whether legal or illegal) were replacing the jobs of those native American workers who were leaving the labor force! Or said otherwise, you have Replacement Theory to thank for the drop in inflation (i.e., wages) which would not have been possible without the surge in immigration, which in turn is why native-American workers haven't seen any job gains in 6 years!
Which also explains why private worker wages have indeed tumbled in the past two years, even as government wage growth has exploded to an all time high. That's right, Replacement Theory for thee... just not for the Deep State, which is taking all the benefits of sliding wages (thanks to Paco mowing your lawn again), and pushing wages of government workers (i.e., the Deep State) to an all time high!
Anyway, since it is an election year, the CBO - whose forecasts have been dead wrong and overly optimistic every single year this century - was tasked with coming up with some optimistic talking points for the Biden admin, like how many trillions in nominal GDP growth the US economy will add if it maintains the current course over the next decade, and it did as ordered. In fact, it did so well, that the WaPo's favorite economic columnist and spin master, Catherine Rampell, was effusive in her praise of the CBO forecast on X (formerly twitter). To be sure, not even she could mask the fact that the US is on an unsustainable fiscal course, pointing out that "Thanks largely to those higher-than-previously-expected interest rates, CBO raised its estimate of net outlays for interest over the next decade by $1.2 trillion (or 11%)" (spoiler alert: outlays due to the soaring interest will be orders of magnitude greater).
But what matters for this analysis is the CBO's punchline, and what one item they goalseeked to get to their mandated economic increase. Can you guess where the bulk of economic growth comes from?
Why, that's right: immigration!"
----------------------------------------
D.C. NIFO
or all the added cost from medical expenses??
gotta love all the lying politicians...
and by love i mean hang