Mortgage rates are rising due to President Joe Biden’s migrant issue, which puts a strain on young couples and families, said the president of the Fed Bank of Minneapolis.
Despite the lack of clarity around the long-term effects of greater immigration on inflation, Neel Kashkari, president of the Fed of Minneapolis, stated on May 7 that immigrants still require homes, and their entry into the United States has certainly also raised the demand for housing.
As a result, he stated, “Perhaps a neutral [interest] rate for the real estate market is higher than before the epidemic.” This suggests that higher interest rates are pushing mortgage rates upward.
The Federal Reserve, of which Kashkari is a member, is now increasing interest rates in an effort to curb the undesirable inflation that has resulted from the government’s deficit spending.
Biden’s deputies, by bringing in almost 10 million migrants—legal, illegal, and quasi-legal—since 2021, Biden’s deputies have also contributed to higher inflation.
The goal of bringing in migrants is to increase rental rates, stimulate the consumer sector, lower salaries, and fill available positions. Progressives who want more people to rely on the government and cast ballots for them, as well as investors who want lower salaries and increased consumer demand, will both benefit from the human resources boost.
The problem is that the massive influx has reduced salaries for Americans while driving up the prices of houses, secondhand cars, and other consumer goods.
Kristalina Georgieva, the director of the IMF, stated in April that “abundant labor pouring across the border” is reducing the salaries given to Americans.
The Economist journal acknowledged that immigrants require goods upon arrival, increasing demand for secondhand automobiles, food, and other necessities across the G10 (group of rich nations). “Rental housing, which is scarce all throughout the Anglosphere, is a prime example of this.”
The elite are reevaluating economic strategy in light of the mayhem that mass migration has wrought.
“The great beneficiaries are the nations that have diminishing populations… [such as China and Japan who] will rapidly develop robotics, AI, and technology,” said Larry Fink, founder of BlackRock, during a World Economic Forum event in Saudi Arabia on April 29. He continued to say:
“We will be able to enhance the level of life in countries and the standard of living for people, even with declining populations—if a promise of all that [technology] alters [per person] production, which most of us think it will [emphasis added].”
Yet, Democrats would rather have more immigrants flood the country’s consumer economy.
“Migrants, not voting Americans and their kids, are what makes us economically stronger,” Biden said at a May 1 event for pro-migration groups at the posh Mayflower Hotel in Washington, DC.
After assisting investors in relocating the high-wage manufacturing sector to nations with lower wages, the federal government has depended on extraction migration to boost the consumer economy since at least 1990.
Countries that are unable to meet their own human resource needs lose a lot of people to migration policies. By reducing wages for Americans, supporting low-productivity businesses, increasing rents, and driving up real estate prices, the influx of more workers, consumers, and renters drives up stock values.
Many native-born Americans have lost their jobs in a range of industries as a result of economic policy, which has also diminished American productivity and political influence, halted technological innovation, reduced trade, weakened civic solidarity, and encouraged progressives and government officials to turn a blind eye to the increasing mortality rate of discarded, low-status Americans.
Through the influx of low-wage labor, high-occupancy tenants, and government-aided customers, the program subsidizes coastal investors and government agencies while simultaneously draining employment and money from states in the heartland. Canada and the UK have both seen the negative effects of such policies on their populations and economies.
Hundreds of Americans and thousands of migrants have lost their lives as a result of a program that resembles colonization. A large number of people are among the victims on the taxpayer-funded jungle road that traverses the Darien Gap in Panama.
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