Joe Biden Follows Goldman Sachs Playbook to Gut U.S. Workers
Wages for U.S.-born workers rose more quickly during the 2016-2019 period of lower immigration than in times of higher immigration, according to a new study.
Labor force participation rates — the share of working-age adults employed or looking for work — also increased. Overall, U.S. workers without college diplomas scored the biggest gains.
“Good economic conditions during the period of lower immigration from 2016 to 2019 contradict the often-made argument that the U.S. economy must have very high levels of immigration to prosper,” the Center for Immigration Studies (CIS) report stated. “Net immigration fell significantly during this period, even as the economy expanded and the earnings of workers rose — all without sparking high inflation.”
The picture hasn’t been so rosy since Joe Biden entered the White House and opened the immigration floodgates. A New York Federal Reserve survey earlier this year showed that pay for U.S. workers holding bachelor’s degrees fell 7.4 percent in 2022. The report said that was “the steepest plunge since 2004, erasing nearly all of the pandemic-era gains.”
Citing use and abuse of the H-1B “skilled visa” program, Breitbart News’ Neil Munro characterized the situation as “a vast, fraud-ridden archipelago of foreign contract workers that successfully suppresses white-collar salaries.”
Things aren’t much better for non-college educated workers. FAIR noted in February that allotments of H-2B (lower skill) visas have increased while enforcement of federal wage and hour rules has all but disappeared.
The vise squeezing American paychecks has the fingerprints of corporate lobbyists who work relentlessly for the importation of evermore foreign labor. They’re not even subtle about it.
Goldman Sachs, Wall Street’s leading investment firm, last year said Biden could shave roughly $100 billion off Americans’ wages by bringing in 2.5 million new foreign workers. Through vastly expanded legal and illegal immigration, Biden has delivered that, and then some.
Buttressing CIS’ points about labor market supply and demand, Goldman bitterly acknowledged that President Donald Trump’s efforts to curtail immigration “led to [U.S.] wage growth of 5 ½ percent.” Evidently disturbed by that number, Goldman advised, “… the [worker] gap would need to close by around 2.5 million [extra migrants] to return wage growth to the 4-4.5 percent range.”
FAIR maintains that for wages to rise, immigration must fall. As long as this president continues to follow Goldman Sachs’ open-borders playbook, Americans’ paychecks will continue to stagnate in the face of spiraling inflation and historically high levels of immigration.