by NEIL MUNRO at breitbart.com
Wealthy New Yorkers will get cheaper weekend getaways because President Joe Biden’s migration flood is washing away marketplace pressure to raise wages for Americans, says a celebratory article in the New York Times.
The firm’s six [legal J-1] visa workers are spread across three of its seven properties, said Keir Weimer, the founder of the company, and are a small but important chunk of its 85-person work force.
The company has also been having an easier time competing for employees in general after a few years of adaptation. Mr. Weimer estimated that pay was up 10 to 15 percent over the past 15 months [when migraton was lower], but said wage growth was beginning to cool.
“We’re starting to now get more defined on career-track progression and having wages tied to performance and promotion, rather than just market,” he said. “There’s definitely less wage pressure than there was a year ago.”
The average wage in the area around Old Forge is just $31,844, according to CensusReporter.org.
The article was titled “A Flood of New Workers Has Made the Fed’s Job Less Painful. Can It Persist?” The article spotlighted investors’ hopes that the wage cuts forced by illegal migration can reduce overall inflation before the top leaders in the Federal Reserve pump up interest rates.
Many investors on Wall Street oppose those interest rate hikes — and they welcome Biden’s inflation-reducing, wage-cutting migration of millions of migrant workers via the nation’s borders and airports. The inflow of workers is aided by the government’s inflow of short-term visa workers, such as the J-1 and H-2B workers.
Most migrants will hard work for lower wages than needed by American parents. That poverty holds down the portion of inflation that comes from rising wages.
Many businesses favor migration because it allows them to hire cheap and compliant migrants instead of less-desirable American workers, such as former convicts or argumentative workers.
But mainstream Americans and their families have more leverage to win higher wages and better conditions when the federal government reduces migration, as it did under President Donald Trump.
Smialik’s favoritism for investor-backed, wage-cutting migration earned her some online criticism:
Smialik did not mention that Biden’s wage-cutting migration is also boosting one form of inflation that is favored by New York’s wealthy investor class — real-estate inflation. The Bank of Montreal in Canada recently reported: that migration inflates the value and cost of housing:
We have shown in the past that there is a very clear-cut positive relationship between population growth and real home price increases (roughly, every 1% rise in the former translates to a 3% increase in the latter. For inflation, the relationship is less obvious. But, looking at 18 countries from 1999 to 2022 suggests that there is at least a weak positive relationship.
Smialik, however, also knows that many Americans get sidelined when employers are able to prefer and hire alternative migrants.read more