Permanent Job Losses
The New Layoffs Will Be Permanent.
GM Resorts International and Stanley Black & Decker Inc. recently told some employees furloughed at the outset of the coronavirus pandemic that they wouldn’t be put back on the payroll. And companies bringing back the majority of furloughed workers, including Yelp Inc. and Cheesecake Factory Inc., are making reductions as they adjust to the new reality that many coronavirus-related closures won’t be resolved this fall.
More fresh layoffs at big employers loom. A day after Salesforce.com Inc. posted record quarterly sales, the business-software company notified its 54,000-person workforce that 1,000 would lose their jobs later this year. Coca-Cola Co. said Friday it plans to lay off some employees and offer voluntary buyouts to about 4,000 employees in the U.S. including Puerto Rico as well as Canada. American Airlines Group Inc. and United Airlines Holdings Inc. have said more than 53,000 workers could be affected in about a month if the airlines don’t receive another infusion of funds from the government.
Layoff Announcements in Past Month
- MGM Aug 29: 18,000 More
- Coca-Cola Aug 29: 4,000 Buyouts
- American Airlines Aug 25: 19,000 Furloughs, Layoffs in October
- Twin River Casino Rhode Island Aug 24: 1,300 Workers by End of September
- Airport Restaurant Workers Aug 21: 2,000 Notified of Permanent Layoffs
- Hollywood Casino in West Virginia Aug 18: 540 Permanent Layoffs
- McCarran Airport Las Vegas Aug 15: 940 Employees
- Booking.Com August 4: More than 4,000 Starting in September
- Spirit AeroSystems (parts supplier) July 31: 450 More Layoffs
- Spirit Airlines July 31: 20-30% of 9,100
- Nike July 31: At Least 500 Layoffs in Oregon
Those are the new announcements in the last month with the layoffs happening in September and October.
It does not reflect announcements from March through July effective in September or October.
Airlines received $25 billion in March to halt layoffs through September so beware of repeat announcements.
But Delta plans 2,000 layoffs and that is not in the above list. Nor is United.
On July 8, United Airlines warns of 36,000 layoff. That’s nearly half its U.S. staff.
October Airline Layoffs Threatened
- United: 36,000
- American: 19,000
- Delta: 2,000
- Spirit: 2,000-3,000
- Southwest 0 (But 17,000 Accepted Extended Time Off or Early Retirement)
The Delta Announcement is for Pilots Only and that is on top of over 1,800 early retirement acceptances.
Allo note that Delta Air Lines said it is still overstaffed even though 17,000 employees are taking buyouts and early retirements.
At a minimum we are talking about a reduction of about 100,000 direct airline jobs.
Devastating Consumer Financial Cliff Coming Right Up
The job cuts are coming just as pandemic assistance expired. As a result, a Devastating Consumer Financial Cliff Coming Right Up.
Mish
This snowball is just getting going . . . expect to see the real damage to the U.S. Economy in early 2021 . . . and it will be spectacular !
Yes, even though the month over month comparisons tend to look better because of the sharp, deep economic fall that came from the initial shutdowns, the year over year comparison will remain very ugly.
The culture seems to be self exploding and none of these fed people can see it, the game is so rigged in their favor financially it’s laughable.
I see people killing themselves everyday in corporate jobs, zoom schools, etc. None of it has any meaning and they know it deep down in their gut, the self loathing begins to creep in and boom.
You are free, you can always walk away to the extent you wish to do so, no one is stopping you, break free.
But what about my STUUUUUUFFF!?
People who have undying faith in the Feds ability to stop what is coming are going to lose their shirts.
Of course there will be growth after a record-braking drop. It’s just that there will not be growth to resume the previous economic trajectory.
When you drop from 100 to 50, and then return to 75, it’s 50% growth, but it ain’t 100.
Maybe the price of a barrel of Western Texas Crude will go negative again.
It certainly should be lower than $43.11 now.
“The New Layoffs Will Be Permanent.”
…
Naturally, this will be awesome for stocks.
I see Wall Street has come up with a new buzzword(s) – operating leverage (code for labor).
As “operating leverage” reduced it will make bottom line better.
Party On! owners of capital … revel in your wealth while the bottom 80% suffers … in not too distant future it will be 10% reveling while 90% suffers … then it will be 5% and everyone else.
Modern corporations are primarily in the business of accepting money from the government. Employee related activities have a significantly lower ROI than lobbyist activities, so in the interest of maximizing shareholder value, the employees will be let go.
The rich don’t need you. Please go die.
I can still recall one of my elementary teachers, from sixty or so years ago, telling the class how fortunate we were to grow up in the age of computers as they would eventually do all the work and everyone would have that much more leisure time. While that young teacher was undoubtedly premature in her assessment of the future, I have no doubt that the days of computers performing most of the work are coming much closer to reality – specially with the recent advances in artificial intelligence.
It is my strong belief that we are in the early stages of a new Information Age that will eventually be many more times impactful than the industrial revolution. Every day there are new advances in robotic surgery, driverless trucks and cars, industrial robots, service sector robots, agricultural robots etc. There is no doubt that more and more work will become automated in the future. Whether all this proves to be a blessing or a curse however remains to be seen.
I am not optimistic that all of the workers displaced by automation will find alternate gainful employment. Maybe there will be much more leisure time for these displaced workers but I suggest that they will not be able to enjoy it unless we implement some form of universal basic income. I also believe we will always need some portion of the workforce to be highly skilled. How then do you balance and reward those gainfully employed versus those displaced by automation? Is it fair to pay a universal basic income while some portion of society continue to work and earn a living? Interesting times ahead for sure.
She obviously did not forsee the modern megayacht and megamansion, to soak up all this idle productivity lest the serfs get restive.
It’s interesting when you step back and ponder the big picture of work. EVERY company is in business because it sells something, either a service (knowledge is a service) or a product.
Everyone else in a company is there to support the sales function. So much of a business day is really just inefficient meetings, playing with spreadsheets, thinking about how to market better, etc. There isn’t much going on that is really Earth shattering. People trudge in every morning and trudge home every evening, most repeating the same tasks over and over.
Much of this will disappear as robots and automation spreads further into white collar work. Most people will not know what to do with themselves when someone who manages them does not not tell them what to do. This is why decentralized/remote work is likely to fail.
The system (banks, government and whatever other apparatus that can’t face reality) is trying to extend and pretend. Businesses are liable for loans and CFOs can see the handwriting on the wall. Eventually the tsunami comes ashore and washes out everything. It will take the better part of the decade to get back to where the economy was in 2019 and it still won’t get there. We are at $27T in debt and headed for $35T soon. If Trump steals this election, we will look like the Russian economy more quickly then people think.
So no matter what if Trump actually wins the vote it’s stolen?
Not to mention the decades it will take to get “the economy” back to where it was in 1965, compared to the barren dump it was in 2019.
It also seem awfully unlikely that this will ever happen, without interim going through a period of Mogadishu-in-the-90s. Not that Mogadishu-in-the-90s was all that bad; at east not compared to the undifferentiated economic hellhole which was USA-in-2019.
New Yorkers Are Fleeing to the Suburbs: ‘The Demand Is Insane’
The pandemic is spurring home sales as prosperous city residents seek more space. One listing had 97 showings and received 24 offers.
Aug. 30, 2020, 3:00 a.m. ET
Over three days in late July, a three-bedroom house in East Orange, N.J., was listed for sale for $285,000, had 97 showings, received 24 offers and went under contract for 21 percent over that price.
On Long Island, six people made offers on a $499,000 house in Valley Stream without seeing it in person after it was shown on a Facebook Live video. In the Hudson Valley, a nearly three-acre property with a pool listed for $985,000 received four all-cash bids within a day of having 14 showings.
Since the pandemic began, the suburbs around New York City, from New Jersey to Westchester County to Connecticut to Long Island, have been experiencing enormous demand for homes of all prices, a surge that is unlike any in recent memory, according to officials, real estate agents and residents.
First The Fed stole everything in New York for them.
With nothing left to steal there, it, being The Fed hence dependent on continued theft, has little choice but to broaden the circles inside which everything is stolen for the benefit of those closest to it.
“Fleeing” from NYC to East Orange, NJ is more like “going from the frying pan into the fire.”
Ha! I lived in East Orange back in the early 1960’s as a kid for a year or so. The NY’rs ruined the Palisade coast of NJ and now they are apparently moving inland.
Seems like office building owners are getting the heebie jeebies as they ponder their huge amount of potentially long-term empty real estate. Working remotely really screws with the commercial rental real estate markets.
NYC Landlords Wage War Against Remote Working
Sat, 08/29/2020 – 16:40
Commercial real estate has continually been in a deflating bubble since the internet started. If you think it is bad now wait til 10Gbps comes to homes via fiber. Imagine the businesses you could run out of your home with that kind of bandwidth in both directions. The truth is Covid cut out a lot of what people were wasting money on and calling it an economy. If these businesses couldn’t withstand a few months of being closed then they probably weren’t in a strong position anyway. Covid is ringing out the weak hands both physically and from a business standpoint. Meanwhile the next generation of data storage and applications is going to make your head spin and replace more people.
Those weak companies are turning into zombies propped up by the Fed
Not the small businesses. Most companies don’t have bonds.
You most certainly cannot run a business out of anywhere as overpriced as New York.
Hence why the only activity taking place there for the past 50 years, have been nothing but rackets funded by Fed theft from everywhere else.
Powell ! Are you pondering what I’m pondering ?
Yes, I think so, Brain, and it’s comforting that Walter once said Jeff’s hands are bigger.
Surprisingly, brick and mortar stores plan no layoffs? I guess, they go straight into bankruptcy rather than downsize.
USA needs an immigration moratorium/pause for the next 25 years so NO legal immigration whatsoever except those who are genius enough to get paid a minimum 500k a year salary by some tech company.
No need for 25k cab drivers from Sudan or 25k russian nannies or 25k Mexican farm workers.
All ILLEGAL immigrants NEED TO GO HOME so E-verify must be made MANDATORY on all companies federally so it is mandatory in every state for every company and every individual with HUGE fines if you do NOT perform E-verify before hiring (I would put the fine at 1 million per ILLEGAL immigrant employed) so the 30+ million ILLEGAL immigrants currently in USA (MIT-Yale study from 2018 put it at 29.5 million) start to self-deport.
All Democrat controlled sanctuary cities and states refusing to work with ICE and releasing rapists and robbers and thieves and muggers and assaulters and drunk-drivers and drug dealers and gang members back to the streets without any danger of Deportation need to be stopped and send the FBI to ARREST every mayor and governor who has declared their city/state a sanctuary for ILLEGAL immigrant criminals until DEPORTATIONS start working.
All new ILLEGAL immigrants and bogus asylum seekers need to be returned immediately back to Mexico and told to make their claim in Mexico.
Trump’s AG (Sessions/Whitaker/Barr) could have made this policy without judicial review since Geneva Convention is a multilateral agreement and it specifies that asylum claims NEED to be taken ONLY when applicants are coming DIRECTLY from the country they are fleeing from and according to current US law AG can stop accepting asylum claims if it has either a bilateral agreement or multilateral agreement that other countries are responsible and process asylum applications.
USA has this kind of bilateral deal with Canada and Trump should have agreed same with Mexico before agreeing to USMCA but USA’s Attorney General can still STOP accepting asylum claims because Geneva Convention is multilateral agreement and Mexico is SAFE enough country under Geneva Convention so since US law states AG can STOP accepting asylum applications pursuant to a multilateral agreement then USA can STOP accepting asylum applications based on multilateral Geneva Convention.
You sound like a Trumpian, we don’t need this kind of Nazi policies, this is USA, melting pot of the world, that what makes US unique and successful, companies can take care of their own business, you cannot tell them how to run, many people are already laid off and more are coming, nobody is hiring , also there is no guarantee that new immigrants will find new jobs.
You are very ignorant of US history. Check out the Immigration act of 1924 which ran to 1965. It restricted immigration from Eastern and Southern Europe. It is but one of several imigration acts that limited immigration from certain countries and regions. Immigrants were screened and processed at Ellis Island. Those with medical conditions who were deemed to be a financial burden were deported. The Statue of Liberty was never intended to be a tribute to immigration, but to the end of slavery. It was hijacked by an immigration activist and its purpose was diverted.
Since there are so many unemployed AMERICANS immigration needs to be STOPPED.
The whole 30 year experiment of continually lowering/stagnating wages with ILLEGAL immigrants and low wage LEGAL immigrants to increase company profits and CEO compensation while keeping consumption going with ever increasing debt mountains has come to an END.
There is NOTHING wrong with limiting immigration and USA limited immigration EVEN in the Ellis island times because immigrants coming had to be healthy and be trained to do something so the immigration officer believed they could earn a living and there was NO WELFARE state.
Then there was immigration moratorium until the late 1960’s when Teddy Kennedy opened flood gates to low wage legal immigration and in the late 1970’s and early 1080’s waves of ILLEGAL immigrants started coming and this was boosted by Reagan’s 1986 amnesty and US citizenship for millions upon millions of ILLEGAL immigrants.
In the 1990’s Democrats and especially black Democrats wanted to STOP ILLEGAL IMMIGRATION but then in 2000’s they realized that the immigrants are voting Democrat 70% of the time so as long as American Democrat voters could be kept bamboozled for a few elections Democrats could take permanent control of USA through massive ILLEGAL immigration and the following amnesty and US citizenship and massive legal low wage immigration.
Immigration INCREASES employment and diversifies the labor pool which grows moribund without new arrivals, who do you think is working in agriculture which feeds you? The sons and daughters of white middle class household? Who do you think serves in our military, ivy league grads? Your racist views have been economically debunked over and over ad nausium and yet you and people like you still spew the same hate and disrespect. You really would have been better off living in Germany in the 30’s.
The facts that ILLEGAL immigration drives down wages and legal immigration for low wage jobs drives down wages have never been debunked because they are undeniable facts.
With all the offshoring of factories and well paying jobs and with all the crashing/stagnating wages through ILLEGAL immigration and low wage legal immigration for 30-40 years American consumption should have crashed and that should have crashed the profits of companies with that crashing the CEO pay with it but everything has been papered over with ever increasing debt levels.
Using immigration to increase profits while keeping consumption going with increased debt is a feature of the financialization of everything and the continually increasing debt mountain.
Elites and Wall Street are using immigrants to ROB the Middle Class and working class of their wages, savings and lifestyle.
The “jobs Americans just will NOT do” is the biggest lie and hoax there is.
There is an American worker willing to every job if the wage is good enough like 20 dollars an hour for farm hands instead of the 5 dollars ILLEGAL immigrants are paid.
All I can say is horseshit. You do not know your ass from your elbow and either are a russian troll or to dim to know when you are being had.
You are a Democrat party operative or paid Democrat troll.
Jojo please don’t feed the trolls.
I guess it depends on who you ask, I know a lot of native Americans in my home county that would say YOU are the illegal alien and a theif as well.
I do not believe you are approaching this with full Intellectual neutrality. I think you have narrowed the contextual framework and lens by which you are assessing reality through.
Why would you write all this for a scenario everyone knows will never happen? It’s a waste of time for both you and the reader. While we’re at it, why don’t we mandate that people stop doing drugs, obese people lose weight, and maybe marital infidelity should end? Kids should study harder, people shouldn’t binge drink (or smoke) and depressed people should cheer up!
Immigration serves to drive down wages through increased labor supply. That’s why it’s so valuable and it has enjoyed unwavering support for so long. You may as well call for the Fed to stop printing money too.
I think the US is no longer a destination for anyone legal or otherwise. I agree with some of what you are saying but for different reasons. The same people that claim that competition and a free market are good are the ones saying they need protection when it comes to immigrants and labor. I knew of a GM plant in Ohio with all born and raised Americans that had workers drinking on the job and not showing up some days of the week. Eventually GM management wised up and closed the factory and found more reliable workers in Mexico and Canada. I’m not saying you are this way but the truth is some citizens want it both ways and they don’t want to do anything differently. The truth is the illegal immigrant with no papers is just as if not more reliable then the citizen who doesn’t want to improve his lot in life.
Well, unless Trump wins another term, you can forget about this idea.
One thing you are also forgetting is that it is easy for companies to hire workers overseas. Many companies have offices in many countries and can shift jobs more quickly then previous recessions. I do think the US has too many underemployed but some of that is the underemployed’s own fault. We can either have more jobs with globalization or less jobs here and a smaller piece of the economic pie overall. There is so much winning going on with Trump though. I mean really.
What a wonderful utopia you describe, why it is almost as if the second world war had not been fought and Germany simply controlled the planet. Get them immigrants! Lazy dirty things they are. By the way, didn’t the golden boy of the GOP Matt Gaetz have a DUI? So crime is okay when it is a white American rpublican right?
So which are you? QAnon? Great Awakening? Stormfront? Anonymous? Russian FSB? Got tired of Pizzagate and birther fantasy because Biden does not like anchovies and was clearly a natural born citizen so you decided to go after immigrants today? You need to be banned because Mish and his loyal following do not need to commute on your crazy train. Go spread your bullshit on some republican right wing page that will eat it up like custard.
I have an idea, why don’t you and your Nazi friends come to my house and attack immigrants you whining entitled POS because I am the son of an immigrant and I like you brownshirts even less than you lile having Juan and Maria move in next door to you. I will stand my ground and it is the last thing you ever say to me.
It is clear you KNOW you have lost the argument and you have no facts to backup your fairytale claims about economy you just made up since you resort to calling me every name in the book and even go as low as calling me a Nazi.
It is interesting how Mish has gotten lots of really dedicated commenters that are fervent Democrats repeating Democrat party talking points when before Mish commenters used to be all over the place with many independents, many libertarianists and many republicans and some Democrats.
I don’t get it. It’s how America was built and became great. Seriously, how can past immigration be good and current immigration be bad. Most of us here can point to ancestors that arrived sometime during the great influx in the late 19th to early 20th century. Whether you arrived by ship, rode, walked or swam, if you landed on these shores then you were an American. It was completely legal. No big process nor swearing in, nothing. I know of no one that thinks that was a bad thing. All the text books present it as a good thing.
Real GDP growth = population growth + productivity growth. Back when all immigration was legal we got population growth. If we had free trade and less government then they wouldn’t need to come here for the jobs, so instead we would get productivity growth.
The government has no business trying to create jobs. A job that wasn’t created by the free market kills productivity. The Trumpian elites think that everyone desires a job picking in the fields, sewing garments or working on assembly lines where they are told exactly what to do by the elite class. And that nobody can create there own jobs. And that the jobs government creates are this great benefit to society. So we need to save those jobs for our own working class.
A job is a price, nothing more.
You are ignorant of history.
USA had immigration moratorium for a long time until late 1960’s that was ended by Teddy Kennedy.
And coincidentally the real wage growth has been non-existent and wages have stagnated or fallen since 1970’s in real terms and anybody able to put 1+1 together realizes that ILLEGAL immigration and low wage legal immigration are part of the reason why wages have stagnated/fallen in real terms.
During the Ellis Island times there was a health check and people who had had tuberculosis were turned away and people who had no way to support themselves aka a profession they knew to do were turned away and the large cost of ship tickets worked as a natural barrier stopping never-do-wells and most importantly there was NO welfare whatsoever.
Using earlier immigration and results USA got from that as a reason to continue current immigration where USA can be reached with NO money and NO skills and NO ability to legally earn a living and where Welfare is given through many loopholes is really ignorant and lazy way of thinking.
All politics boils down to what benefits whom. Corporations benefit massively from illegal immigration, and the corporations own everyone in Washington DC. The laws that allow the open bribery of our government ensure the needs of the people will always be ignored in favor of what benefits the corporations. Welcome to feudalism 2.0
A better solution (instead of tearing families apart) would be to end all welfare programs for immigrants. Americans are very generous but not as generous as government which “do good” by using other peoples’ money
NO families need to teared apart.
Families can be DEPORTED back to their home country as family units.
The US bureaucrat interpretation that babies born to ILLEGAL immigrants are given birthright citizenships is against the law since law is that to get US citizenship for the babies the parents need to be DOMICILED in USA and ILLEGAL immigrants are NOT domiciled in USA since they came to USA illegally so they are still domiciled in their home country.
This birthright citizenship scam was started under Reagan too when ONE Supreme Court judge wrote as his personal opinion into a decision that babies born to ILLEGAL immigrants should get US citizenship.
US Supreme Court did NOT rule that, it was one judges opinion and yet the bureaucracy under REAGAN started giving birthright citizenships to babies born to ILLEGAL immigrants.
Trump promised to stop this but has done NOTHING…
The “falling prices everyday” world of the Walmart economy is the economic heroin that has kept the US economy happy with the outsourcing of work to other countries and the wage stagnation at home.
How happy do you think will consumers be about that $20/hr wage for farm workers?
You do know how the living wage issue is awfully socialistic and promoted by Bernie and AOC?
My experience is Wallmart prices are rising as fast or faster than others, and $20 per hour is about half what it takes to be middle class these days. For a single guy. Families cost more. I do not think we should guarantee a middle class life for anyone except possibly disabled vets and good teachers, good cops, a few other really socially essential workers. Government should never subsidize private corporation employees. That should be left to the market, and if private corporations are paying poverty or less wages that should be taken care of with minimum wage laws.
We need to set a standard for what is and what is not poverty. Along the lines of 365X3 meals per day with one meal being minimal, not less than $300 per person, not to exceed $400. Two of which meals must be cooked at home and not purchased in a fast food place. Transportation costs= a monthly train/buss pass required to get to and from the job. If no transit is available then a set amount for a car of a couple hundred per month, and 100 for insurance, and another for fuel, and about 60-75 for maintenence.
Then add on 12X the average monthly rent for a house or apartment. Then add on another $100 for misc which would include doing laundry and a few other things required but not listed.
Already without addressing healthcare or any other interests we are at more than 20k per year, with nothing for any form of luxury or entertainment, utilities, anything more. In a lot of the country that 20k would not cover the rent.
I am not a socialist, but I also think it is time to freaking end poverty in this nation. You will end it like that or not or it will get ended without your input in ways I assure you that you will not like. It has gone on too long and got too deep. If it takes socialism to fix it because you offer no better ideas then so be it.
Bernie and AOC are useful idiots for Wall Street.
Their immigration policy is what is leading to lowering of wages and they have solutions to the problem that do not work and instead they want to crush wages even lower with massive amnesty and US citizenship for every ILLEGAL immigrant that Joe Biden has already PROMISED after agreeing to the demands of AOC/Sanders.
Sanders used to be against ILLEGAL immigration and low wage legal immigration crushing wages and called it a Koch Brothers idea but now Sanders has turned into a Koch puppet on immigration and AOC is clueless and does not even know what she is doing.
AOC/Sanders are useful idiots/puppets for Wall Street/bankers/elite/Koch Bros/Chamber of Commerce on immigration.
Previous as current post was in reply to FactsonJoe.
“ legal immigration for low wage jobs drives down wages have never been debunked because they are undeniable facts.“ This completely ignores the immigrant‘s wages which obviously increases otherwise they wouldn’t be immigrating, and the affect that has on productivity which in turn is what increases our wealth in terms of GDP per capita. You are so consumed with the us vs them propagated by the Trumpian protectionists wall-builders. You’re think in zero-sum-gain, that if we can keep everyone else poor then we can prosper. That is completely fallacious.
Look. Jobs are not the be-all-end-all, goods and services are. Jobs are the price for goods and services. The important thing is that productivity grows because that is what makes everyone wealthy. This means you want as few jobs as possible for as many goods and services as possible.
So Screw borders. It’s a global economy.
The ILLEGAL immigrants wages and low wage legal immigrants wages increase compared to what they would earn in their home country and they get lots of welfare and services for free paid by US taxpayers on top of that but in the USA they drive down wages and replace Americans so they are a DRAG to US productivity and drive down life quality for tens of millions of Americans.
I hope Karma gets you and you are replaced with a lower wage immigrant and your boss laughs on your face after you have been fired.
“ they get lots of welfare and services”
That is another Trumpian lie. Name it? What do they get? Social Security, no. Medicaid, no, Disability, no. What? And don’t say Healthcare because it is not free to immigrants, that is false. Hippocratic oath means you can’t be turned away, it doesn’t mean it’s free and you don’t owe the bill.
Getting a bill from a hospital and never having to pay it is the same as getting the healthcare for free.
Many hospitals have even stopped billing ILLEGAL immigrants because doing the billing costs money so they just lose more money from the care provided to ILLEGAL immigrants that not one of them pays a dollar for.
Healthcare in USA is so expensive because hospitals have to PAD the hospital bills of all Americans enough so that the FREE healthcare for 30+ million ILLEGAL immigrants gets paid.
Premature baby born to an ILLEGAL immigrant mother is 500k-2 million.
By getting ISIN and registering with IRS ILLEGAL immigrants get all the federal tax credits as Americans and all Democrat controlled states like California have opened their state welfare programs to ILLEGAL immigrants (that is why so many ILLEGAL immigrants have gone to California and other Democrat controlled states and the Democrats have used ILLEGAL immigrants for election FRAUD by counting the ILLEGAL immigrants in the Census and then apportioning the House seats based on that so Democrats have 20-30 extra house seats they should NOT have just based on apportioning the House seats to states based on censuses that have included ILLEGAL immigrants as basis for calculating the number of House seats), section-8 housing started being given to ILLEGAL immigrants under Obama and Obama gave the child tax credits at 1000 dollars per child to also ILLEGAL immigrants.
SNAP-EBT foodstamps are being given to ILLEGAL immigrants etc. etc.
low wage legal immigrants and ILLEGAL immigrants LOWER the GDP per capita thereby making everyone in America POORER on average.
Productivity growth does NOT benefit everybody when the ruling class and elite steals 99% of the productivity growth by bringing in low wage legal immigrants at 1 million per year and crushing wages with 30+ million ILLEGAL immigrants in USA currently and causes wages to stagnate/drop in real terms so workers get NO BENEFIT from the productivity growth.
This phenomenon has been now brought also to STEM jobs, tech jobs, IT jobs, managerial jobs by importing lots of low wage H1B indians and chinese at 70k a year to do jobs comparable Americans are paid 150k-250k a year to do.
The elite keeps STEALING 99% of the productivity growth and Democrats are full of idiots without a clue and Republicans likewise apart from some good choices by Trump like lowering the amount of H1B’s and so far preventing the Indian shortcut to greencards that Republican Mike Lee tries to push through.
Even Bernie has joined the corruptocrats that are 90%+ of Democrats and about 50% of Republicans are corrruptocrats too either willingly or simply because they are as dumb mentally as AOC.
Regardless of how you feel about immigration, the following are facts:
Mexican ILLEGAL immigrants and other South American countries ILLEGAL immigrants tend to wave their countries flags instead of US flag and they tend to speak only in spanish so the system has been broken.
There is NO NEED to learn english anymore since everything can be had in spanish and the 30+ million ILLEGAL immigrants in USA (MIT-Yale study from 2018) means one can live their whole life without speaking english.
Greedy employers have whole kitchens and hotel staffs of ILLEGAL immigrants only speaking spanish among themselves and those companies are NO longer hiring Americans for the kitchen or the cleaning crew since they are more efficient when everybody speaks spanish so the ILLEGAL immigrants crowd out Americans based on language alone in addition to working more cheaply.
You live in theory. In practice immigration has stopped working like you describe because there has been TOO MUCH immigration.
Now immigration is just helping bankers further blow bubbles, increase profits and increase debt mountains and asset strip the American middle class when working class has been bled dry.
So you’re saying that companies hire immigrants because they are better employees? It’s certainly true that I omitted an important point from my list, that anyone willing to pick up their roots and travel thousands of miles to an uncertain future is ambitious and a risk taker. Those types of of people do tend to make good employees, so you may be right.
I would add, if standard economic theory no longer applies, why, despite all the immigration from the south, does the US continues to prosper, while Central America remains mired in relative poverty?
Wrong. We are talking about the late 19th and early 20th as I mentioned. In the 19th century there certainly was no requirement to have a profession lined up. It was as close as you can get to free immigration. The health check was hardly thorough. And even if you were turned away for health reasons, and then jumped off the ship if as it was pulling away from the dock, and then swam ashore, then you were a legal immigrant.
You are talking BS.
In my family tree are people who tried to immigrate to USA and were turned away on Ellis island due to health reasons and there was NO just jumping from the ship going back and swimming to the shore.
He returned back home dirt poor having saved and loaned money from relatives for the ship ticket.
In the other side of my family are people who tried to get to USA without a profession and were turned away since the official did not think they could support themselves.
The whole claim that there was NO controls on immigration in US history is total and utter BS.
Maybe in 1700’s and early 1800’s there were no controls but late 1800’s and early 1900’s had controls and then there was an immigration moratorium/pause until late 1960’s and most of wage growth and living standard growth happened in USA during an immigration moratorium/pause and since 1970’s wages have stagnated/dropped in real terms DUE to both Teddy Kennedy opening up legal immigration which led to low wage immigration and family re-unification and one person coming to USA bringing 20-30 relatives here one by one and massive ILLEGAL immigration since late 1970’s nad massively boosted by Reagan’s incredibly stupid amnesty that gave US citizenships to millions upon millions of ILLEGAL immigrants.
It is unbelievable how ditto-head Republicans treat Reagan like a hero despite Reagan being the father of massive ILLEGAL immigration that followed his massive 1986 amnesty.
“ You are talking BS.”
Buddy, all you have to do is a little research. The huge mass immigration that made this country great occurred from the mid 19th century right up through roaring 20’s.
“USA had immigration moratorium for a long time until late 1960’s“
Ya since the Great Depression. And I wouldn’t call it a moratorium but it’s when the greatly restrictive immigration policies began. A lot of good it did since nobody even want to come here during 25% unemployment anyway. You think that made us great? We became a great industrial power long before that, otherwise we wouldn’t have been able to win WWII.
The reason for the so-called “massive illegal immigration since the late 1970’s” (as you put) is NOT because the immigration was massive because it wasn’t, not relative to the population; it’s because immigration became more and more illegal over time, what you call the moritorium, and especially with the advent of national citizenship policies and passports and other hurdles. Those policies slowed the influx relative to the population and is harmful to the world economy.
ILLEGAL immigration and low wage legal immigration are HARMFUL to American economy.
You are a committed globalist talking about world economy and most likely you earn your money by robbing Americans through the use of low wage legal immigration and ILLEGAL immigration to lower wages to increase elite’s profits while bankers keep the consumption going with ever increasing debt bubbles.
Without the debt bubbles the low wage legal immigration and ILLEGAL immigration and offshoring of factories and well-paying jobs would have led to a crash of American consumption and crash of company profits but ever increasing debt bubbles have papered over the destruction being caused by elite’s mad immigration policies that are just a tool to increase profits for them while keeping the debt bubble growing.
You are raising all these myriad problems, most all of them real and legitimate, no doubt. But your solutions are all about more government controls and coersion restricting capital and migration, etc, etc. We need less control. Immigration is not the blame.
You have blinders on following these people and are just repeating all of the hate-filled catch phrases of the fanatics, instead of being open minded and thinking for yourself.
For example, your focus on wages is just shortsighted. From a macro perspective, what’s important is real Wages relative to what those wages can buy. That is productivity and that is what makes us wealthy. You are confusing things. Productivity growth =real GDP per capita growth, it’s the same thing. They both measure our growth in wealth.
Immigration is a good thing. It is good for the economy. They contribute to the economy but can’t collect the same benefits as a legal worker. In fact, there are many that pay into fake SSNs that can never be collected from.
Immigration has become more and more criminalized over time which oddly makes it even better for the economy. But what is so harmful is the walls we build between ourselves. Based on what? Rich vs poor? Race, religion…lunacy? Contributes to wars, riots, violence and hate.
Please do your research. There are so many real problemS that you raise. Very true, and no sane person can deny that the wealth gap is huge and growing rapidly. Very true, we have an outrageous credit bubble. But it’s all thanks to big government, not lack of government. It’s thanks to printing money that ends up in the hands of first access, with banks/corps bail out banks and buisiness. It’s because we are idiotic enough to elect elitist billionaires that will do everything in there power to keep their wealth, keep asset prices inflating.
But it is not helpful just blindly spouting all this divisive hate-fill rhetoric you’re getting off Fox and OAN. You’re barking up the wrong trees.
You are an immigration zealot to whom open borders and massive immigration is part of your world view and either you get a piece of the immigration pie yourself or earn money as a banker and want to continue the FAILED immigration policies of the last 30+ years to continue goosing company profits and your own compensation while robbing working class and middle class and making the scam work for a few more years by always increasing the debt levels.
Bringing low wage legal immigrants and allowing massive ILLEGAL immigration to USA lowers the GDP per capita and lowers productivity and without the immigration the bankers could not have blown the debt bubbles they have blown.
Immigration is a cause of the debt bubble because otherwise consumption and company profits would have crashed because of the wage lowering and job stealing effects of immigration.
I can’t get over how hilarious it is that FactsonJoe says we can just quadruple the wages of food pickers from $5/hr to $20 to get Americans to do those jobs, as if our food prices could remain affordable under that provision. That was when I realized he is clearly typing pure theory and zero practice.
Coca cola has had flattening sales for some time. Coke just isn’t the wonder drink that Warren Buffet thinks it is.
Crises like Covid-19 serve as a convenient excuse to do the layoffs they needed to do for some time.
Seems Stanley Black & Decker also increased their dividend this year. The CEO got about twelve million in total compensation. Not bad for a company that’s not doing well and had to lay off workers.
CEOs in America gets paid over the public welfare counter.
For being pliantly reliable mouthpieces for continued official theft and idiocy.
Not from anything related to the “businesses” they have been assigned the discretion to mismanage.
I’m not worried … because Bullard isn’t.
“St. Louis Fed President James Bullard said Friday that he believes the recession caused by the coronavirus pandemic is over …
The central banker said that he thinks the recession only lasted for two months and that the economy would continue to grow in the fourth quarter of 2020 and the first quarter of next year.
…
Bullard said on CNBC’s “Closing Bell” that he expected the third quarter to be “one of the best quarters ever for economic growth in the U.S.”
…
of course, Federal Reserve should reverse its policy fueling wealth inequality, right?
Despite the improving economy, Bullard said he did not expect the Fed to make major changes to its current policies, which include a benchmark interest rate back at its historical low and programs to buy up corporate and government bonds.
“Recessions” are defined in terms of “indicators” which are, at best, lightly obfuscated “measures” of credit growth/money printing. They have no economic relevance at all. As long as The Fed prints enough, it can end a recession.
Of course, like every other figment of the feeble progressive mind, none of this have any practical relevance at all. Pilots not working, don’t magically start flying again, just because some illiterate insists that “the recession” is over.
But I suppose it feels god to be a Dullard sometimes. Children’s fairytales, with invariably happy endings, are more believable then.