President Joe Biden should cut roughly $100 billion from Americans’ wages in one year by importing 2.5 extra million foreign workers, says Wall Street’s leading investment firm, Goldman Sachs.
After President Donald Trump’s migration cuts, “the substantial gap between the number of workers and the number of jobs … has led to wage growth of 5 1/2% over the last year,” the firm complained on May 23.
“We have estimated that the [worker] gap would need to close by around 2 ½ million [extra migrants] to return wage growth to the 4-4½% range,” the report concluded.
The longed-for cut of 1.25 percent in Americans’ wages would take $137 billion from voters’ pocketbooks, each year, in perpetuity, according to data provided by another Wall Street firm, Moody’s Analytics.