Goldman Sachs to Joe Biden: Import Workers to Cut Wages by $100 Billion

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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.

See also  $29 billion deposited to commercial banks in the last week (May 10th-17th). $1,006 billion in deposits has been pulled since the all time hit 4/13/22. Since the run picked up momentum 2/22/2023, $538 billion in deposits have been pulled. A transitory break before accelerating again?

“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.


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