Pretty soon, the American people are going to wake up to a brand-new day in a brand-new world. After four years of Biden ignoring the obvious crises at the border, at the grocery store, and at the gas station, we will be able to move back to policies that make sense.
The American people have spoken loudly and clearly, and they’re tired of Joe Biden’s disastrous policy towards illegal immigration and the constant economic pressure many have had to live through in the decade so far.
However, I think it’s important to mention the fact that these two issues don’t exist in a vacuum. Sure, the Biden-Harris administration’s failure to grasp simple economic concepts has led to the mess we’re currently in, but it is their failure at the border that exasperates this. Not paying attention to who we let into this country has nearly bankrupted us.
Economists know this and have been saying so for years. All over the world we’ve seen that a loose border policy means economic disaster. Take, for example, Australia, a Democrat’s dreamland.
In an article from last year, the country’s outgoing treasurer blamed Australia’s rapidly rising inflation and skyrocketing cost of living on the sudden population growth they’ve incurred because of mass immigration.
This is an economic concept that even a first grader can understand. If a place has a set number of houses, a set number of jobs, and a set amount of funds flowing through it, suddenly introducing thousands of people into this area is bound to backfire. Suddenly there’s more competition for housing, so realtors and homeowners react accordingly and raise the prices.
This also leads to more competition in the job market, and the jobs go to whomever is willing to take the lowest pay. Government money allocated for helping out the American blue collar worker is stretched more thinly, meaning that the hardworking Americans we set these systems up for get punished.
Let’s take the conversation about housing even further. I’m sure we can all agree that for our economy to thrive, we need to be giving young people entering the workforce the opportunity to have a home. The American Dream, after all, is a house with a car and a driveway and a nice suburban house, not a landlord and a fifth-floor walkup where you can barely afford the rent.
When Biden took office in January of 2021 the median home price in the United States was $331,495. Today, it has climbed to $434,720. Let that sink in. In less than four years under Biden’s incompetence, the price of owning a home has surged to nearly half a million dollars — and that’s before factoring in the sharp rise in mortgage rates. Rates have climbed from 2.65% in 2021 to 6.85% today, more than doubling the average household's monthly payments for interest and principal — a staggering 100% increase in overall mortgage costs and over a 30% jump in principal.
The reason for this is, once again, obvious. Houses don’t grow on trees; they need to be built. The more people who need a home, the more houses need to be built. Another obvious fact is that construction workers are not superhuman, they’re not the Flash or Superman. They can’t run around building a new house every minute.
Yet, the Biden’s administration seemingly did not know this. So, the administration decided to let in millions of people, not at all thinking of the consequences. Now there’s more houses to be built! What makes it even worse is the fact that this disastrous immigration policy makes it even more difficult to get a job.
Before the pandemic unexpectedly damaged President Trump’s economic pathway for this country, around 63% of citizens participated in the labor force, a number that dropped under Biden. When Americans were polled about their top concerns going into our last elections, some of their top concerns were consistently immigration and the economy.
We’ve seen two things with Biden’s policy: job security faltered and immigration went up at the speed of light. How can we expect the economy to thrive in a way that gives Americans the prosperity they work so hard for if we are constantly introducing foreigners into the workforce? Jobs are yet another thing that doesn’t just appear out of thin air, they’re a finite resource. Yet again the Biden administration failed to consider this fact.
Democrats told us that everything was fine. Joe Biden and Kamala Harris told us that the economy was alright, that we just had to trust them. They even went as far as to blame immigration on President Trump, showing that they believed the average American voter was blind.
However, now we can look on the bright side. The long national nightmare is over, due to our thriving democracy. President Trump has already promised to be harsher at the border and reverse the damage Biden foolishly did to our country.
So, here’s what we should expect to see over the next four years. Financial decisions are back in the hands of people who know business, like President Trump himself, so we’re going to go back to seeing drops in unemployment and a drop in prices overall.
We’ll be back to gas and groceries being affordable, returning to a point where a red-blooded American family can put food on the table without worrying about it ruining them financially. We’ll also see an immigration policy that’s a massive relief, one that actually makes sense. Instead of just leaving the southern border open and saying that everything is fine, we’re going to actually be doing something. We’re back to where we should be — action instead of inaction.
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Ed Cofrancesco is Chief Executive Officer and President of International Assets Advisory (IAA). Founded in 1982, IAA sought to bring international exposure to retail investors, a revolutionary idea at the time. IAA’s goal is to excel as a relationship-driven, comprehensive financial services platform. Ed and his team work closely with IAA’s advisors & institutions, to offer the very best choices of products and services.
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