House Democrats — aided by some Republicans — are using the pending 2023 defense bill to subordinate the careers of U.S. professionals to the interests of investors and Fortune 500 executives.
The proposed amendment to the 2023 National Defense Authorization Act would allow “any alien” with a claimed Ph.D. in science to apply for a green card from the Secretary of Homeland Security, a position Alejandro Mayorkas currently holds.
The amendment sets the bar for migrants so low that it provides green cards to an unlimited number of Indian, Chinese, and other foreigners who earn degrees in their home-country universities. Foreigners who get U.S. degrees from a lower-tier “historically Black college or [minority-serving] university” in the United States would also be allowed to get green cards.
The amendment would also expand an existing law that allows U.S. CEOs to hire foreign graduates with dangled promises of green cards. That law is now used by executives to reward roughly 70,000 foreign graduates for taking jobs from U.S. professionals.
The three-cornered amendment would allow government officials to flood the labor market and so suppress salaries for American professionals. It would even make it more difficult for the professionals’ children to get places in good universities .
“This is the kind of [skilled immigration plan], that when reported [by the media] as the supporters are framing it, sounds plausible enough,” said Mark Krikorian, director of the Center for Immigration Studies. But, he added:
There is literally no way that it would be limited. It just cannot happen. Over and over and over again, we’ve seen immigration proposals that sound plausible on their face end up being perverted … There’ll be a guy who has a PhD in economics and [officials will] say, “Well, this is a STEM field, so okay. “And then there’ll be a PhD in home economics, and they’ll say, “Well, okay, you too.” There’s no way they’ll limit it.
The Democrat party is increasingly reliant on votes from white-collar professionals, yet it keeps trying to outsource their jobs to migrants, said Kevin Lynn, founder of U.S. Tech Workers :
What they’re signaling is there is no place for professionals in the Democratic Party … They’re literally voting the professionals out of the party [coalition] and replacing them with [visa workers and] immigrants that can’t vote.
The outsourcing amendment is being pushed by Democrat Reps. Zoe Lofgren (D-CA) and Jim Langevin (D-RI), and by Republican Reps. John Curtis (R-UT) and Peter Meijer (R-MI).
Lofgren represents the investors in Silicon Valley who use visa workers to spike the stock value of their companies.
Meijer is an heir of the wealthy Meijer fortune. He is facing a stiff primary challenge this year after already voting for a 2021 plan to massively increase the inflow of cheap blue-collar migrants into jobs held by American residents of rural districts. That cheap-labor policy impoverishes rural districts because the migrants earn little and buy much less in local shops and communities.
The Democrat-run Committee on Rules will decide Tuesday afternoon whether or not to allow the amendment — and other migration-related amendments — to stay in the bill. If they keep the Lofgren measure, it will pressure all Democrats to publicly vote on the House floor against the core economic and civic interests of their professional-class voters.
The committee is chaired by Rep. Jim McGovern (D-MA), and it includes several pro-migration Democrats, such as Rep. Deborah Ross (D-NC), and Rep. Joe Neguse (D-CO).
Ross, for example, has drafted an amendment that would further reward Indian graduates who take outsourced jobs from her home-district American college-graduate voters. The reward would consist of guaranteed, no-cost green cards for their Indian-born children. That government-delivered reward is hugely valuable for Indians, so it serves as a hidden subsidy for the CEOs who cheap Indian graduates for jobs that can be done by American professionals in Ross’ own district. Her giveaway amendment is backed by Rep. Cindy Axne (D-IA). and GOP Rep. Brian Patrick (R-PA).
Another amendment would offer green cards to any Russian with master’s degrees in science and technology. That amendment is being pushed by Rep. Jackie Speier (D-CA), whose district includes part of Silicon Valley.
The GOP minority on the rules committee is led by pro-migration Rep. Tom Cole (R-OK) but also includes Rep. Michael Burgess (R-TX) .
The Lofgren-Meijer amendment comes as West Coast investors are lobbying Congress to expand the inflow of foreign graduates for jobs that would otherwise go to U.S. professionals.
One of the leading investors is Eric Schmidt, the former chairman of Google. He is now an investor who wants to maximize his supply of cheap, controllable, skilled labor. In 2013, he helped form the secretive FWD.us lobby group which consists of wealthy West Coast investors , such as Bill Gates and Mark Zuckerberg.
In 2015, Schmidt called for the government to import more consumers for Google’s advertisers.
In 2020, Schmidt demanded the importation of “Top Tier ” talent to help U.S. companies outpace China’s government-aided companies, many of which rely on Chinese-born, U.S.-trained workers. However, the visa-worker programs cited by Schmidt are mostly used by CEOs to displace American professionals with inexperienced, cheap, and controllable foreign graduates from very low-grade Indian universities.
In 2022, Schmidt pushed the claim that an uncapped inflow of foreign graduates is needed for national security jobs, such as cyber-security or for manufacturing computer chips. That plan was added to an anti-China technology bill by Democratic leaders in the House, but it has been rejected by GOP Senators — principally, Sen. Chuck Grassley (R-IA) and Sen. Todd Young (R-IN) — partly because the Schmidt plan would sideline many professionals in their Midwestern states.
This July, Schmidt is pushing two new claims via the London-based Financial Times.
The first claim is that the foreign scientists will help launch a new industry in the United States:
Eric Schmidt , former CEO of Google, became one of the wealthiest people in the US by specialising in software engineering. Yet, if he was starting out again today, Schmidt says he would not be targeting bits and bytes alone. The 67-year-old thinks the next big thing is the “bioeconomy”, not the internet.
…
One [problem] is the science has advanced more slowly than many hoped. Another is government regulation. There’s a more fundamental problem too: whereas a couple of teenage computer nerds can build an internet company out of a garage, creating a bioscience business requires lots of expertise, specialised talent, manufacturing-plant capacity and time. These are not things that the US venture capital industry that funded the tech revolution is widely used to handling.
However, there is no shortage of trained U.S. college graduates with Science, Technology, Engineering, or Math (STEM) degrees. A 2021 study by the Census Bureau reported that most work in non-tech jobs:
The vast majority (62%) of college-educated workers who majored in a STEM [science, technology, engineering and math] field were employed in non-STEM fields such as non-STEM management, law, education, social work, accounting or counseling. In addition, 10% of STEM college graduates worked in STEM-related occupations such as health care.
The path to STEM jobs for [American] non-STEM majors was narrow. Only a few STEM-related majors (7%) and non-STEM majors (6%) ultimately ended up in STEM occupations.
“Between 1982 and 2011, American universities awarded 800,000 Ph.D. degrees in science and engineering,” Lynn told Breitbart News, adding:
But there were only 100,000 tenured job openings. This tells you there is a surplus of advanced STEM degree holders in the U.S. As a result, approximately one-in-five STEM Ph.D.s work in non-STEM, non-academic fields. The joblessness rate among STEM Ph.D.s is only going to increase if immigration provisions ensure that anyone with a STEM degree could come to the United States and get pushed to the front of the line
But many U.S. technology graduates are pushed out of jobs by CEOs’ preference for visa workers.
CEOs prefer visa workers because their low salaries maximize stock prices and bonuses. For example, a Brookings study said President Donald Trump’s temporary 2020 curbs on visa workers cut $100 billion from the Fortune 500’s stock value.
But those salary cuts caused by the employment of at least 1.5 million visa workers in the United States radiate into many other professional sectors. “Most college graduates have actually seen their real incomes stagnate or even decline” since 2000, New York Times columnist Paul Krugman wrote in April 2022.
Executives also prefer visa workers because the foreign graduates cannot emulate the ability of U.S. professionals to form their own innovative companies that spur competition in the tech sector. The visa workers cannot even quit — not even complain about work hours or abuse — because they need the CEOs to approve green-card applications. “It’s imperative for policy-makers to understand that foreign STEM PhD holders will not spur innovation,” said a June 9 letter by U.S. Tech Workers. “Instead, they’ll keep innovation within the range of the status quo.”
The executives also use the visa workers to subordinate demands by U.S. professionals that some company revenues be allocated to public priorities, such as basic research, information security, crisis reliability, and compliance with federal laws. Unsurprisingly, companies that subordinate U.S. professionals tend to have more public disasters — for example, Intel , Boeing , Theranos, and Ernst & Young .
Faced with these congressional rejections, Schmidt and his lobbyists are also dangling the promise of high-tech jobs to skeptical Midwestern Senators. He told the July 6 Financial Times :
“It’s the new industrial age applied to the rural parts of America,” he told me, noting that unlike current tech innovation “these jobs are not in Silicon Valley and they’re not in the north-east… they’re in… the Republican States. They’re in the states with an awful lot of farming.” He hopes that the fact that these rural, agricultural states tend to be red not blue gives his pitch bipartisan appeal, since it will get Republican politicians involved.
But top Democrats aligned with President Joe Biden’s East Coast network openly oppose the displacement of U.S. graduates. For example, Commerce Secretary Gine Raimondo again spoke out fended off the pro-migration push in an interview with NBC’s Chuck Todd., “With respect to immigration, you know, that’s an issue for Congress to take up,” she said on July 10.
Schmidt and his fellow investors prefer to import foreign workers than to hire foreign graduates in their home countries, regardless of the damage to U.S. professionals. In general, U.S. operations are less threatened by technology theft, local rivals, security failures, and government regulations.
Thes white-collar migration amendments are more nails “in the coffin of the professionals in the United States,” said Lynn.
Legislators and corporate lobbyists are “stripping out that bottom rung [in the career ladder] and preventing Americans from having careers in STEM,” he said.
“They know this is going on, but the financial opportunities are just too great to not take advantage,” Lynn said, adding, “they’re not rewarded by market share and productivity — they’re rewarded by earnings per share.”
Extraction Migration
Since at least 1990, the D.C. establishment has extracted tens of millions of migrants and visa workers from poor countries to serve as legal or illegal workers, temporary workers, consumers, and renters for various U.S. investors and CEOs .
This federal economic policy of Extraction Migration has skewed the free market in the United States by inflating the labor supply for the benefit of employers.
The inflationary policy hurts ordinary Americans because makes it difficult for them to get married , advance in their careers , raise families , or buy homes .
Extraction migration has also slowed innovation and shrunk Americans’ productivity , partly because it allows employers to boost stock prices by using cheap stoop labor instead of productivity-boosting technology . Migration undermines employees’ workplace rights, and it widens the regional wealth gaps between the Democrats’ big coastal states and the Republicans’ heartland and southern states. The flood of cheap labor tilts the economy towards low-productivity jobs and has shoved at least ten million American men out of the labor force.
VIDEO
Tough Times for Silicon Valley: Google Slows Hiring, Tells Staff to Work with ‘More Hunger’ Drew Angerer /Getty 2:42
Google CEO Sundar Pichai recently told staff in a memo that the company will be slowing hiring and to “be more entrepreneurial” and work with “more hunger.”
TechCrunch reports that Google CEO Sundar Pichai recently told staff in a companywide email that the firm will be slowing hiring and current staff would need to be more “entrepreneurial” and work with “more hunger.”
Sabo mocks Google CEO Sundar Pichai (unsavoryagents.com)
Pichai said that due to the current “uncertain global economic outlook,” the company would slow its hiring pace for the second half of 2022. Google hires 10,000 workers during the second quarter, according to Pichai, a hiring rate that the company will no longer keep up.
Pichai stated that the firm would also consolidate “where investments overlap,” and streamline its current working processes. Pichai appeared to have a singular sentiment for employees — work harder.
Tech firms have been laying off workers around the world in the face of a possible recession. Companies including Twitter , Tesla , and more have all begun downsizing in preparation for economic hardship. Pichai did not mention layoffs in his letter but did use terms like “streamlining” and “consolidating” which could imply certain job positions would be cut.
Read a section of Pichai’s full letter to Google employees below:
Because of the hiring progress achieved so far this year, we’ll be slowing the pace of hiring for the rest of the year, while still supporting our most important opportunities. For the balance of 2022 and 2023, we’ll focus our hiring on engineering, technical and other critical roles, and make sure the great talent we do hire is aligned with our long-term priorities.
Moving forward, we need to be more entrepreneurial, working with greater urgency, sharper focus, and more hunger than we’ve shown on sunnier days. In some cases, that means consolidating where investments overlap and streamlining processes. In other cases, that means pausing development and re-deploying resources to higher priority areas. Making the company more efficient is up to all of us — we’ll be creating more ways for you all to engage and share ideas to help, so stay tuned.
Scarcity breeds clarity — this is something we have been saying since the earliest days of Google. It’s what drives focus and creativity that ultimately leads to better products that help people all over the world. That’s the opportunity in front of us today, and I’m excited for us to rise to the moment again.
Read more at TechCrunch here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan
VIDEO
Biden White House is in crisis: Sen. Ted Cruz
Florida Rail Company Laying Off American Workers, Sending Jobs to Outsourcing Firm
Namas Bhojani/Bloomberg News 3:33
A transportation company based in Jacksonville, Florida, is laying off its American Information Technology (IT) employees and sending the jobs to an India-based outsourcing firm.
This month, CSX Corp. announced it would be laying off about 137 of its Florida-based IT employees as part of a contract with India’s outsourcing firm Tata Consulting Services.
Though executives said some IT employees will be offered jobs at Tata, the move is part of a larger outsourcing-offshoring business model. Often, laid-off American workers are punted to outsourcing firms based in India only to have their pay and benefits drastically cut and, eventually, be laid off and replaced with H-1B foreign visa workers.
Those laid-off Americans often have to train their foreign replacements and the job is later moved to India altogether where salaries are far less costly than in the U.S.
“As a result of this change, 137 CSX technology employees in maintenance and support roles will be transitioning from CSX employment and many impacted employees have an opportunity to join TCS and continue to provide support services to our company,” an email sent by CSX Corp. executives, reviewed by the Jacksonville Daily Record , states.
Kevin Lynn of U.S. Tech Workers, which represents laid-off Americans who have had their jobs outsourced and offshored, told Breitbart News that the IT employees have been reluctant to “organize and fight back.”
“After the CSX tech employees have transferred their knowledge to H-1B visa workers here in the U.S. and workers in India, they will be quietly moved out the door in a similar fashion to SoCal Edison employees after they were rebadged to [Tata Consulting Services],” Lynn said, referencing the case out of California where hundreds of Americans were laid off and forced to train their H-1B foreign visa worker replacements.
Industry insiders posted on online message boards that they expect the jobs to be fully offshored to India in the near future.
“Typically, if American jobs are going to Tata, they’re going to India, and Americans will be out of work. That’s Tata’s specialty – exporting US jobs to India, typically in IT,” one commenter wrote.
“As someone who works in IT, these sorts of cuts strike close to home and getting your job outsourced is always a fear…” another commenter wrote.
In fiscal year 2021, the top six H-1B visa employers — Cognizant, Amazon, Tata Consulting Services, Google, Microsoft, and Facebook — sought to outsource nearly 57,000 American tech jobs to foreign H-1B visa workers primarily from India and China.
For years, Breitbart News has chronicled the abuses against white-collar American professionals as a result of the H-1B visa program. There are about 650,000 H-1B visa foreign workers in the U.S. at any given moment.
Nearly all of H-1B visa reforms imposed by former President Donald Trump have been reversed by President Joe Biden. Last year, for example, Biden allowed corporations who had been denied foreign H-1B visa workers by the Trump administration to reapply.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here .
Study: Millions of Americans Still on Job Market Sidelines, Weighed Down by Mass Immigration STEFANI REYNOLDS/AFP via Getty Images 4:51
Millions of Americans remain out of the labor market, new research shows, as mass immigration pours into the United States under President Joe Biden.
A study by the Federation for American Immigration Reform (FAIR) — which looked at job figures from September 2020 to March 2022 — found that while the U.S. Chamber of Commerce and other corporate special interests lobby for more overall immigration, the number of Americans still on the labor market sidelines remains substantial.
“There are approximately 11.5 million job openings in the United States right now, and 14.73 million employable Americans,” FAIR researchers note. “This means that there are 3.23 million more workers in the country than open jobs.”
Chart via Federation for American Immigration Reform
Much of the recent drop-off in the labor force participation rate, FAIR researchers state, can be credited to the Chinese coronavirus pandemic and the generous public benefits the federal government began offering as a result.
“The pandemic resulted in a 3.4 percentage point drop in the labor force participation rate, or a decrease of 8,065,000 workers,” FAIR researchers note:
That figure does not include those who were participating in the labor force but became unemployed (approximately 23 million). That means a more accurate total of those unemployed in April 2020 was about 31 million .
As of March 2022, the labor force participation rate was still around a full percentage point lower than it was in February 2020. This mean that roughly 2,370,000 people who left the jobs market due to the COVID-19 pandemic still haven’t rejoined the economy . While a small number of these individuals may never return, it’s logical to assume that most will, and the data support this assessment. In addition, as generous pandemic-related welfare programs expired throughout 2021 at the federal and state levels, many of the individuals participating in these programs re-entered the labor force. It’s safe to assume that this trend will resume as these programs continue to expire. [Emphasis added]
Furthermore, the pre-COVID trend of the labor force participation rate suggests that it would likely have reached at least 63.7 percent in March 2022 had pandemic disruptions not occurred. This means it’s likely that 3,330,000 people have still not rejoined the labor force . [Emphasis added]
Likewise, researchers at the Center for Immigration Studies (CIS) found similar labor market trends — showing millions of Americans on the sidelines and even less likely to rejoin if foreign competition for jobs continues rising as a result of mass immigration.
In particular, the number of Americans 16 to 64 years old in the labor force was lower in every state in the first quarter of 2022 compared to the first quarter of the year 2000.
For working-class Americans, the same is true.
From 2000 to 2022, the share of non-college-educated Americans in the labor force declined in every state, and in 24 of those states, the decline was seven or more percentage points. The decline was nearly five percent on average for non-college-educated Americans in their “prime working age” during this 22-year period.
The rise of Americans on the job market sidelines coincides with record-setting levels of illegal and legal immigration to the U.S. — adding immense foreign competition against employable Americans.
FAIR researchers estimate that the nation’s foreign-born population sits at a record 49 million as of March 2022. Since September 2020, researchers state that more than 2.5 million foreign nationals have been added to the U.S. population.
Chart via Federation for American Immigration Reform
The Biden administration shows no signs of easing foreign competition against Americans in the job market to get more off the sidelines. At current rates, the foreign-born population is expected to hit a record 70 million by 2060.
While the federal government rewards about 1.2 million foreign nationals with green cards annually and another 1.5 million with temporary work visas, the Biden administration has released over a million border crossers and illegal aliens into the U.S. interior since February 2020.
Hundreds of thousands of those released into the U.S. interior are given work permits to take American jobs while they await their asylum and im migration hearings, intensifying pressures that unemployed Americans already face.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here .
Biden’s DHS Extends ‘Temporary’ Amnesty for 343K Venezuelans in U.S. MANDEL NGAN/AFP via Getty Images 2:19
President Joe Biden’s Department of Homeland Security (DHS) is extending temporary amnesty status for hundreds of thousands of Venezuelans living in the United States who would otherwise be eligible for deportation.
On Monday, DHS Secretary Alejandro Mayorkas announced that the Biden administration will extend Temporary Protected Status (TPS) for 18 more months to about 343,000 Venezuelans living in the United States.
The move comes after former President Trump and then current President Biden rewarded Venezuelans with TPS in January 2021 and March 2021 respectively. Trump had initially started TPS for about 94,000 Venezuelans and Biden later expanded the program to include an additional quarter of a million Venezuelans.
A man holds a placard that reads “Thank you JoeBiden. TPS for Vzla” as he gathers to celebrate the granting of a temporary protected status (TPS) to Venezuelans by U.S. President Joe Biden’s administration in front of El Arepazo restaurant in Miami, Florida, on March 9, 2021. (EVA MARIE UZCATEGUI/AFP via Getty Images)
A woman wears a protective mask reading “Venezuelans with Biden 2020” as she gathers to celebrate the granting of a temporary protected status (TPS) to Venezuelans by U.S. President Joe Biden in front of El Arepazo restaurant in Miami, Florida, on March 9, 2021. (EVA MARIE UZCATEGUI/AFP via Getty Images)
A man holds a Biden/Harris campaign flag as he gathers to celebrate the granting of a temporary protected status (TPS) to Venezuelans by U.S. President Joe Biden in front of El Arepazo restaurant in Miami, Florida, on March 9, 2021. (EVA MARIE UZCATEGUI/AFP via Getty Images)
People gather in front of the El Arepazo restaurant to show their support for an order signed by U.S. President Joe Biden that grants temporary protective status for thousands of Venezuelans on March 9, 2021, in Doral, Florida. (Joe Raedle/Getty Images)
“As one of my first actions as Secretary, I designated Venezuela for TPS,” Mayorkas said in a statement:
After careful consideration, and in consultation with the Secretary of State, today I am extending that designation. This action is one of many ways the Biden administration is providing humanitarian support to Venezuelans at home and abroad , together with our regional partners. We will continue to work with our international partners to address the challenges of regional migration while ensuring our borders remain secure. [Emphasis added]
TPS serves as a quasi-amnesty for foreign nationals, created under the Immigration and Nationality Act of 1990 (INA), that prevents deportations for those from countries experiencing famine, war, or natural disasters.
Since the Clinton administration, TPS has been transformed into a de facto amnesty program as the Clinton, Bush, Obama, Trump, and now Biden administrations have continuously renewed the program for a variety of countries.
As of 2021, more than 400,000 foreign nationals live in the United States on TPS status.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here .
CONNECTING THE DOTS ON AMERICA’S BLUDGEONED MIDDLE CLASS THAT ONCE WAS
15 Facts That Prove That The Quality Of Jobs In America Is Going Down The Drain
https://www.youtube.com/watch?v=Zf-NY7o2eig
Do you wish you had a better job? Do you wish you had a better salary? If so, you're not alone. More than 47 million Americans have left their jobs in the past year in the search for better working conditions, a clear sign that U.S. workers are getting increasingly fed up with long-hour, low-wage jobs that leave them scrambling to make ends meet every month. Over the past decade, the quality of jobs in America has drastically declined, and the vast majority of job openings out there are for underpaid positions that don't allow workers to afford the bare minimum. That's the consequence of a long-term trend that has been unfolding for the past 50 years, when middle-class jobs started to be shipped to overseas markets. Millions of good-paying jobs have been lost in that process, and even though the population has significantly increased since that period, today, U.S. workers compete for a shrinking pool of good-quality jobs while they see the cost of living steadily going up and their purchasing power going down. Wages are simply not keeping pace with inflation, in fact, once you adjust for inflation our paychecks have been getting smaller for years. Needless to say, all of this is absolutely destroying the middle class and eviscerating the working class. And now that the economy is taking a turn for the worse, these trends are likely to only get worse in the months and years ahead. Almost all of us know someone that is working a low-quality job. In America, working conditions can be harsh. According to a survey conducted by the RAND Corporation, 61% of American workers perform repetitive or intense physical work, which can include moving heavy loads or maintaining painful positions. More than half of these workers are exposed to hazards such as loud environments, extreme temperatures, hazardous materials, or unhealthy air. On top of that, many working environments can be hostile. Around 20% of American workers report abuse at work. Many of them are often subject to humiliation, bullying, or harassment — from their superiors, co-workers, or customers. Many positions are hectic. The survey reported that nearly 50% work in their free time to meet workplace demands. Ten percent do so nearly every day. Twenty-seven percent of workers say they don’t have enough time to do their job, and 66% work at high speed or on tight deadlines. To make things worse, 36% have work hours set by their employers with no possibility for changes. We have to deal with all of this and more only to collect a check every month that barely pays for our everyday essentials. Perhaps you find yourself stuck in such a situation. This can really suck the life right out of someone. No wonder why so many people are quitting right now. As the quality of jobs in America continues to worsen, we're going to see a stunning amount of families financially struggling as we move towards another economic recession. Challenging times are ahead. For that reason, today we gathered some shocking statistics that reflect the rapid decline of working conditions in the United States.
THE BIDEN DEPRESSION
VIDEO
Boots on the Ground...July 10th...Health care system is on life support. Prepare Yourself For A Housing Market Crash That Will Freak Americans Out As Prices Collapse By 50%
https://www.youtube.com/watch?v=MRLTBBIIwkI
The last time the U.S. housing market looked this bubbly, property values sharply crashed. Over the past couple of years, double-digit appreciation has been the rule. Buyers were being forced to pay more than the asking prices – sometimes $100,000 more. Since March 2020, home prices skyrocketed by 45 percent, reaching levels that are impossible for many to afford. However, in recent months, a major shift has started to take place. Home sales and price cuts are becoming the new norm, leading the scorching-hot real estate market to a well-deserved slow down. The bubble has been popped by rising interest rates, and a housing market crash that can slash home values in half has begun. The nightmarish memories of the last boom and bust remain fresh in the minds of homeowners, lenders, and Realtors. With affordability issues squeezing potential homebuyers, the latest price increases are creating no shortage of concern. A new report by Redfin exposes that some of the hottest corners of the market are already seeing some of the sharpest price cuts and big drops in demand. Since August 2021, mortgage rates have more than doubled, and approximately 20 million prospective buyers have been priced out. According to data compiled by Wolf Richter of WolfStreet.com, price cuts spiked by 50% in June from May, and doubled year-over-year. A Moody’s Analytics report outlined that homes are overvalued in at least 93% of markets across the country, with markets in 11 states overvalued by 50% or more. They are Arizona, Florida, Georgia, Hawaii, Idaho, Nevada, North Carolina, South Carolina, Utah, Tennessee, and Washington. Now, all of these markets are at risk of seeing home prices being slashed in half. “Homes are now even more overvalued than they were during the 2000s housing market bubble,” Moody’s Analytics said. At this point, American families are facing record-high prices on about every item they need in their day to day lives. And the supply shortages for housing are forcing many to keep renting despite record rent prices. In fact, there is less housing available for rent or sale now than at any time in the past 30 years. Current rent prices are about $1,100 higher than they were in 2020. A separate report from Redfin uncovered that nationally listed rents for available apartments rose 15% from a year ago. And the median listed rent for an available apartment rose above $2,000 a month for the first time.It really goes without saying how crazy these numbers really are. It’s clear that the housing and rent market can’t keep recording one all-time high after the other. We’re moving towards an affordability reset. More and more sellers and landlords are coming to grips with a new reality: Prices have to go where the buyers and renters are, and they’re are around somewhere, but they’re a lot lower, so prices have to readjust accordingly. The ones who have benefitted from speculative bubbles had powerful incentives to deny that this massive bubble could bust. But just as all bubbles that arise from speculative excesses, the U.S. housing market bubble reached extreme levels and started to reverse. All these gains are eventually going to be reversed, and if the system is destabilized any further, then the price drops could be far below previous lows. A property value collaps e is already underway. And we can only hope this doesn’t end in another global financial disaster. For more info, find us on: https://www.epiceconomist.com/
THERE IS NO GREATER DANGER TO AMERICA THAN
THE LAWYER INFESTED DEMOCRAT PARTY!
Washington, D.C. (July 11, 2022) – A new analysis by the Center for Immigration Studies shows that over the last two decades the labor force participation rate of the U.S.-born has declined dramatically, particularly for men without a bachelor’s degree. Labor force participation measures the share of working-age people working or looking for work. The unemployment rate, which has returned to the pre-Covid level, only includes people who have looked for a job in the prior four weeks, and does not reflect the huge number of people who are not even looking for a job. Covid-19 exacerbated the long-term decline in labor force participation among U.S.-born Americans to some extent, but the falloff predates the pandemic. The share of working-age (16-64) U.S.-born Americans in the labor force — working or looking for work — in every single state was lower in the first quarter of 2022 than in the first quarter of 2000. But the falloff in work pre-dates the pandemic. In 40 states, plus the District of Columbia (D.C.), labor force participation of the U.S.-born (16-64) was lower in the first quarter of 2007, before the Great Recession, than it was at the peak of the expansion in the first quarter of 2000. Comparing the peak in 2007 and the peak in 2019, before Covid hit, shows a decline in labor force participation of the U.S.-born (16-64) in 43 states. Immigrants (legal and illegal), or the foreign-born, do not show the same decline in labor force participation. Of U.S.-born adults (18-64), without a bachelor’s degree, labor force participation was lower in the first quarter of 2019, even before the pandemic, than in the first quarter of 2000 in every state plus D.C., with an average fall-off of 5.5 percentage points. Among “prime age” men (25-54), who traditionally have the highest rates of work, labor force participation among the U.S.-born without a bachelor’s was lower in 2022 than in 2000 in 49 states plus D.C. If we go back to 1979, it shows that the decline is extremely long-term among prime-age men. From the peak of the expansion in 1979 to the peak in 2000, labor force participation for less-educated prime-age men declined in 47 states plus D.C. Among less-educated U.S.-born women, the picture is somewhat different, with labor force participation generally increasing until 2000. But since 2000 it has fallen in almost every state in a manner similar to men. Comparing 2000 to 2022 for U.S.-born prime-age women without a bachelor’s shows labor force participation declined in 47 states plus D.C.
Majority of Americans Say They Are Worse Off Today Than a Year Ago AP Photo/Susan Walsh 3:21
More than half of Americans say they are financially worse off than they were a year ago, a survey released Monday by the Federal Reserve Bank of New York showed.
The New York Fed’s Survey of Consumer Expectations found that 36.1 percent of respondents said they were financially somewhat worse off than a year ago, up from 32.8 in May and 19.9 percent a year ago. Another 15.2 percent said they are much worse off than a year ago, u from 13 percent in May and 3.9 percent a year ago.
In total, 51.3 percent say they are worse off. That’s the first time in the history of the survey, which goes back to 2014, that a majority have said they are worse off.
Households have also become gloomier about the future. The share of people who say they expect to be much worse off financially a year from now rose to 13.6 percent, up from 10.8 percent in May and 4.6 percent a year ago. The share who expect to be somewhat worse off rose to 31.1 percent from 28.6 percent in May and 16.3 percent a year ago.
The survey also found that year ahead inflation expectations increased while expectations for the longer term decreased. Median one-year-ahead inflation expectations had consumers forecasting 6.8 percent price increases, up from 6.6 percent in May. That marks a new series high. The increase in short-term expectations was driven by respondents over age 60 and respondents with at least some college education, according to the New York Fed.
In contrast, median three-year ahead inflation expectations decreased to 3.6 percent from 3.9 percent. The decline in medium-term expectations was broad-based across education and income groups.
Median five-year ahead inflation expectations had been stable at three percent during the first three months of the year but have recently trended down slightly. In June, the five year expected inflation fell to 2.8 percent from 2.9 percent.
The median expected change in home prices one year from now fell sharply to 4.4 percent from 5.8 percent. This is the lowest reading of the survey since February 2021. The New York said the decline was broad-based across age, education, and income groups. The decline was largest in the West census region. This was the second-largest decline recorded in the survey.
The mean probability that the U.S. unemployment rate will be higher one year from now increased by 1.8 percentage points to 40.4 percent, its highest level since April 2020. The increase was driven by respondents with annual household incomes over $50,000, the New York Fed said.
The mean perceived probability of losing one’s job in the next 12 months inched up to 11.9 percent from 11.1 percent, but remains well below its pre-pandemic reading of 13.8 percent in February 2020. The mean probability of leaving quitting in the next 12 months declined to 18.6 percent, from 20.3percent in May. In February 2020, the mean probability of quitting stood at 22.2 percent.
NYT Poll: Only 1 Percent of Voters View Joe Biden’s Economy as Excellent President Joe Biden’s economy is in desperate straits, a New York Times /Siena poll revealed Monday.
Only one percent of voters view Biden’s economy as excellent. Just nine percent said Biden’s economy is good. Twenty-nine percent said the economy is just fair, while the majority (58 percent) said the economy is poor.
Voters were also asked if the economy will be an important factor in their November midterm vote. Ninety-six percent said the economic conditions are important. Just two percent said economic conditions are not.
When voters were asked if inflation and the rising cost of living are important midterm factors in their voting preferences, 96 percent said they are. Only two percent said inflation is not relevant to their vote:
VIVA LA RAZA SUPREMACY AND THE MEX SUPER WELFARE STATE? THEN KEEP VOTING DEMOCRAT.
THE CONSPIRACY TO SABOTAGE HOMELAND SECURITY
The Democrat Party’s secret agenda for wider open borders, more welfare for invading illegals, more jobs and free anything they illegally vote for…. All to destroy the two-party system and build the GLOBALISTS’ DEMOCRAT PARTY FOR WIDER OPEN BORDERS TO KEEP WAGES DEPRESSED.
Demonstrably and irrefutably the Democrat Party became the party whose principle objective is to thoroughly transform the nature of the American electorate by means of open borders and the mass, unchecked importation of illiterate third world peasants who will vote in overwhelming numbers for Democrats and their La Raza welfare state. FRONTPAGE MAG
GLOBALIST BARACK OBAMA AND NANCY PELOSI’S CONSPIRACY TO SABOTAGE HOMELAND SECURITY AND KEEP AMERICA FLOODED WITH DEM VOTING ILLEGALS
https://globalistbarackobama.blogspot.com/2018/12/nancy-pelosi-and-obama-soros-globalist.html
“Along with Obama, Biden, Pelosi and Schumer are responsible for incalculable damage done to this country over the eight years of that administration." PATRICIA McCARTHY
One of the most disgusting things to come out of the Obama administration was "Operation Fast and Furious," where members of the Department of Alcohol, Tobacco, Firearms and Explosives (ATF) allowed illegal gun sales to go through – commonly referred to as "gun walking" – in order to track buyers and sellers they believed were connected to the Mexican drug cartels. Nearly 2,000 firearms were sold and were eventually found throughout the United States and Mexico. Two of them were used to k ill Border Patrol Agent Brian Terry. BETH BAUMANN Those are the subliterate, low-skill, non-English-speaking indigents whose own societies are unable or unwilling to usefully educate and employ them. Bring these people here and they not only need a lot of services, they are putty in the hands of leftist demogogues as Hugo Chavez demonstrated - and they are very useful as leftist voters who will support the Soros agenda. Katie Pavlich's Latest Books, Fast and Furious: Barack Obama's Bloodiest Scandal and the Shameless Cover-Up are available on Amazon
“One of the most disgusting things to come out of the Obama administration was "Operation Fast and Furious," where members of the Department of Alcohol, Tobacco, Firearms and Explosives (ATF) allowed illegal gun sales to go through – commonly referred to as "gun walking" – in order to track buyers and sellers they believed were connected to the Mexican drug cartels. Nearly 2,000 firearms were sold and were eventually found throughout the United States and Mexico. Two of them were used to k ill Border Patrol Agent Brian Terry.” BETH BAUMANN
MULTI-CULTURALISM and the creation of a one-party globalist country to serve the rich in America’s open borders. “Open border advocates, such as Facebook's Mark Zuckerberg, claim illegal aliens are a net benefit to California with little evidence to support such an assertion. As the CIS has documented, the vast majority of illegals are poor, uneducated, and with few skills. How does accepting millions of illegal aliens and then granting them access to dozens of welfare programs benefit California’s economy? If illegals were contributing to the economy in any meaningful way, CA, with its 2.6 million illegals, would be booming.” STEVE BALDWIN – AMERICAN SPECTATOR GEORGE SOROS PARTNERS WITH BARACK OBAMA and ERIC HOLDER TO CREATE A GLOBALIST REGIME FOR THE BILLIONAIRE CLASS and CRONY BANKSTERS…. Open borders and endless hordes of illegals will make it happen! YOU WONDERED WHY OBAMA-HOLDER WORKED SO HARD TO SABOTAGE AMERICAN VOTING FOR MORE ILLEGALS??? Those are the subliterate, low-skill, non-English-speaking indigents whose own societies are unable or unwilling to usefully educate and employ them. Bring these people here and they not only need a lot of services, they are putty in the hands of leftist demogogues as Hugo Chavez demonstrated - and they are very useful as leftist voters who will support the Soros agenda. WHO RUNS THE NATION? THE GLOBALIST DEMOCRAT PARTY AND THEIR BANKSTERS AND BILLIONAIRES FOR OPEN BORDERS…. or George Soros, their paymaster? George Soros Donates $125 Million to Democrats Before November Midterms Those are the subliterate, low-skill, non-English-speaking indigents whose own societies are unable or unwilling to usefully educate and employ them. Bring these people here and they not only need a lot of services, they are putty in the hands of leftist demogogues as Hugo Chavez demonstrated - and they are very useful as leftist voters who will support the Soros agenda. OPERATION OBOMB: Barack Obama, Eric Holder and their bankster paymasters plan coup.
Barack Obama was famous not wanting to leave office when his term was done and well known for projecting a sense of entitlement to power.
https://mexicanoccupation.blogspot.com/2020/11/lawyer-barack-obama-and-his-attack-dog.html
Biden positions, after doing nothing, save for the end, at best, to help Biden's presidential campaign, suggesting that the hollow-victory Biden administration is just a placeholder for the return of an Obama third term. It's a sign that Obama éminence grise is more than a little active, behind the scenes as she always is.
“Obama’s new home in Washington has been described as the “nerve center” of the anti-Trump opposition. Former attorney general Eric Holder has said that Obama is “ready to roll” and has aligned himself with the “resistance.” Former high-level Obama campaign staffers now work with a variety of groups organizing direct action against Trump’s initiatives. “Resistance School,” for example, features lectures by former campaign executive Sara El-Amine, author of the Obama Organizing.”
Democrats Allow Communists to Infiltrate Their Party Across the Nation
https://globalistbarackobama.blogspot.com/2019/06/obamas-lackey-judge-blakey-hands-obomb.html
“Obama’s new home in Washington has been described as the “nerve center” of the anti-Trump opposition. Former attorney general Eric Holder has said that Obama is “ready to roll” and has aligned himself with the “resistance.” Former high-level Obama campaign staffers now work with a variety of groups organizing direct action against Trump’s initiatives. “Resistance School,” for example, features lectures by former campaign executive Sara El-Amine, author of the Obama Organizing.”
“Professor Paul Kengor has extensively researched the Chicago communists whose progeny include David Axelrod, Valerie Jarrett, and Barack Hussein Obama. Add the openly Marxist, pro-communist Ayers, and you have many of the key players who put Obama into power.”
We are all victims of the Obama cabal’s collusion with Russia – President Trump’s voters and all Americans who believe in our free and fair election process.
THE MAN WHO WOULD BE DICTATOR Barack Obama’s Russia Connection https://globalistbarackobama.blogspot.com/2019/06/barack-obamas-russian-connection-who.html If Obama was a fully recruited agent of Moscow, tasked with giving Russia a significant military advantage over the United States, and economically weakening and socially dividing the nation, how would he have conducted his presidency (or his post-presidency) any differently? TREVOR LOUDON
BARACK OBAMA: Was he America’s first closet Communist president?
https://globalistbarackobama.blogspot.com/2019/05/karin-mcquilan-barack-obama-and-his.html
Obama choose Communists and Marxists for the highest, most powerful positions in our land, including his closest political advisors, and his head of the CIA. These facts are not in dispute. Most are openly admitted by the people in question, as necessary damage control. Our press chooses not to report them.
Professor Paul Kengor has extensively researched the Chicago communists whose progeny include David Axelrod, Valerie Jarrett, and Barack Hussein Obama. Add the openly Marxist, pro-communist Ayers, and you have many of the key players who put Obama into power.
THE (REALITY) OF THE DEMOCRAT PARTY:
Anti-Semitic, open borders for cheaper labor and funded by criminal banksters… and these pols are making vast fortunes sucking the blood of America!
https://globalistbarackobama.blogspot.com/2018/09/obomb-muslim-anti-semitic.html
We must not let them cheat their way to power over the rest of us. Their ongoing vote fraud must be stopped and the Democrats need to take a look at themselves and at what they have become. It's not a pretty picture. What they have become threatens to destroy the greatest nation on the planet and they are doing it on purpose. They have nothing but contempt for the US as founded and for those of us who love this country. PATRICIA McCARTHY – AMERICAN THINKER
“Then we suffered the rattling election of Barack Obama, whose active membership in a white-, Jewish-, and America-hating church was well known to the electorate. His close personal relationship with the likes of his adored Rev. Jeremiah Wright and Louis Farrakhan was no secret. Obama was open about his goals. He told us he was out to "fundamentally transform America" and the world.” ALAN BERGSTEIN
Another Surge of Illegal Immigrants Along the Southwest Border: Is this the Obama Administration’s New Normal? House Committee on the Judiciary 9:00 a.m., Thursday, February 4, 2016 2141 Rayburn House Office Building Washington, DC 20515 http://judiciary.house.gov/index.cfm/hearings?ID=9AC016C4-D7CD-44D7-8172-9B81E587D2BD Witnesses : Brandon Judd, U.S. Border Patrol Agent and the President of the American Federation of Government Employees (AFGE) National Border Patrol Council Steven McCraw, Director, Texas Department of Public Safety Jessica Vaughan, Director of Policy Studies, Center for immigration Studies
Surge in Illegal Aliens, 500% Increase in Some U.S. Ports of Entry Judicial Watch Corruption Chronicles, December 30, 2015 The agency’s own statistics certainly contradict that, showing that the southern border region is as porous and vulnerable as ever. Other entry ports that saw large hikes in Central American illegal immigrants during the first two months of this fiscal year include Del Rio, Texas (269%), El Centro, California (216%) and Rio Grande Valley, Texas (154%). The Border Patrol breaks the stats down by “family unit” and illegal immigrants under the age of 18, referred to as “Unaccompanied Alien Children” or UAC. The Rio Grande Valley port of entry topped the list in both categories with 8,537 family units and 6,465 UACs during the two-month period. In all, the nation’s nine southern border crossings saw an average of 173% increase in family units and a 106% increase in minors during the short period considered. Some of the illegal immigrants are Mexican nationals, but the overwhelming majority comes from El Salvador, Guatemala and Honduras. The government records show that somehow 4,450 family units from El Salvador evaded our topnotch border security and entered the United States in a period of only two months. Guatemala and Honduras had 3,934 and 3,203 respectively. Mexico had 538 family units. Of interesting note is that, during this period, the Border Patrol reports 35,234 apprehensions in the region of foreigners labeled by the government as “Other Than Mexican” or OTM. This is a term used by federal authorities to refer to nationals of countries that represent a terrorist threat to the U.S. . . . http://www.judicialwatch.org/blog/2015/12/surge-in-illegal-aliens-500-increase-in-some-u-s-ports-of-entry/
