Wednesday, June 21, 2023

WHEN SOCIOPATH GAMER LAWYER FINISHED OFF THE AMERICAN MIDDLE CLASS TO MAKE ROOM FOR MILLIONS OF INVADING UNREGISTERED DEM VOTERS - Bidenomics: Poll shows one out of five Americans would rather quit the country?

 AMERICA: NO DAMNED LEGAL NEED APPLY!

A flooded labor market from mass immigration has had a devastating impact on working- and middle-class Americans, while redistributing billions in wealth to the top one percent of earners and big business. While creating an economy that tilts in favor of employers, the mass immigration economic model has helped keep wages stagnant for decades. JOHN BINDER

"This is how they will destroy America from within.  The leftist billionaires who orchestrate these plans are wealthy. Those tasked with representing us in Congress will never be exposed to the cost of the invasion of millions of migrants.  They have nothing but contempt for those of us who must endure the consequences of our communities being intruded upon by gang members, drug dealers and human traffickers.  These people have no intention of becoming Americans; like the Democrats who welcome them, they have contempt for us." PATRICIA McCARTHY

U.S. Companies Plan over 400K  Layoffs as Democrats Claim Business Needs More Foreign Workers to Hire (MORE BELOW)


The Atlantic Magazine: The Feds Use Migration to Cut Wages (MORE BELOW)


Bidenomics: Poll shows one out of five Americans would rather quit the country?

Is the American Dream dead?

A disturbing new TIPP poll suggests something like it, with the young most inclined to want to leave the country, fueled by financial stress.

According to TIPP:

Over one in five Americans express a strong desire to permanently move to another country if given the opportunity, according to a recent Golden/TIPP Poll of 1,480 Americans nationwide.

Financial considerations significantly drive this desire.

Young adults exhibit the strongest yearning. Interestingly, Democrats and liberals are more inclined to leave, while Republicans and conservatives hold a contrasting sentiment.

The online survey was conducted from May 3 to 5. The survey’s credibility interval (CI) is +/- 2.8 percentage points, meaning the study is accurate to within ± 2.8 percentage points, 19 times out of 20, had all Americans been surveyed.

It wouldn't be surprising, given the Orwellian turn of our government with its mass surveillance and data-gathering, as well as a widespread sense that our elections are dishonest and our votes count for nothing.

But the big driver of this "get the hell out" sentiment is economic.

TIPP notes that Americans have lost faith in their financial futures:

In simple terms, financial considerations are the main driving force.

When comparing the two groups - those who want to leave and those who want to stay - across eight financial concerns, we consistently observe a significantly higher number of individuals wishing to quit expressing financial worries than those who want to remain.

TIPP notes that those considerations are as follows:

  • Maintaining your current standard of living: 81% of those wanting to move abroad express concerns, compared to 67% of those wanting to stay in the U.S.
  • Having enough savings for retirement: 78% of those wanting to move abroad have worries, while 64% of those wanting to stay in the U.S. share the same concern.
  • Being able to pay medical or health care costs: 71% of those wanting to move abroad express this concern, in contrast to 58% of those wanting to stay in the U.S.
  • Ability to pay utility bills: 66% of those wanting to move abroad worry about this, while 56% of those wanting to stay in the U.S. have similar concerns.
  • Affording mortgage payments or rent: 64% of those wanting to move abroad express concerns, whereas 49% of those wanting to stay in the U.S. share this worry.
  • Making on-time credit card payments: 56% of those wanting to move abroad express this concern, compared to 45% of those wanting to stay in the U.S.
  • Making on-time auto loan/lease payments: 50% of those wanting to move abroad worry about this, while 36% of those wanting to stay in the U.S. have similar concerns.
  • Financing children's education

Curiously, it's young liberals who lead the pack, perhaps because they were never taught to love America in the first place, or perhaps because the Democrats cheated them early when they rigged the 2020 Democrat primaries to shut out their favored candidate, Bernie Sanders.

It's also a fact that the young are not as tied down as the old.

It's a horrible result to contemplate, but we've seen signs of it brewing for years.  Young workers don't want to go back to the office following the lifting of COVID restrictions.  The COVID lockdowns themselves did great damage to the economy, particularly of young startup businesses.

Polls repeatedly show that the public thinks the U.S. is headed the wrong direction under Joe Biden.

Even increased mobility, including mobility of jobs, may be a factor.

Falling 401(k)s, which I wrote about here yesterday, certainly are.  Last September, I noted a study showing that under Bidenomics, there's been a $9-trillion wipeout of private wealth.  Last October, I cited a study by economist Stephen Moore and a colleague, showing that Biden has cost Americans an average of $34,000 of their retirement savings.

Whatever it is, it's a sad reflection on the shambles the U.S. has become in the era of Joe Biden, who can't stop gaslighting us about what a great job he's done. 

Americans have lost faith in their financial futures, TIPP noted.  That ought to be the number-one election issue for Republicans.  When have we ever seen this many Americans whose only American Dream now is escape, getting the heck out?

Image: Caltrans graphic via Wikipedia, public domain.


HOW MANY HOMELESS AMERICANS NOW DUE TO THE ECONOMIC AND BORDER POLICES OF TO KEEP WAGES DEPRESSED WITH OPEN BORDERS???

Deep Blue Illinois Ranks Dead Last on Economic Racial Equality

Homeless man is seen on streets of the Kensington neighborhood as homelessness and drug addiction hit Philadelphia in Pennsylvania, United States on November 9, 2021. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images)
Tayfun Coskun/Anadolu Agency via Getty Images

The “deep blue” State of Illinois ranks dead last in racial equality, according to a recent study by personal finance company WalletHub.

WalletHub’s findings come despite the ultra-“woke” policies of the state’s controlling Democrats.

The study looked at how blacks and whites are faring economically in all 50 states by measuring poverty rates, homelessness, employment, home ownership, household income, job status, and other metrics.

The resulting list did not break down along red-and-blue state lines as other economic lists have tended to do. But the study did show that a state with some of America’s most liberal, left-wing, “woke” policies has failed miserably to create the climate its minority citizens need to find the opportunities for economic success.

The only other area in the country worse than Illinois was ultra-left District of Columbia, which came in in the 51st spot and is also failing its minority population.

Several other blue states also figured in the top ten.

Illinois has a “progressive” income tax policy. It has set-asides for blacks, Hispanics, women, and other historically disadvantaged groups; it has endeavored to undermine its criminal codes to free more people from jails, it has a growing list of handouts for illegal aliens, and Democrats control both houses of the state legislature and every single state-wide office.

Illinois is very proud of it’s many “equity” policies to help its minority citizens. Yet the state is an incredible, crushing failure in achieving its own goals.

As Wirepoints noted in reporting on the study:

Illinois appears to be a fugitive from one of the most widely recognized laws of economics, which is that there’s a tradeoff between equity and efficiency. Sacrificing some economic growth is usually regarded as the price of achieving more equity, as that rule has it. Illinois has paid that price. It has had no net job growth in 20 years. Its total tax burden is consistently ranked among the highest in the nation. Its GDP growth since 2019 is the tenth worst in the nation. And its people are fleeing.

As Breitbart News reported, recent numbers show that Illinois lost nearly 150,000 citizens to red states, including Florida, Texas, and Tennessee. It has lost even more to nearby states, such as Indiana, Wisconsin, Missouri, and Kentucky. And this net loss of citizens has been ongoing for the better part of a decade.

For all its left-wing, equity-minded policies, the Land of Lincoln remains one of America’s top places to be from.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston

Chicago Mayor Brandon Johnson Wants $25M to Pay Rent for Illegal Aliens

CHICAGO, ILLINOIS - APRIL 07: Chicago Mayor-Elect Brandon Johnson (C) and Illinois Governor J.B. Pritzker (R) speak to the press after a meeting in the governor's office on April 07, 2023 in Chicago, Illinois. Johnson is scheduled to be sworn in as Chicago's 57th mayor on May 15. (Photo by …
Scott Olson/PATRICK T. FALLON/AFP via Getty Images

Chicago, Illinois, Mayor Brandon Johnson (D) is hoping to spend $25 million in taxpayer money to pay rent for thousands of illegal aliens in the city.

Since August of last year, more than 10,000 border crossers and illegal aliens have arrived in the sanctuary city of Chicago — many on buses sent from Texas.

Now, Johnson is hoping to secure $25 million in taxpayer money to provide six months of rent to more than 6,500 illegal aliens. That move would come as rent for local Chicagoans has skyrocketed in recent years.

Median rent prices in Chicago, currently, are nearing $2,000 a month — a $120 increase compared to the same time last year, when rents were about $1,700 a month, according to Zillow.

Chart via Zillow

Meanwhile, Johnson will also be placing more than 300 mostly single male border crossers and illegal aliens in a sports center in the Gage Park neighborhood of Chicago.

Years of research show that the nation’s admission of more than a million legal immigrants annually, in addition to millions of illegal aliens, sends housing and rental prices surging for working and middle class Americans.

Last month, left-wing New York Magazine made the admission in a piece noting that mass immigration is “bad for housing prices.”

In 2013, a study by the Michael Bloomberg-funded New American Economy, which promotes mass immigration, explained how the importing of tens of millions of illegal and legal immigrants over decades has raised housing costs by $3.7 trillion for the next generation of homebuyers but spun the figure as the creation of “housing wealth.”

“The 40 million immigrants in the United States represent a powerful purchasing class — reflected by their demand for housing, as well as for other locally produced goods and services — that bolster the value of homes in communities across the country,” the study admitted.

John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.


Illegal Immigration Drives 110% Increase in NYC Homeless Shelter Population

Migrants arrive from Texas at the Port Authority Bus Terminal on May 17, 2023, in New York. (Luiz C. Ribeiro/New York Daily News/Tribune News Service via Getty Images)


JOHN BINDER
0

New York City’s homeless shelter system is “buckling” as waves of illegal aliens migrate to the sanctuary city, with local taxpayers left paying the price, a Washington Post report details.

Since the spring of last year, close to 100,000 border crossers and illegal aliens have arrived in New York City under Mayor Eric Adams’ watch. Adams has not asked the Joe Biden administration to end the inflow, but instead, has urged the White House to expedite work permits for new arrivals.

Watch: Democrat Mayor Eric Adams Says Sanctuary NYC Didn’t “Ask for” Influx of Migrants

NYC Mayor's Office / YouTube
0 seconds of 1 minute, 51 secondsVolume 90%

According to figures published in the Washington Post, the city’s shelter system has grown more than 110 percent since Adams took office — leaving New Yorkers footing the bill:

The influx of migrants in New York has pushed the city’s total shelter population to 95,000, up from 45,000 when Adams took office in January 2022. [Emphasis added]

“We have reached a point where the system is buckling,” Anne Williams-Isom, deputy mayor for health and human services, told reporters at a news conference in late May. [Emphasis added]

At roughly $380 per person daily, New York officials say the cost of caring for the migrants will reach $4.3 billion over the next 12 months. In a statement this week, Adams thanked Rep. Hakeem Jeffries (D-N.Y.) and Sen. Charles E. Schumer (D-N.Y.) for helping to secure $104 million in federal funding for the city, while also calling for more resources. [Emphasis added]

Late last week, Adams announced a plan to more quickly allow border crossers and illegal aliens in the city’s shelter system to secure rental assistance money funded by local taxpayers. The goal, Adams said, is to get new arrivals out of shelters and into neighborhoods.

Desperate to find space for a steady stream of illegal immigration, Adams recently opened a warehouse near the John F. Kennedy (JFK) International Airport as a migrant shelter. Lawmakers have warned that the plan poses “a security threat to one of America’s largest transportation hubs.”

Watch: Migrants REFUSE to Leave NYC Hotel, Demand Taxpayers Give Them “Permanent Homes”

@datainput via Storyful
0 seconds of 1 minute, 3 secondsVolume 90%

Adams has also suggested that he may open Gracie Mansion, where the city’s mayor typically resides, to newly-arrived border crossers and illegal aliens, while stating that New Yorkers should consider opening their homes to migrants as well.

The mayor’s most expansive program involves funneling millions of dollars in local taxpayer money to the hotel industry by paying hotels to house migrants in rooms free of charge to them.

As a result of the cost of the migrant hotels program, Adams has said the city may have to adopt public services like meals for senior citizens and library hours for New Yorkers.

Watch: Sanctuary NYC Dem Mayor Complains Asylum Seekers Will “Impact Every Area of Life”

Mayor Eric Adams / Facebook
0 seconds of 1 minute, 19 secondsVolume 90%

John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.


THERE IS NO GREATER DANGER TO MIDDLE AMERICA THAN THE BRIBES SUCKING DEMOCRAT PARTY!

This is because despite all its declarations, the Democratic Party is not a party of workers. It, as Biden’s transition team attests, is a party of Wall Street, big banks, Amazon, and the military-industrial complex. 

“The watchdogs at Judicial Watch discovered documents that reveal how the Obama administration's close coordination with the Mexican government entices Mexicans to hop over the fence and on to the American dole.”  Washington Times

The visa is being used to import cheap labor, not for specialty occupations … It’s impacting actual American workers. There are jobs which Americans should be taking up and they’re more than skilled to do. … The U.S. graduates who have taken up such a huge loan for their education, how are they going to be able to work or pay it off?

The visa workers are often touted by U.S. investors as “top tier” graduates. But the flood of cheap unskilled labor changes the incentives for executives and workforces at Fortune 500 companies, Manohar said. “Since American workers are losing out on their jobs and Indian workers are coming in on cheap labor –the bare minimum wage — there’s no growth in innovation at all. It’s just [the] bare minimum — if you ask a person to do Task X, that’s all he does.”

The lottery fraud is acknowledged by the U.S. Citizenship and Immigration Services (USCIS) agency within Alejandro Mayorkas’ DHS.


Biden’s Deputies Hide Mass Fraud in H-1B Middle-Class Outsourcing Visa



President Joe Biden speaks during a Juneteenth concert on the South Lawn of the White House in Washington, Tuesday, June 13, 2023. (AP Photo/Susan Walsh)
AP Photo/Susan Walsh, Sonu Mehta/Hindustan Times via Getty Images

Indian-born CEOs are closing their firms and fleeing back to India to escape charges of fraud in the annual lotteries for visas to import H-1B foreign contract workers, says a lawyer for many Indian-owned subcontractors and visa workers.

“So yes, they are getting prosecuted, they are getting investigated, and that’s the reason why some of them are packing their bags and closing their companies,” said Rahul Reddy, an immigration lawyer in Texas.

Reddy made his comments during an online question-and-answer session with Indian graduates who are worried about the federal investigations into the H-1B fraud in the annual lottery for 85,000 new H-1B work permits. The work permits are used to import lower-wage migrants to take the jobs needed by U.S. college graduates.

Many Indian graduates in India cooperate with the fraud because the H-1B visas put them on a long, indentured-service path to U.S. jobs, green cards, and citizenship.

But many other Indian graduates from U.S. colleges oppose the lottery fraud because it hinders their three legal chances to convert their “Optional Practical Training” (OPT) work permits into an H-1B visa with its valuable path to U.S. citizenship.

“This is the most important point,” one Indian graduate told Breitbart News. “Graduates here are working on STEM OPT [work permits] … they’re in their final or penultimate attempt [to win the H-1B lottery], and they’re employed to a legitimate employer …  They are the ones who are affected,” said the graduate, who described himself as “Manohar from the Midwest.”

“I know people around me who are doing this,” Manohar said, adding:

Since they’re on their last year of the STEM OPT, they applied to the legitimate employer where they are employed and submitted another five, six applications through a consultancy [labor broker] … So they got a [fake] job offer [which is needed to apply for the lottery] which they know is bogus and everyone knows it is bogus.

“At least 500 of us on a subreddit group have been reporting these cases [to the government] … They said they’re investigating them, but there has been no update whatsoever,” he added.

The Facebook video shows Reddy reading questions from his online audience:

“Have any employees been charged for colluding so far? What penalty are they looking at?” Yes, there are a lot of companies that are under criminal investigation right now. We get a lot of contact from people who are getting criminally investigated, and employers getting investigated. Some of the employers are running away to India. Some of the employers are just closing the entire business. Some of the employers are not filing their H-1B’s even though got them in the lottery. So all different things are going on.

And it’s spreading around a lot of prosecution of these employers. Were employers prosecuted for [fraudulent] filing in 2021? Yes, they did …. Two years ago, people, let’s say for example, you’re a very nice guy, you only applied for one lottery [visa], and this other guy who applied for 10 lotteries, he got five or four selected. He was beating his chest and saying “I got my lottery.”

But now, when the prosecution happens, when the revocation [of fraudulent visas] happens, they don’t announce the information though. But yes, we do get the consultations. We do get the information. Unfortunately, we can’t put them on the video. We can only put nice people on video because the bad people, they don’t want to come on the video, and we don’t want them [on video]… If a client is consulting us and filed for 17 [duplicate H-1B visas] and he got selected four or five times, we don’t want to put that guy in there [on video].

Reddy is a founding member of the ITServe Alliance trade association that represents many Indian-born CEOs. Reddy declined to answer questions from Breitbart News.

The lottery fraud has been recognized since 2021 by top officials at President Joe Biden’s Department of Homeland Security.  “There is literally no [DHS] follow-up to fake filings that we can ascertain, and no effort is made by [DHS to] weed out folks who have filed multiple applications with multiple employers,” Charles Kuck, an Atlanta lawyer, told Breitbart News in 2021.

Much of the fraud is being conducted by Indian-born CEOs who run many of the second-tier or third-tier white-collar subcontracting under the Fortune 500.

The software sweatshops allow the Fortune 500 to replace American grads with disposable teams of indentured Indian workers. Many of the Indian workers in the subcontractor pyramids under the Fortune 500 companies are recent graduates of American universities with OPT work permits. But many are white-collar illegals — and nearly all are competing for H-1B work permits by working long hours at low pay.

The workers’ participation in fraud also traps many in the sweatshops. Their CEOs can use their prior frauds to block them from getting legal work permits that would help them pay off the huge debts that their families accepted to get the young men into U.S. jobs.

The lottery fraud is acknowledged by the U.S. Citizenship and Immigration Services (USCIS) agency within Alejandro Mayorkas’ DHS.

But officials say little about the fraud. The Department of Justice will periodically announce settlements with CEOs. It only displays one H-1B case for 2023 — related to fraud in the dentistry business — even though it has helped close other fraud cases.

However, there is no evidence that the government’s fraud investigation is intended to reduce the large-scale extraction of migrants from poor countries for use by the Fortune 500 and Wall Street.

On June 14, for example, Mayorkas’ DHS announced a policy change to let more visa workers keep working after their visa expires or stay after their temporary contracts end.

On May 15, a top White House official said “We’re working with the State Department and DHS … to make it easier for [migrants] that have these skill sets that we think can really contribute to implementing these new policies, that we can bring them in faster.”

Instead, the DHS’s fraud investigation is likely intended to assert federal control over the process. Elsewhere, Mayorkas justifies his legal changes to southern migration as a push to replace cartel smuggling networks with safer, government-run legal pathways into American workplaces and housing.

The federal silence about the H-1B fraud is also a diplomatic concession for India’s prime minister, Narendra Modi. He is a strong backer of the H-1B program because it steers vast wealth to Indians and India. He will visit Biden on June 22 for a high-status state dinner when officials will announce high-tech sales to India in a quiet exchange for allowing more Indian graduates to take more U.S. jobs.

Visa Worker Fraud

There are many categories of visa worker fraud in the various H-1B, J-1, L-1, OPT, H4EAD, J-1, B-1/B-2, H1BI, E-3, E-2, and other visa programs. There are no firm caps on the inflow of foreign workers into the United States, ensuring a resident white-collar population greater than 1.5 million. This imported workforce inflates corporate profits and stock values, and it pushes most American graduates out of their technology careers — and out of the comfortable middle class.

The most important fraud is the “LCA” fraud.

This fraud occurs when employers claim that they need an H-1B visa to import a particular worker — or a bloc of workers — who has a specific skill that cannot be hired in America and that the worker is needed for an existing contract or to fill a full-time job. This claim is dubbed a “Labor Condition Application” and is processed by the Department of Labor.

Congress has set minimal checks on the rubber-stamp LCA process. In 2021, Biden’s deputies canceled reforms established by President Donald Trump.

In practice, this LCA fraud allows the body shops to import blocs of low-wage, poorly trained Indian graduates to help them win future contracts by underbidding the employers who hire American graduates. “The contractors [pocket] somewhere between 20 and 30 percent” of the salaries paid by Fortune 500 companies, Manohar said.

“This is organized human trafficking,” said Jay Palmer, a fraud expert and a civil rights advocate for Americans and immigrants. “If you don’t know what you’re seeing, it all looks legitimate,” he told Breitbart News.

The problems are spotlighted in a video by the Center for Immigration Studies, he said. “I was so happy to see that,” Manohar said.

This fraud-ridden LCA process also allows Indian-born managers in the United States to quietly sell many Americans’ jobs to Indian graduates in exchange for a salary kickback, said Palmer.

But Chinese immigrants are also smuggling Chinese workers into U.S. jobs, said Palmer. “China is flying under the radar, big time,” said Palmer.

The job-selling process has been repeatedly described to Breitbart News by H-1B workers and U.S. managers.

It starts when managers fire an American professional, often when they reach age 40 and need higher salaries for their kids.

The managers, typically foreign-born managers, then offer the job to a same-country foreign visa worker who has been imported by one of the subcontracting companies. The deal is conducted in their home-country language and typically involves a kickback from the job’s salary to the hiring manager. The kickback is conducted outside the office, for example, at a main street business created by the hiring manager, or via a home-country transaction.

The employee knows the kickback is worth paying because the hiring manager is expected to nominate him for the huge prize of green cards and citizenship. That deferred bonus allows each foreign worker to move himself, his family, and his descendants out of poor India and into the United States.

Most of these transactions involve Indian-born managers in the United States and Indian migrants to the United States.

Indian hiring managers will sell jobs to Indians for $5,000 to $10,000, an Indian H-1B worker told Breitbart News in 2020. Honest Indian managers cannot stop the kickbacks, he said, because “you will become a bottleneck in the [kickback] chain. … [Senior managers] will fire you,” he said. In contrast, mid-level American managers do not sell jobs, he said, adding, “There are very few honest Indian managers — maybe one in a million.”

These quiet deals are creating a fast-growing population of Indian visa workers in U.S. jobs who are waiting for one of the 140,000 green cards each year – and a continued mass layoffs of American professionals. The backlog may reach 1.8 million in the next few years, says an immigration lawyer.

When the Indian worker cannot do the American’s former job, he is expected to hire a cheap India-based support expert to do it for him online. This service is widely advertised in India and is funded from the workers’ American salary, regardless of U.S. privacy or security rules.

The empty job at the subcontractor’s company is then refilled by the next wave of Indian H-1B workers.

This black market in U.S.  white-collar jobs is routine and ubiquitous, partly because many U.S. executives prefer their back offices be filled with many subordinate Indians or Chinese instead of a few outspoken American professionals.

The scale is hidden because few Americans recognize the transactions — even when their jobs are sold to visa workers.

Also, the federal government does not want to investigate the foreign-language transactions and the covert kickbacks within the Fortune 500 labor pyramids. The U.S. government also knows that each investigation will likely end up back in India, whose trade policy is based on the unspoken swap of American jobs for exports of U.S. weapons, grain, and energy. The job transactions are also protected within India’s ancient zero-sum caste culture which deters witnesses from speaking out. “It’s too hard” for the feds to track, said Palmer.

U.S. professional journalists are powerless to notice, cover, and spotlight this black market in U.S. jobs, even as it hollows out the salaries and workplace clout of their own professional class. So editors hire U.S. journalists to police transgender pronouns instead of corporate visa fraud or middle-class outsourcing.

Breitbart News, however, has reported many lawsuitslegal settlements, and witness claims where Indian managers and CEOs have allegedly engaged in fraud.

Lottery Fraud

But Reddy’s and Manohar’s comments about lottery fraud are focused on a subsidiary type of fraud in the H-1B selection process.

The process is built on the federal lottery that randomly awards 85,000 new H-1Bs visas to a lucky minority of the several hundred thousand H-1B applicants.

Each candidate worker and CEO is expected to submit one request per year per candidate to the lottery because the LCA rules require them to claim each worker is uniquely skilled for a particular job.

But the vast majority of poor Indian workers are desperate to win the life-changing lottery. Also, the cost of applying for an H-1B visa is only $10, and the payoff is huge.

The result is that many thousands of Indian candidates and CEOs have cheated in the lottery since 2021 by submitting multiple applications per person.

A USCIS chart shows 52 percent of the applications for the current lottery are duplicates. The number of duplicative applications has spiked from 28,000 cases for 2021 visas up to 409,000 cases for 2024 visas.

Often, the H-1B applicants are willing to pay the application fees that should be paid by each sponsoring company, many of which are shell companies with networks run by cliques of Indian CEOs.

“The employer who is supposed to be paying the [H-1B] petitioning fees, he is going to collect money [from workers] in India, and USCIS has no way to trace it,” said Manohar, adding:

The major part of this fraud is happening from people who have done their bachelor’s [degree] in India, although I agree some here with masters [degrees from U.S. universities] are involved as well. But the major part of the scam is happening in India [with people] who have a bachelor’s degree. So they pay [the U.S. companies] in India for the filing [fees] and then [the U.S.] employers over here pays USCIS. I mean, there’s no way to track it back. How would USCIS go back and track back transactions in India?

Let me tell you something — they shell out their entire life savings in India to go to the U.S.  …  Everyone within the Indian community knows that. We all know it, but we’re not sure how to get it to the public spotlight over here.

The fraud is pervasive, the Indian graduate told Breitbart News. Online, “people are discussing it openly,” he said. “They’re openly doing it thinking that this is the process, it’s fine to register multiple times.”

Facebook page shows Indian workers asking for advice about multiple H-1B applications and about companies that are recruiting workers for future projects:

The Facebook requests are answered with a variety of advice, including comments that workers who submit fraudulent claims are not being penalized.

The corrupt practices in the H-1B are aided by some Indian-born lawyers operating in the United States, Manohar said:

Even [some Indian immigration] lawyers, they come out …. and say “‘This is fraud and you shouldn’t be filing [fraudulent] petitions.” But in the background, we know people who pay them a day consultation and then they say ‘”It’s good, fine, go ahead and file [the duplicate application]” even though they know that they’re committed fraud.

Everybody here knows, it’s not a secret anymore. It’s very open. Everybody knows they know it.

“This [lottery] fraud is growing rampant,” said Manohar. “Look at it this way. I mean, next year, there could be a million registrants or a million and a half registrants,” he said, adding:

The visa is being used to import cheap labor, not for specialty occupations … It’s impacting actual American workers. There are jobs which Americans should be taking up and they’re more than skilled to do. … The U.S. graduates who have taken up such a huge loan for their education, how are they going to be able to work or pay it off?

The visa workers are often touted by U.S. investors as “top tier” graduates. But the flood of cheap unskilled labor changes the incentives for executives and workforces at Fortune 500 companies, Manohar said. “Since American workers are losing out on their jobs and Indian workers are coming in on cheap labor –the bare minimum wage — there’s no growth in innovation at all. It’s just [the] bare minimum — if you ask a person to do Task X, that’s all he does.”

India’s high-tech sector has grown enormously as U.S. companies use the visa workers programs to train Indians for jobs in India. But this growing Indian sector also means that many of the relatively few skilled Indians prefer to stay at home.

Most Indian graduates, however, have few skills partly because much of India’s university sector is corrupt. In April 2023, Bloomberg reported:

One Bhopal resident, twenty-five-year-old Tanmay Mandal, paid $4,000 for his bachelor’s degree in civil engineering. He was convinced the degree was a pathway to a good job and a better lifestyle. He wasn’t deterred by the fees that were high for his family, which has a monthly income of only $420. Despite the cost, Mandal says he ended up learning almost nothing about construction from teachers who appeared to have insufficient training themselves. He couldn’t answer technical questions at job interviews, and has been unemployed for the last three years.

The employability of new graduates “is still a challenge,” said Dileep Mangsuli, the director at Siemens Healthineers AG, a medical-technology company in India.“Till they’re trained and retrained and many times trained, they don’t become employable,” he told Bloomberg in June 23.

But there is an easy government fix to the cheap-labor racket, Manohar said: H-1B visas should be awarded to the companies that pay the highest salaries. “They would still be getting what they want if they just fixed the fraud and picked the eligible ones — they have all the data and information right in front of them.”

Five hundred federal investors would help find, prosecute, and deter the labor fraud, said Palmer.

 

Meanwhile, India’s Prime Minister Modi will attend a State Dinner at the White House on June 22.

Council on Foreign Relations
0 seconds of 49 secondsVolume 90%

 

 

This is because despite all its declarations, the Democratic Party is not a party of workers. It, as Biden’s transition team attests, is a party of Wall Street, big banks, Amazon, and the military-industrial complex. 

“The watchdogs at Judicial Watch discovered documents that reveal how the Obama administration's close coordination with the Mexican government entices Mexicans to hop over the fence and on to the American dole.”  Washington Times

Marco Rubio: U.S. Immigration Policy Is Driven by Wall Street

ORLANDO, FL - NOVEMBER 07: U.S. Sen. Marco Rubio (R-FL) speaks at a rally at the Cheyenne Saloon on November 7, 2022 in Orlando, Florida. Rubio faces in his reelection bid Democratic U.S. Rep. Val Demings (D-FL) in tomorrow's general election. (Octavio Jones/Getty Images)
Octavio Jones/Getty Images

The federal government’s migration policy is driven by business and economics, not by claims about “citizens of the world,” says Sen. Marco Rubio (R-FL).

“This country has prioritized the importation of cheap labor,” including legal cheap labor, he said in his book, titled, “Decades of Decadence: How Our Spoiled Elites Blew America’s Inheritance of Liberty, Security, and Prosperity.”

Rubio continued:

Across this country today, the immigration system has been corrupted and exploited. And it began, as many of America’s problems do, with the fundamental shift toward a globalized economy.

But not every business could be exported, which meant Wall Street simply figured out how to import cheap labor, much of it [clarification, not all] coming from illegal immigrants. This was a slower, more subtle process. Sure, some politicians made a big deal about “jobs Americans wouldn’t do,” but otherwise the only outcry came from workers who found their wages stalled, benefits cut, and hours slashed until they could be replaced by someone willing to work more hours for less.

More often than not, it is about jobs Wall Street doesn’t want Americans to do because hiring Americans would require higher wages and better working conditions. To them, it is better to import cheap labor and buy off Americans with cash welfare programs provided by the government.

Rubio’s book reflects his long experience in immigration policies — especially in 2013 and 2014 when he withdrew from the so-called “Gang of Eight” amnesty amid loud demands from many donors for more immigrant consumers, workers, and renters.

Rubio’s clear-eyed criticism of legal and illegal migration comes as many Americans recognize immigration’s metastasizing damage to Americans’ pocketbooks, children, housing, health, innovation, society, and confidence.

In Rubio’s Florida, for example, Gov. Ron DeSantis declared May 10:

Nobody has a right to immigrate to this country. We determine as Americans what type of immigration system benefits our country, but when you’re doing immigration, it’s not for their benefit as foreigners, it’s for your benefit as Americans.

So if there’s legal immigration that’s harming Americans, we shouldn’t do that either. For example, some of these H-1B visas, they would fire American tech workers and hire foreigners at lower wages. I don’t agree with that. I think that’s wrong.

Even the elitist Atlantic magazine posted a June 2 article spotlighting the link between investors and migration:

[Federal policymakers say] labor is just another commodity, like wood or oil, and Americans are best off when it is plentiful and cheap … American public policy has largely managed to keep things that way. Over the past 50 years, as both parties supported the entry of millions of unskilled immigrants and the offshoring of entire industries, America’s per capita gross domestic product more than doubled after adjusting for inflation. Productivity of labor rose by a similar amount, and corporate profits per capita nearly tripled. Yet over the same time period, the average inflation-adjusted hourly earnings of the typical worker rose by less than 1 percent.

This growing public skepticism is shredding the establishment’s 1950s “Nation of Immigrants” narrative.

For example, a June 3-6 YouGov poll of 1,500 citizens asked, “In general, do you think immigration makes the U.S. better off or worse off?” A 36 percent plurality of all respondents said immigration — legal and illegal — makes the country “worse off,” while just 31 percent said immigration makes the nation “better off.” Registered voters split 37 percent worse off, and 35 percent better off.

This sea-change in public opinion is colliding with the accelerated migration being pushed by President Joe Biden’s administration’s deputies, including his pro-migration border chief, Alejandro Mayorkas.

On December 13, for example, Mayorkas told ElPasoMatters.org:

Our immigration system as a whole is broken. It hasn’t been updated or reformed in more than 40 years. We look to our partner to the north that has a much more nimble immigration system that can be retooled to the needs at the moment. For example, Canada is in need of 1 million workers and they have agreed that in 2023, they will admit 1.4 million … immigrants to fill that labor need that Canadians themselves cannot. We are stuck in antiquated laws that do not meet our current needs. And they haven’t been working for many, many years.

The establishment’s pro-migration policies are worsening the lengthening list of Americans’ problems — homelessness, low wages, a shrinking middle class, slowing innovation, declining blue-collar life expectancy, spreading poverty, the rising death toll from drugs, and the spreading alienation among young people.

Worse, the inflow of migrants extracted from poor countries reduces the incentive and ability of U.S. politicians, government officials, and business leaders to overcome their expanding political differences in ways that could help reduce Americans’ problems.

Biden and his deputies “are just giving up on Americans, and figuring the immigrants will replace them because they’re somehow better,” Mark Krikorian, the director of the Center for Immigration Studies, recently told Breitbart News. “It’s appalling and immoral.”


The Atlantic Magazine: The Feds Use Migration to Cut Wages

Migrants wait for U.S. authorities, between a barbed-wire barrier and the border fence at the US-Mexico border, as seen from Ciudad Juarez, Mexico, Wednesday, May 10, 2023. The U.S. on May 11 began to deny asylum to migrants who show up at the U.S.-Mexico border without first applying online or …
AP Photo/Christian Chavez

The federal government uses immigration to suppress Americans’ salaries and wages, according to an article in the Atlantic, which is a very pro-migration and establishment magazine.

The federal policymakers believe that “labor is just another commodity, like wood or oil, and Americans are best off when it is plentiful and cheap,” the June 2 article says.

Author Oren Cass, the founder of the mainstream American Compass think-tank, wrote:

American public policy has largely managed to keep things that way. Over the past 50 years, as both parties supported the entry of millions of unskilled immigrants and the offshoring of entire industries, America’s per capita gross domestic product more than doubled after adjusting for inflation. Productivity of labor rose by a similar amount, and corporate profits per capita nearly tripled. Yet over the same time period, the average inflation-adjusted hourly earnings of the typical worker rose by less than 1 percent.

The massive distortion is revealed by the declining share of new wealth that goes to employees since about 1970.

Amid migration, technological centralization, and outsourcing to China, U.S. employees’ share of new wealth dropped 10 points from 1970 to 2014 — from 51.6 percent to 41.9 percent — according to the Federal Reserve Bank of St. Louis.

Employees’ share jumped 1 point up under President Donald Trump’s lower-migration policy. But their share seems to be declining again under President Joe Biden’s easy migration rules.

A May 4 report from Cass’ American Compass showed how migration allows investors to minimize pay to workers:

From 1972 to 2022, real corporate profits per capita rose 185%. GDP per capita rose 141%. Productivity rose 135%. The average hourly wage for production and nonsupervisory workers rose 1%. How is that even possible?

It is possible because employers will tend to raise wages under one, and only one, condition: when they cannot hire the workers they need at the existing wage. All of labor economics turns on that simple fact.

This post-1970 economic shift has moved many trillions of dollars from wage earners to investors from 1970 to 2023, thrilling investors and their allies.

The establishment’s cheap-labor bubble burst in 2020 when the coronavirus crash blocked the supply of new migrant workers. The resulting shortfall allowed many Americans to change jobs in search of higher wages.

Cass wrote:

In the coronavirus pandemic’s aftermath, for the first time in a long time, many employers are discovering that they can’t fill jobs at the low wages they’re accustomed to offering. “We hear from businesses every day that the worker shortage is their top challenge,” Neil Bradley, chief policy officer at U.S. Chamber of Commerce, said last May. This is the precise circumstance under which wages might finally rise. Instead, the business community is looking to government to get them out of a jam, and leaders on both sides of the aisle seem only too eager to help.

The article carried an online headline, “A Labor Shortage is a Great Problem to Have.”

WATCH: Rep. Lee: “No Border Security Bill Until GOP OKs Even More Migrants”:

@USHouseJudiciaryGOP / YouTube

0 seconds of 1 minute, 39 secondsVolume 90%

But now President Joe Biden and his deputies are dramatically opening the inflow of foreign workers via legal, quasi-legal, and illegal migration routes.

“Immigration is a [policy] lever,” Commerce Secretary Gina Raimondo told Axios.com in December 2022.  “We’re down a million immigrants a year — that’s a workforce that we need.”

“There are businesses around this country that are desperate for workers [and] there are … desperate workers in foreign countries that are looking for jobs in the United States, ” Biden’s border chief, Alejandro Mayorkas, said on May 11.

“We’re working with the State Department on and DHS [Department of Homeland Security] … to make it easier for [college-graduate migrants] that have these skill sets that we think can really contribute to implementing these new policies, that we can bring them in faster,” White House official Katie Tobin said on May 15.

Cass continued:

This is a grave mistake—politically, economically, and morally. If employers are struggling to find workers, they should offer better pay and conditions. If that comes at the expense of some profits, or requires some prices to rise, well, that’s how markets are supposed to work. In most other contexts, capitalism’s proponents celebrate how the market creates incentives for businesses to solve problems. In that respect, a labor shortage is a great problem to have. Only by challenging employers to improve job quality and boost productivity will we find out what the market’s awesome power can achieve for American workers and their families.

Cass, however, did not offer a term to describe the federal government’s policy of lowering wages via migration.

WATCH: GOP Rep. Hunt — Democrats’ Migration Pushes Americans into Poverty:

@USHouseJudiciaryGOP / YouTube

0 seconds of 5 minutes, 4 secondsVolume 90%

Extraction Migration

The federal government has long operated an unpopular economic policy of Extraction Migration. This colonialism-like policy extracts vast amounts of human resources from needy countries, reduces beneficial trade, and uses the imported workers, renters, and consumers to grow Wall Street and the economy.

The migrant inflow has successfully forced down Americans’ wages and also boosted rents and housing prices. The inflow has also pushed many native-born Americans out of careers in a wide variety of business sectors and contributed to the rising death rate of poor Americans.

The lethal policy also sucks jobs and wealth from heartland states by subsidizing coastal investors with a flood of low-wage workers, high-occupancy renters, and government-aided consumers.

The population inflow also reduces the political clout of native-born Americans, because the population replacement allows elites to divorce themselves from the needs and interests of ordinary Americans.

Migration — and especially, labor migration — is unpopular among swing voters. A 54 percent majority of Americans say Biden is allowing a southern border invasion, according to an August 2022 poll commissioned by the left-of-center National Public Radio (NPR). The 54 percent “Invasion” majority included 76 percent of Republicans, 46 percent of independents, and even 40 percent of Democrats.


WAR ON THE AMERICAN WORKER FOR CHEAPER WAGES. IS THAT WHAT HAPPENED TO THE AMERICAN MIDDLE CLASS? 

U.S. Companies Plan over 400K Layoffs as Democrats Claim Business Needs More Foreign Workers to Hire

We are Closing, thanks for your support and business after 35 years, sign posted in small business door, Queens, New York . (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images)
Lindsey Nicholson/UCG/Universal Images Group via Getty Images

Companies in the United States have announced, so far this year, more than 400,000 layoffs — more than the layoffs announced in all of last year. The job cuts come as Democrats, on behalf of business special interests, demand more foreign competition in the labor market for employers to hire.

The employment data, collected by Challenger, Gray & Christmas Inc. and published in Bloomberg, shows that roughly 417,500 layoffs have been announced from January through May by U.S. companies across sectors such as technology, banking, retail, and media, among others.

Compare those announced layoffs in just the first five months of this year to the 364,000 total layoffs announced in all of 2022. In tech, there have been almost 140,000 layoffs announced this year so far. This is only slightly fewer than the 169,000 layoffs in tech in 2001.

“Companies cited economic conditions and cost-cutting for more than half of the layoffs announced this year,” Bloomberg noted.

RELATED: GOP Rep. Hunt: Democrats’ Migration Pushes Americans into Poverty:

@USHouseJudiciaryGOP / YouTube
0 seconds of 5 minutes, 4 secondsVolume 90%

At the same time, Democrats across the U.S. have suggested that business special interests complain about so-called labor shortages and thus the tens of thousands of border crossers and illegal aliens that President Joe Biden’s administration is admitting into the nation every month ought to be given immediate work permits.e email you provide. You may unsubscribe at any time.

“We have one message, let them work,” New York City Mayor Eric Adams (D) told the Biden administration last month of the thousands of migrants who have arrived in the city since last year. “That is our clear message that we are sending. We must expedite work authorization for asylum seekers, not in the future, but now.”

Migrants camp out in front of the Watson Hotel after being evicted on January 30, 2023 in New York City. Migrants who have been staying at the Watson Hotel since arriving to NYC were evicted over the weekend to be relocated to the recently opened up migrant relief center for single adult men at the Brooklyn Cruise Terminal. The ones who refused have been camping out in front of the hotel since eviction. Several migrants who agreed to the relocation returned, complaining of lack of heat and bathroom space. (Leonardo Munoz/VIEWpress via Getty Images)

New York Gov. Kathy Hochul has issued similar sentiments.

“… at the same time, we have this historic labor shortage, we also have this unprecedented influx of individuals arriving in New York — all of them legally seeking asylum,” Hochul said. “They’re eager to work, they want to work, they came here in search of work.”

WATCH: “Gyms Are for Children!” NY Parents Protest Plans to Use Public Schools for Migrant Shelters:

Christopher Leon Johnson via Storyful
0 seconds of 1 minute, 26 secondsVolume 90%

In Washington, DC, Democrats recently repeated many of the same talking points from the Business Roundtable and U.S. Chamber of Commerce used to demand an endless flow of foreign workers whom jobless Americans would be forced to compete against.

“We’re ignoring the Business Roundtables of America who are crying out for employees to work alongside Americans,” Rep. Sheila Jackson Lee (D-TX) said during a committee hearing last month. “Let me be very clear, we have jobs for Americans, we have tech jobs for Americans, teaching jobs for Americans, law enforcement, firefighter jobs for Americans, but we’re a growing nation.”

As Breitbart News has chronicled, Biden has grown the U.S. payrolls by adding millions of foreign-born workers to the labor market while the share of native-born Americans in the labor market has continued to decline.

WATCH: Rep. Lee: No Border Security Bill Until GOP OKs Even More Migrants:

@USHouseJudiciaryGOP / YouTube
0 seconds of 1 minute, 39 secondsVolume 90%

John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.

California State Senate Passes Bill to Give Illegal Migrants Unemployment Checks

California unemployment (Marcio Jose Sanchez / Associated Press)
Marcio Jose Sanchez / Associated Press

California’s State Senate passed a bill last week to give unemployed illegal migrants $300 weekly unemployment checks for up to 20 weeks, despite the fact that the state faces a $32 billion budget deficit.

As Breitbart News reported last month:

California’s fiscus has fallen in the space of one year from a surplus of $100 billion, partly based on federal cash for coronavirus relief, to a staggering deficit of $32 billion.

In his revised budget, Gov. Gavin Newsom (D) cautioned legislators to maintain “prudence.” But under SB 227, “excluded” workers who are in the country illegally would be able to receive $300 per week in benefits.

California’s unemployment insurance program is already controversial, having lost $30 billion in fraudulent claims during the pandemic. The state recently defaulted on a federal loan to cover a shortfall in benefits.

Now, the Washington Free Beacon reports, the bill, SB 227, proposed by State Sen. María Elena Durazo (D-Agoura Hills), has passed the State Senate and moves to the Assembly, with heavy potential implications:

Under SB 227, unemployment fund officials would be barred from asking for claimants’ social security number eligibility or contacting past or present employers to verify their job status. Instead, applicants would self-attest that they meet the requirements for the weekly checks: having earned at least $1,300 or worked at least 93 hours over three months. Acceptable documentation would include tax returns, transaction logs on payment apps, and receipts that show a commuting pattern.

The State Senate passed the measure just months after Gov. Gavin Newsom (D.) said the undocumented migrant influx could “break” California.

The Golden State already offers free health coverage and driver’s licenses to illegal immigrants. More than two million illegal immigrants live in California.

Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). He is the author of the new biography, Rhoda: ‘Comrade Kadalie, You Are Out of Order’. He is also the author of the recent e-book, Neither Free nor Fair: The 2020 U.S. Presidential Election. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak.


The corporate media has railed against the elderly, endorsing dying early. This was visible in the campaign for the pro-corporate health plan Obamacare (the Affordable Care Act) in which the New York Times spearheaded this narrative. The result of Obamacare was to contribute to a decrease in life expectancy. One of the chief architects of Obamacare, Dr. Ezekiel Emanuel, openly advocated for a reduction in life expectancy.

“The watchdogs at Judicial Watch discovered documents that reveal how the Obama administration's close coordination with the Mexican government entices Mexicans to hop over the fence and on to the American dole.”  Washington Times


Video: Stephen Moore Slams the ‘Bidenomics Calamity’

Leading conservative economist speaks to a crowd of Freedom Center supporters about the worst President ever.

Speaking to a David Horowitz Freedom Center crowd on Wednesday, June 14, 2023 at the Four Seasons in Beverly Hills, conservative economist Stephen Moore took aim at the “abysmal” Joe Biden and the economic havoc he’s caused.

Don’t miss this must-watch video below:

Stephen Moore from DHFC on Vimeo.

Reader Interactions

VIDEO

BIDENOMICS:

if Joe Biden's economy is as great as he says it is, why have 401(k)s plunged 20%?

Joe Biden and his minions have been unwavering in their claims to have been the great engineers of a stunning economic recovery.

Here's the dotard's yawping:

Look, here's where we are. We have the fastest growing economy in the world, the world, the world. We have 8.6 million new jobs just since I got in an office. Unemployment rates down to 3.6%. We've reduced the deficit last year by $320 billion, this year going to reduce it by $1.7 trillion dollars, trillion dollars.

But according to Fox Business:

The average balance in employer-sponsored retirement contribution plans plunged more than 20% last year, according to new data from Vanguard Group.

Vanguard, which tracks about 5 million retirement accounts, found the average account balance for 401(k)s and 403(b)s was $112,572 in 2022 – down nearly $30,000 from the previous year. 

"Vanguard participants’ average account balances decreased by 20% since year-end 2021, driven primarily by the decrease in equity and bond markets over the year," the report said. 

I calculated a 26% drop based on the estimated $30,000 amount, but even if Vanguard is closer to correct, that's still a double-digit drop in the span of just a year, an astonishing amount.

It's obviously commeasurate with the stock and bond market drops, as the report noted.

It's also the result of battered consumers making early withdrawals for "hardship" from their savings. That could be sudden medical bills, suddenly surging credit card rates, or credit card debt piling up as inflation eats into paychecks.

About 2.8% of workers participating in employer-sponsored 401(k) plans made a so-called "hardship" withdrawal in 2022, according to the report. That marks a major increase from the 2% rate recorded before the pandemic began and is also up from the 2.1% reading in 2021.

Another reason is that worker wages fell 2.3% in 2022, according to this Bloomberg report last month:

US weekly wages fell in 2022, according to new Bureau of Labor Statistics figures, revealing widespread softness that wasn’t previously evident in other data.

Average weekly wages were $1,385 in the fourth quarter of last year, a rare 2.3% decline from the same period in 2021, the latest results from the Quarterly Census of Employment and Wages, published Wednesday, showed. The 2022 drop followed a 5.9% increase the year before.

But nobody's bills went down, let alone their credit card interest rates. As wages dropped, those things went up. Inflation squeezed workers from two ends. So the next thing to go was the 401(k) where worker contributions went down, and worker withdrawals went up:

According to Fortune magazine last February:

The average 401(k) participant’s contribution rate dropped from 6.6% of their income in 2021 to 6.4% in December 2022, according to Bank of America’s 401(k) Participant Pulse report released Wednesday. It's a sign that Americans are more concerned about short-term financial needs right now, according to the bank’s analysis.

Which is sad stuff, and indicative of workers having personal finance fires to put out now, with no faith in the future. Some 40% of workers are now delaying retirement, mostly to age 68, in order to have enough money to retire on, not just from inflation but to help struggling family members, based on all of these retirement-savings eaters going on, according to a January MarketWatch report .

Meanwhile, bankruptcies are up 20% for consumers and 213% for corporations, and debt restructuring companies are enjoying a bumper harvest in new business.

Here's other nasty stuff from that Fox26 report published last month:

Credit card delinquencies are climbing, especially for people ages 18 to 39, at 8.3% from 5.1% a year ago, according to the New York Fed.

And Cox Automotive reports borrowers more than 2 months late on auto loan payments was 26.7% higher in December than a year earlier.

Here's the cherry on the cake: Inflation is indeed getting under control, with the CPI clocking in at 4% on the last reading, down from from the 9.1% seen a year earlier, which still is twice what it was when President Trump was in office, but quite a bit better than what we have seen from Bidenflation. That has caused the Fed to pause on the rate hikes which are driving up the mortgage and credit card rates, but it has signaled it still may hike a couple more times this year.

Problem: It still won't help anyone.

According to Fox Business:

Despite the pause, Americans are unlikely to see any relief according to Greg McBride, CFA, chief financial analyst with Bankrate.com.

"A pause won’t bring borrowing rates lower, particularly for variable rate debt such as credit cards and home equity lines of credit that have increased in step with the Fed’s 10 previous interest rate hikes," McBride said. "Elevated inflation and a strong labor market mean the Fed is nowhere close to cutting interest rates, so borrowers will continue to be dealing with high interest rates for months to come, even if the Fed doesn’t hike rates further."

Well, lucky us.

Let's just say that these things don't happen in a healthy, growing, economy, such as we saw in President Trump's.

Worker 401(k) falls in savings are hugely demoralizing to their savers, and are said in some studies to affect voting choices, particularly for older voters more than any other factor, and voters know which parties and politicians are better for their 401(k)s just from experience.

While this ugly picture is, well, ugly, it does have potential to affect voting choices as surely as gasoline prices. One hopes that some kind of relief can come soon, but in the meantime, we can all see why so many voters are tuning out Joe Biden's ridiculously insulting claims of having fostered some kind of economic booms. To paraphrase the memorable Lloyd Bentsen, We know economic booms, Joe, we remember economic booms well, and you're no economic boom.

Image: Pixabay / Pixabay License


VIDEOS

No comments: