Saturday, May 18, 2024

EPIPHANY ALERT: Larry Fink: Migration Is Bad for Productivity and Wealth

Christian Torres/Anadolu via Getty Images
Larry Fink: Migration Is Bad for Productivity and Wealth:
Wall Street’s most influential mega-investor says migration makes it difficult for developed countries to embrace the high-tech, productivity-boosting technologies that will raise the income of ordinary people.
“I can argue, in the developed countries, the big winners are the countries that have shrinking populations,” BlackRock founder Larry Fink said at a pro-globalist event hosted by the World Economic Forum in Saudi Arabia. He continued:
That’s something that most people never talked about. We always used to think [a] shrinking population is a cause for negative [economic] growth. But in my conversations with the leadership of these large, developed countries [such as China, and Japan] that have xenophobic anti-immigration policies, they don’t allow anybody to come in — [so they have] shrinking demographics — these countries will rapidly develop robotics and AI and technology …

If a promise of all that transforms productivity, which most of us think it will [emphasis added] — we’ll be able to elevate the standard living in countries, the standard of living for individuals, even with shrinking populations.
In contrast, countries with expanding populations need to focus on basic issues of education and the “rule of law,” said Fink, who oversees $10 trillion worth of investments worldwide:
So for those countries that have rising populations, the answer will be education … [and] for those countries that do not have a foundation of rule of law, or education, that’s where the [economic] divide is going to get more and more extreme.
“This is a guy who tried very hard to profit off mass migration … and then realized it backfired and now he’s regretting his choices,” said Rosemary Jenks, cofounder of the Immigration Accountability Project.
“The United States has a history of proving that you can increase productivity and increase per capita GDP with low immigration –we did that all through the 1950s….. the World War II era until the mid-1960s,” Jenks said. Since the 1960s, “what we have also proven is that mass immigration is a detriment … it reduces per capita GDP, it reduces quality of life, it reduces equality,” Jenks added.
Throughout history, labor shortages have bumped up wages, boosted innovation, and reduced economic divides.
The economic damage caused by immigration is increasingly recognized in Washington, Jenks said:
Obviously not by the Chamber of Commerce — they’re still crying about a labor shortage even though every single economic data point says not — but an increasing number of Republicans recognize that mass migration is not the answer. I think Democrats realize that mass migration is not the answer for our economy — [but] I think they have different reasons for wanting it … [so] I don’t want to give Fink any credit for anything.
In recent months, U.S. and foreign economists, policymakers, and politicians have been admitting that mass migration has fueled inflation, housing prices, and interest rates.
Worse, economists admit it shrinks CEOs’ willingness to pay for the vital growth in the automation and productivity that allows voters to earn more wages by doing more work each day --->READ MORE HERE
If you like what you see, please "Like" and/or Follow us on FACEBOOK here, GETTR here, and TWITTER here.

No comments: