A recent analysis by Bloomberg, a pro-migration business magazine, revealed that migration is causing per-person poverty in many advanced countries by driving up housing costs. According to the report, thirteen economies with high immigration were in per-capita recessions at the end of last year due to housing shortages and rising cost-of-living pressures.
Countries like Canada, New Zealand, Australia, Germany, and Britain have been particularly affected by this phenomenon, with housing prices skyrocketing and rental costs reaching record levels. In the United Kingdom, for example, house prices have soared to over eight times average earnings in some regions, making it increasingly difficult for young people to afford homes or start families.
In the United States, President Joe Biden’s influx of lower-skilled migrants has led to a growing sense of pessimism among renters about the possibility of ever owning a home. This trend is mirrored in countries like Germany, where industrial productivity is declining rapidly, and high housing costs are contributing to declining birth rates.
Bloomberg suggests that the solution to the problems caused by migration is more migration, as a way to address skills shortages and build housing for current migrants. However, public opinion is turning against further migration, with concerns about the impact on living standards and economic growth.
Political figures like GOP Sen. J.D. Vance have highlighted the role of migration in driving up home costs and stifling the American Dream. Meanwhile, economic elites are recognizing that migration is redirecting investment away from industry and reducing productivity, while countries like China are investing in technologies like robotics and artificial intelligence to drive economic growth.
In conclusion, the debate over migration continues to intensify as it becomes increasingly clear that the current approach is exacerbating poverty and hindering economic development in many Western countries.
