President Joe Biden emphasized the economic strength generated by migrants rather than voting Americans and their descendants during a recent fundraiser for pro-migration groups at the Mayflower Hotel in Washington D.C. His focus on “Extraction Migration” as a means to boost the economy disregards other potential strategies such as increasing exports to developing countries or investing in automation and innovation to enhance American productivity. Biden’s remarks highlight the role of immigrants in bolstering the economy through their contributions as consumers, renters, workers, and clients for various services. While his perspective on the economic benefits of migration is valid, it is essential to consider its impact on inflation, housing prices, and interest rates. Additionally, the influx of migrants may hinder the growth of automation and productivity necessary for increasing wages and economic prosperity for American workers.
Biden’s approach to immigration has sparked criticism, especially during an election year, as concerns over inflation, housing costs, and stagnant wages for American workers persist. Similar challenges are evident in other countries such as the United Kingdom, Canada, and Ireland, where political parties face electoral consequences due to the negative effects of mass migration on wages, productivity, and housing prices. While some praise Biden’s immigration policy, others argue that it overlooks the importance of prioritizing productivity and innovation over simply increasing the workforce through immigration.
The comparison to China’s economic strategy, which prioritizes automation and productivity over immigration, underscores the impact of different approaches on national growth and prosperity. While China emphasizes automation in industries like electric vehicles to address labor shortages, the U.S. has increasingly relied on importing migrants for white-collar jobs and outsourcing labor to developing countries. The shift in economic strategies highlights the trade-offs between short-term gains from migration and long-term investments in innovation and productivity.
Overall, Biden’s pro-migration stance reflects a broader trend of relying on Extraction Migration to boost the consumer economy, driven by the extraction of human resources from developing countries. While this policy may benefit investors and certain industries, its implications for wages, productivity, innovation, and political influence warrant further scrutiny. As the debate over immigration policy continues, it is crucial to consider the broader economic and social consequences of prioritizing migration over other strategies for driving economic growth and prosperity.
