Scott Bessent, nominated by President Donald J. Trump to serve as Secretary of the U.S. Treasury Department, is pushing back on mass immigration proponents who claim illegal immigration is a boon to the American economy. When pressed by Bloomberg Radio hosts with claims that the mass deportation of illegal immigrants would lower U.S. GDP by upwards of four percent and stunt job growth, the Trump Treasury nominee bluntly stated that illegal immigration actually erodes per capita GDP and lowers the quality of life for American citizens.
“Well, let’s go back because I find all of this pretty duplicitous. For my entire career, probably most of your entire lives, the academic economists said, ‘Oh no, absolutely, the unauthorized new arrivals do not put downward pressure on wages,” Bessent said. “Then, lo and behold, in this cycle—when we had the massive inflation—we get whether it’s eleven million new arrivals or, as President Trump thinks 21 million new arrivals, it does push down wages on the bottom quintile, which I think is abominable. These are working people, Americans, who are seeing their wages get pushed down.”
Bessent disputes Bloomberg’s claim that illegal immigration boosts American GDP, arguing: “If it were good, we’d just have a road from Tierra del Fuego to the Rio Grande and let everybody who wants to come in, in. We could double GDP, but per capita GDP per American would drop substantially. It’s about American citizens’ standard of living.”
The National Pulse has extensively reported on the economic impact of illegal immigration and the downward pressure it puts on American wages.
WATCH:
I’d follow Scott Bessent into war.🫡
“If illegal immigration is good for GDP, just build a road from Tierra del Fuego to the Rio Grande and let everyone in. We could double GDP… but per capita GDP per AMERICAN would drop substantially. It’s about Americans’ standard of living.” pic.twitter.com/M1x9Z03Uwn
— Geiger Capital (@Geiger_Capital) January 22, 2025