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Category: Economy
November 15, 2024
William Upton
Economy
Immigration

Biden’s DHS Sec Mayorkas Is Drastically Lifting Visa Caps on His Way Out.

The Biden-Harris Department of Homeland Security (DHS) is announcing a drastic increase in the H-2B Visa cap for the Fiscal Year 2025. H-2B visas are granted to temporary non-agricultural immigrant workers. In an announcement by DHS Secretary Alejandro Mayorkas on Friday, the department says it expects to make available an additional 64,716 visas on top of the current cap for the next year.

According to the department, the increase is necessary to meet the demands of American companies specifically operating in the “hospitality and tourism, landscaping, [and] seafood processing” industries. The National Pulse has reported extensively on the replacement of native-born American workers with cheap foreign labor under the Biden-Harris government, and the DHS visa cap announcement is set to exacerbate the problem.

“The Department of Homeland Security is committed to further growing our nation’s strong economy,” Mayorkas said in a statement announcing the move. He added: “By maximizing the use of the H-2B visa program, the Department of Homeland Security is helping to ensure the labor needs of American businesses are met, keeping prices down for consumers while strengthening worker protections and deterring irregular migration to the United States.”

BIDEN’S CHEAP, FOREIGN LABOR. 

Employment data indicates that most of the jobs created under Joe Biden have been taken by foreign-born labor. According to a recent jobs report from the Bureau of Labor Statistics (BLS), an estimated 1.3 million native-born American workers lost their jobs in August. Meanwhile, the number of foreign-born workers increased by 635,000.

Additionally, Congressional Budget Office (CBO) numbers reveal that labor force participation among foreign-born residents is at nearly 70 percent. Meanwhile, the rate among native-born Americans remains below pre-COVID-19 pandemic levels.

The last-minute decision by DHS appears to be aimed at hampering any attempt by President-elect Donald J. Trump to reduce America’s reliance on cheap immigrant labor and rectify the lack of employment for American citizens.

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The Biden-Harris Department of Homeland Security (DHS) is announcing a drastic increase in the H-2B Visa cap for the Fiscal Year 2025. H-2B visas are granted to temporary non-agricultural immigrant workers. In an announcement by DHS Secretary Alejandro Mayorkas on Friday, the department says it expects to make available an additional 64,716 visas on top of the current cap for the next year. show more
November 14, 2024
Economy
TECH

EU Fines Meta Nearly One Billion for Abusive Facebook Marketplace Practices.

The European Commission is imposing a heavy financial penalty on Meta, Facebook‘s parent company, citing anti-competitive practices associated with its Marketplace service. Meta faces a fine of approximately 797.72 million euros (~$841 million) following an inquiry by the European Union’s executive branch, which serves as the primary antitrust authority within the 27-member bloc.

The investigation concluded that Meta had abused its market dominance by integrating its Marketplace feature with the social networking platform Facebook. According to the Commission, this practice compelled Facebook users to encounter Marketplace services involuntarily, effectively stifling competition by limiting exposure to rival services. Furthermore, the Commission raised concerns over Meta’s terms of service, which allegedly permitted the company to leverage advertising data—sourced from competitors using Facebook or Instagram—to advantage its own Marketplace platform.

Meta says it will contest the Commission’s findings. The company asserts that the decision lacks evidence of any detrimental effect on competitors or consumers and disregards the competitive dynamics present in Europe’s online classified advertisements sector.

The European action against Meta mirrors a similar ruling in the United States against technology and online search giant Google. In August, a federal judge ruled that Google violated U.S. antitrust law, raising the possibility that the $2 trillion company could face a breakup.

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The European Commission is imposing a heavy financial penalty on Meta, Facebook's parent company, citing anti-competitive practices associated with its Marketplace service. Meta faces a fine of approximately 797.72 million euros (~$841 million) following an inquiry by the European Union's executive branch, which serves as the primary antitrust authority within the 27-member bloc. show more
Border Invasion
November 14, 2024
William Upton
Economy
Immigration

Clinton & Obama Economist Admits Illegal Immigrants Suppress Wages.

Former Bill Clinton administration Treasury Secretary Larry Summers, who also served as Director of the National Economic Council under Barack Obama, is tacitly admitting that the federal government and state governments tolerate illegal immigration because it suppresses the wages of American workers. In a post on X (formerly Twitter), the Democrat economist and former President of Harvard University argued that President-elect Donald J. Trump’s plans to deport illegal immigrants en masse would tighten the labor market. Summers contends the subsequent rising wages would be inflationary.

“I think every sensible American thinks we need to do more to secure our border. But if you’re talking about deporting millions of people, that is an invitation to labor shortage and bottlenecks,” Summers wrote on Thursday. He added: “I hope Trump will get the message from this election and adjust his program so that it is not inflationary. I certainly hope that if his program is inflationary, it will not be accommodated by the Federal Reserve.”

Summers’s post exemplifies the likely line of attack corporate lobbyists and  Democrats on Capitol Hill will take against Trump’s immigration crackdown. However, his argument belies the fact that rising wages would cause the inflationary pressures he is referring to—an acknowledgment that mass immigration, and especially illegal immigration, is used to artificially keep the cost of labor lower than its actual market value.

The National Pulse previously reported that the unchecked flow of cheap illegal immigrant labor likely had a deflationary effect in late 2023. Even more concerning, government data suggests a large swath of the native-born American workforce has been replaced by foreign-born labor under Joe Biden, potentially increasing the downward pressure on wages further.

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Former Bill Clinton administration Treasury Secretary Larry Summers, who also served as Director of the National Economic Council under Barack Obama, is tacitly admitting that the federal government and state governments tolerate illegal immigration because it suppresses the wages of American workers. In a post on X (formerly Twitter), the Democrat economist and former President of Harvard University argued that President-elect Donald J. Trump's plans to deport illegal immigrants en masse would tighten the labor market. Summers contends the subsequent rising wages would be inflationary. show more
farage
November 13, 2024
Economy
UK

Brexit Britain May Avoid Trump Tariffs.

The United Kingdom could find itself exempt from President-elect Donald J. Trump’s tariff plans, with the America First leader having an affinity for the Brexit movement and several British leaders, including King Charles III and Reform Party leader Nigel Farage. Trump’s historical support for Brexit was at the core of an argument recently made by Governor Phil Murphy (D-NJ) during an appearance on Sky News.

“Donald Trump [has] some sympathy with the renegade who has courage. I think there’s some of that. I think that’s a card that can be played. We’ll see,” Murphy said, having traveled to Britain for an economic mission trip on behalf of the State of New Jersey. The Democrat governor, however, also suggested that not every nation enjoys Trump’s sympathy.

“If I’m China, I’m fastening my seatbelt right now,” Murphy said.

Throughout the 2024 election, Trump has said he intends to enact an aggressive U.S. trade policy with substantial import tariffs. The tariffs could reach up to 60 percent on Chinese products and 20 percent on goods from other countries.

LABOUR’S FOLLY. 

Trump’s affinity for British leaders likely does not extend to those currently serving in the country’s Labour Party government. British Foreign Secretary David Lammy has infamously refused to apologize for previously calling Trump a “neo-Nazi sympathizing sociopath” and “tyrant.” Meanwhile, several other government ministers led a 2019 effort demanding that the then-Tory government cancel an official state visit by Trump.

Additionally, during the 2024 election, Labour staffers traveled to the U.S. to campaign on behalf of Trump’s opponent, Democrat Vice President Kamala Harris.

While the United Kingdom could be spared the brunt of Trump’s tariff plans, the European Union (EU) will likely be a top target. On the 2024 campaign trail, Trump proposed the “Trump Reciprocal Trade Act,” which would enforce a 10 percent tariff on all European imports unless they lower their own tariffs on U.S. goods.

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The United Kingdom could find itself exempt from President-elect Donald J. Trump's tariff plans, with the America First leader having an affinity for the Brexit movement and several British leaders, including King Charles III and Reform Party leader Nigel Farage. Trump's historical support for Brexit was at the core of an argument recently made by Governor Phil Murphy (D-NJ) during an appearance on Sky News. show more
November 11, 2024
Economy
Election 2024
TECH

Bitcoin Continues to Soar. Here’s Why…

Bitcoin’s price reached a historic peak over the weekend, extending a rally that began shortly after President-elect Donald J. Trump’s announcement as the victor of the 2024 presidential election. On Monday, major exchanges listed Bitcoin’s value surpassing $82,000, rising from $68,000 on Election Day. The cryptocurrency’s value has risen over 85 percent since January, although most of these increases occurred in the year’s initial months. Bitcoin’s price mainly fluctuated between $50,000 and $70,000 from March to November.

Many see Trump’s election as a boon for Bitcoin and other digital currencies. The President-elect’s backers and advisors, including Robert F. Kennedy Jr., Elon Musk, and Vivek Ramaswamy, strongly support the cryptocurrency. He has pledged to curtail the Securities and Exchange Commission’s (SEC) efforts to overregulate the sector. He also wants to establish a U.S. strategic Bitcoin reserve.

“This is the steel industry of 100 years ago,” Trump said on the campaign trail, warning that if the U.S. doesn’t step into a leadership role early, China and other countries will step in to fill the gap.

Other assets in the cryptocurrency sector have surged alongside Bitcoin since Trump’s election. Dogecoin jumped over 160 percent in the past month, and analysts anticipate a 14 percent boost in shares for Coinbase, the largest U.S.-based crypto exchange.

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Bitcoin's price reached a historic peak over the weekend, extending a rally that began shortly after President-elect Donald J. Trump's announcement as the victor of the 2024 presidential election. On Monday, major exchanges listed Bitcoin's value surpassing $82,000, rising from $68,000 on Election Day. The cryptocurrency's value has risen over 85 percent since January, although most of these increases occurred in the year's initial months. Bitcoin's price mainly fluctuated between $50,000 and $70,000 from March to November. show more
November 8, 2024
Economy
Election 2024
TECH

Trump’s DJT Stock Surges as He Dismisses Sale Rumors Post-Election.

Shares of Trump Media surged on Friday after President-elect Donald J. Trump confirmed he would not divest his interest in Truth Social’s parent company. The announcement, which appeared as a post on Truth Social, was Trump’s first written communication since his landslide win over Vice President Kamala Harris in the presidential election earlier this week.

Following Trump’s statement, shares of Digital World Acquisition Corp (DWAC), the Special Purpose Acquisition Company (SPAC) linked to Truth Social, increased by more than 10 percent, prompting a temporary trading halt due to heightened market activity and volatility.

In his Friday morning post, Trump addressed circulating rumors about potential stock sales, labeling them as false and potentially illegal. “There are fake, untrue, and probably illegal rumors and/or statements made by, perhaps, market manipulators or short sellers, that I am interested in selling shares of Truth,” Trump stated, emphasizing his refusal to sell.

“I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities,” he added.

READ:

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Shares of Trump Media surged on Friday after President-elect Donald J. Trump confirmed he would not divest his interest in Truth Social's parent company. The announcement, which appeared as a post on Truth Social, was Trump's first written communication since his landslide win over Vice President Kamala Harris in the presidential election earlier this week. show more
November 7, 2024
Jack Montgomery
Economy
Election 2024

Trump Victory Sends U.S. Stock Indexes and Dollar Surging, Bitcoin Hits Record Highs.

U.S. stock markets and the dollar experienced big gains following Donald J. Trump’s re-election as President. His historic victory sent major U.S. stock indexes, particularly bank stocks, to new heights, while the dollar surged by approximately 1.65 percent against several currencies, including the pound, euro, and yen.

Bitcoin climbed by over $6,600, setting a record at $75,999.04. This was driven by Trump’s emphasis on the cryptocurrency. Pledging a strategic Bitcoin reserve on the campaign trail, he said, “If we don’t do it, China and others are going to be doing it,” adding: “This is the steel industry of 100 years ago.”

As part of his economic agenda, Trump proposed replacing SEC Chair Gary Gensler, who has pushed for stricter regulation in the crypto sector. Additionally, Trump plans to appoint Tesla, SpaceX, and X (formerly Twitter) owner Elon Musk—a prominent figure among cryptocurrency advocates—to oversee an audit of governmental expenditures. Tesla’s shares reacted positively, rising over 14 percent.

In international markets, the pound fell 1.16 percent against the dollar, while the FTSE 100, after early gains, ended the day slightly down. European markets also reacted negatively; the German Dax and French CAC 40 both reported losses at close. In Asia, Japan’s Nikkei 225 index rose 2.6 percent, while the Shanghai Composite dipped slightly, and Hong Kong’s Hang Seng fell by about 2.23 percent.

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U.S. stock markets and the dollar experienced big gains following Donald J. Trump's re-election as President. His historic victory sent major U.S. stock indexes, particularly bank stocks, to new heights, while the dollar surged by approximately 1.65 percent against several currencies, including the pound, euro, and yen. show more
November 4, 2024
Culture
Economy
News

Boeing Abandons DEI Policies Amid Ongoing Safety Concerns.

Aerospace giant Boeing has decided to disband its Diversity, Equity, and Inclusion (DEI) department, according to a report by anti-DEI activist Christopher Rufo. Rufo announced the development last Thursday on X (formerly Twitter), suggesting that internal pressures might have influenced the new CEO’s decision to shut down the department. Rufo had previously criticized Boeing’s DEI strategy, arguing that it was diminishing competence within the company.

Bloomberg News confirmed the restructuring, noting that staff from the DEI office will merge with another human resources team focusing on talent and employee experience. Sara Liang Bowen, the Boeing vice president responsible for the former DEI department, left the company in conjunction with departmental changes.

Boeing has seen a slew of scandals in recent years relating to the safety of their aircraft. The Boeing 737 Max has seen several crashes, including two that occurred within months of each other in Indonesia and Ethiopia, killing a total of 346 people.

The Federal Aviation Administration (FAA)  identified a serious fault in 292 Boeing 777 aircraft earlier this year, noting that the faults could lead the planes’s engines to explode in mid-air flight.

Sam Salehpour, a Boeing engineer, warned the United States Senate in April that it was only a matter of time before a major aviation disaster occurred as aircraft were not being constructed to proper requirements.

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Aerospace giant Boeing has decided to disband its Diversity, Equity, and Inclusion (DEI) department, according to a report by anti-DEI activist Christopher Rufo. Rufo announced the development last Thursday on X (formerly Twitter), suggesting that internal pressures might have influenced the new CEO’s decision to shut down the department. Rufo had previously criticized Boeing's DEI strategy, arguing that it was diminishing competence within the company. show more
November 1, 2024
Data
Economy

Massive Jobs Numbers Fail On Eve of U.S. Election.

Ahead of the 2024 presidential election, the latest U.S. jobs report reveals a deteriorating economic situation. October’s employment gains were limited, with only 12,000 jobs added despite projections of an additional 112,000. This is a sharp decline from September’s increase of 223,000. A revision to August’s numbers shows only 78,000 jobs now having been added compared to the initial 142,000 reported.

Officials in the Biden-Harris government are trying to dismiss the dismal jobs report, blaming hurricanes and a Boeing labor strike. Concerningly, 46,000 manufacturing jobs were lost last month—suggesting a weakening in U.S. industrial sectors. If not for government employment, October would have marked the first negative payroll numbers since December 2020.

Employment in the film and sound recording industries increased by 2,600 to 448,000 positions following previous losses. In contrast, the broadcasting and content creation sectors saw a decrease, shedding 3,300.

The overall labor market data contrasts with earlier optimistic economic signals. Earlier reports pointed to a 2.8 percent GDP growth over the year and a continued drop in inflation rates. Notable advances in employment were seen in the healthcare and government sectors, whereas temporary business support and professional services faced declines.

In August, a benchmark employment revision revealed that employment gains for the year had been vastly overestimated, by nearly one million jobs. The continued lack of positive movement in the labor market means a second Federal Reserve interest rate cut is increasingly likely before the end of the year.

During the 2020 election, the corporate media piled on the Trump White House after the labor report showed the economy adding 661,000 jobs.

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Ahead of the 2024 presidential election, the latest U.S. jobs report reveals a deteriorating economic situation. October's employment gains were limited, with only 12,000 jobs added despite projections of an additional 112,000. This is a sharp decline from September's increase of 223,000. A revision to August's numbers shows only 78,000 jobs now having been added compared to the initial 142,000 reported. show more
October 30, 2024
William Upton
Economy
Election 2024

GDP Growth Misses the Mark Just Before Election.

Gross Domestic Product (GDP) growth missed expectations in the third quarter. The concerning economic data comes just a week before the 2024 U.S. presidential election—though it is unclear how much of an impact the news could have on voters.

The consensus expectations for GDP growth in the third quarter were 3.1 percent. However, the final growth number came in just shy of 2.8 percent. In the second quarter, the economy grew at a rate of three percent.

Additionally, there are some concerns that inflation could be accelerating again. The Core Personal Consumption Expenditures (Core PCE) came in at 2.2 percent, above the 2.1 percent expectation. Core PCE is one of several inflation measures used by the Federal Reserve to monitor and determine price conditions in the United States.

THE FED.

In September, the Federal Reserve announced a relatively unprecedented 50 basis point (bps) rate cut after the Biden-Harris government was forced to admit its job growth numbers had significantly overestimated the strength of the American labor market. This marked the first time the central bank has reduced rates since 2020.

It should be noted that past 50 bps cuts by the central bank have often signaled a looming recession. Concerningly, an anonymous vote of the Federal Reserve’s Federal Open Market Committee (FOMC) suggests the central bank will cut rates by an additional 50 bps before the end of the year. Combined, this would be the largest rate cut over such a short period in 16 years.

The new inflation data, however, may force the Federal Reserve to back down from a second rate cut—as several members of its FOMC remain skittish about resurgent inflation. The third quarter economic data also suggests personal consumption is increasing—though that is to be expected heading into the U.S. holiday season.

Image by Gage Skidmore.

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Gross Domestic Product (GDP) growth missed expectations in the third quarter. The concerning economic data comes just a week before the 2024 U.S. presidential election—though it is unclear how much of an impact the news could have on voters. show more