Democrat presidential candidate Joe Biden’s plan for more immigration to the United States and more free trade will boost the nation’s Gross Domestic Product (GDP), economists with Moody’s Analytics say.
The report, published this month, measures Biden’s globalist-centric agenda against President Trump’s economic nationalist agenda as to which one is better for “economic growth” and GDP without noting the quality of life, job, wage, and wealth impact on Americans.
By Moody’s measurement, Biden will be best for boosting GDP because his plan seeks to flood the U.S. labor market with more foreign workers whom America’s working and middle class will be forced to compete against.
The Moody’s report states:
Near-term economic growth is lifted by Biden’s aggressive government spending plans, which are deficit-financed in significant part. Stronger anticipated global trade and foreign immigration also contribute. [Emphasis added]
Longer-term growth under Biden’s policies is also stronger because on net they expand the supply side of the economy—the quantity and quality of labor and capital needed to produce goods and services. His plan to increase spending on the nation’s infrastructure also boosts business competitiveness and productivity. His paid family leave and elder care plans would increase labor force participation, which is approximately a percentage point higher a decade from now as a result, while increased spending on higher education and early childhood education would raise the educational attainment of workers. Increased global trade and foreign immigration would increase the size of the workforce, both skilled and unskilled, and support stronger productivity. [Emphasis added]
Trump, in a series of measures, has sought to reduce immigration to prioritize jobs for unemployed Americans and boost U.S. wages. Wall Street and multinational corporations are wholly opposed to higher labor costs because it eats into profit margins.
Moody’s economists, in 2016, admitted that Trump’s tightening the labor market by reducing immigration would drive up wages and cut unemployment.
Moody's anti-Trump report says his immigration/labor reform will drive up wages, cut unemployment & housing costs https://t.co/oeeHSYaKPA
— Neil Munro (@NeilMunroDC) June 22, 2016
Globalists have long supported plans to greatly increase immigration to the U.S. for the sole purpose of boosting GDP to four percent.
The Moody’s report claims the economy “suffers in Trump’s second term” because “he will double down on the foreign trade and immigration policies he pursued in his first term.”
“We also assume that Trump will continue to pursue a highly restrictive foreign immigration policy,” the Moody’s report states:
This is a significant impediment to longer-term economic growth, as it slows growth in both the labor force, which is problematic given prospects for declines in the native working-age population, and labor productivity. [Emphasis added]
Biden’s immigration plan, which would allow local politicians to bring more foreign workers to their communities on behalf of the business lobby, could bring an estimated 52 million foreign nationals to the U.S., an analysis by the Federation for American Immigration Reform (FAIR) notes.
Likewise, the Moody’s report says that Biden’s potential for reentering the U.S. into the Trans-Pacific Partnership and ending Trump’s tariffs on foreign imports would increase GDP. The report does not discuss the impact on American industries and jobs.
“Biden will continue to aggressively confront the Chinese to abide by international trade laws, but we assume he does this by re-engaging with the World Trade Organization and implementing other multinational strategies to deal with the Chinese,” the Moody’s report continues:
Biden has talked about the possibility of recommitting to a modified Trans-Pacific Partnership free trade agreement with tougher labor and environmental provisions. The TPP was the deal between the U.S. and other Pacific rim nations that excluded China because China did not play fair. The Obama administration had agreed to the TPP, but Trump withdrew from it with one of his first executive orders. [Emphasis added]
Biden’s reversal of Trump’s policies on foreign trade and immigration would also contribute to stronger economic growth, so that by the end of their terms in 2024, real GDP would be $960 billion, or 4.5%, larger under Biden than Trump. [Emphasis added]
As Breitbart News has chronicled, Wall Street investors and employees of the nation’s biggest banks are hugely behind Biden and his running mate Sen. Kamala Harris (D-CA).
At the big banks — which saw little-to-no consequences for their role in the 2008 financial crisis — Biden is sweeping up donations from employees by huge margins. At Goldman Sachs, for example, Biden has raised more than $156,000, while Trump has taken less than $12,000.
JPMorgan Chase employees have given three times as much campaign cash to Biden as Trump. Biden has taken nearly $380,000. At Morgan Stanley, Biden has taken more than twice as much as Trump, taking nearly $258,000 from the bank’s employees compared to Trump’s $96,010.
Despite pitching himself as a defender of blue-collar Americans, Biden has not only been widely backed by Wall Street but also by wealthy residents on Park Avenue.
Biden’s campaign has raised over $1 million from donors living on Park Avenue, according to Federal Election Commission (FEC) filings, as Breitbart News reported. This is more than eight times the $127,000 raised by the Trump campaign from the same area.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.