According to journalist Rebeka Zeljko’s report: “Wall Street fretting Trump could make economy work for average Americans.” Zeljko’s subheading proclaimed: “Under Biden, employed foreigner-born workers up, employed native-born down.” The WND News Center provided to MHProNews the following report by Zeljko for the Daily Caller News Foundation (DCNF) which said: “Wall Street is panicking that former President Donald Trump’s populist economic policies will hurt growth in a second term, but experts told the Daily Caller News Foundation that it’s average Americans who stand to benefit.” While DCNF is deemed right-leaning, it is worth noting that the DCNF’s reporter cited left-leaning Politico among her sources for a more balanced report.
Following the Zeljko report in Part I of this article will be additional information with MHProNews’ Masthead related facts with MHVille analysis in Part II.
Part I
Wall Street fretting Trump could make economy work for average Americans
Under Biden, employed foreigner-born workers up, employed native-born down
By Around the Web
Published July 5, 2024 at 2:01pm
By Rebeka Zeljko | Daily Caller News Foundation
Wall Street is panicking that former President Donald Trump’s populist economic policies will hurt growth in a second term, but experts told the Daily Caller News Foundation that it’s average Americans who stand to benefit.
Wall Street traders are increasingly betting that Trump will win the presidency following President Joe Biden’s dismal debate performance at the end of June and are worried that the former president’s immigration and trade policies will hurt topline economic growth, according to Politico. While Trump’s economic policies might harm the results of headline economic reports, they channel benefits to average American workers who are dealing with the effects of a massive surge of illegal immigration and unfavorable trade policies, according to experts who spoke to the DCNF.
Trump has campaigned and governed on key populist policies that prioritize trade protectionism and American manufacturing. This goes hand in hand with Trump’s immigration policy plans for his potential next term, as he pledged to implement the largest domestic mass deportation during an Iowa campaign speech in December.
“What the Biden administration has done is they have just essentially stopped enforcing border laws, and they parole these illegal immigrants into our country,” Michael Faulkender, chief economist at the America First Policy Institute, told the DCNF. “They give them work visas. And this is why people on the left are saying that Trump’s policies would cause inflation. It’s because if we deport all of those workers, then somehow we wouldn’t have enough workers to do all the work that’s currently being done.”
In the last year, the number of employed foreign-born workers rose by over 600,000 to nearly 31 million, while the number of employed native-born Americans dropped by nearly 300,000. The disparity indicates that benefits under Biden are going to foreign-born workers rather than native-born Americans.
“The average American is no longer going to have to compete against the incredibly low-wage labor that is driving down the standard of living,” E.J. Antoni, a public finance economist and Richard F. Aster fellow at the Heritage Foundation, told the DCNF about the effect of Trump’s immigration policy in a second term. “In other words, you will increasingly see businesses pay living wages to their employees.”
“This was actually a key reason why a lot of blue-collar jobs saw such rapid wage growth during the first Trump term,” Antoni told the DCNF. “It was because they really helped stem the tide of illegal immigration that existed before Trump. As less of that illegal labor came across the border, it helped buoy the labor market, at least for Americans.”
A key feature of Trump’s economic policy in his first term that remains a part of his planned agenda for a second is trade protectionism, which involves setting tariffs on imports, particularly from foreign competitors like China, and promoting American manufacturing.
“Take a look at the significant application of tariffs that President Trump did during his first term,” Faulkender told the DCNF. “We had sub 2% inflation during his entire presidency. So if applying tariffs at the scale President Trump has talked about were to be as inflationary as the Democrats or demagoguing people into believing, where was the inflation during President Trump’s presidency?”
Peter Earle, senior economist at the American Institute for Economic Research, disagrees with the effectiveness of tariffs, arguing that these trade policies ultimately burden American business owners and consumers by raising costs through inflation.
“Because disinflation is underway, for now, it seems less likely that the concern is higher rates of inflation in coming years owing to monetary policy,” Earle told the DCNF. “It’s more likely that worries about Trump’s promised tariffs are causing higher yields on longer-term bonds. Tariffs increase the costs of imported goods, and if they are put on a wide variety of goods can give rise in the overall price level of goods and services.”
“To be sure, his recent call for 60% tariffs would be devastating to world trade, even beyond the U.S. and China. When costs to businesses rise, such as those for inputs which are imported, consumer prices will rise,” Earle told the DCNF.
Other economists, like Faulkender, say that Trump’s economic and trade policies actually benefit Americans across the board.
“The Trump era was very good for average Americans, for working-class Americans, and it was good for investors,” Faulkender told the DCNF. “If you look at the stock market’s performance during the Trump administration, it did exceptionally well. I really just dispute this analysis, coming from the left, that suggests that the economy is this zero-sum game and that benefiting workers is bad for investors. With the right set of policies, we can improve outcomes for investors and workers alike. That was the record under President Trump, and that’s what I expect the second term to go back to.”
This story originally was published by the Daily Caller News Foundation. ##
Part II – Additional Information with More Masthead on MHProNews Analysis and Commentary
In no particular order of importance are the following observations and manufactured housing industry (a.k.a.: MHVille) connected analysis.
1) There is a case to be made that part of the reason that ‘Biden’s economy’ is doing as well as it has is because of the Trump Administration era policies such as tax cuts and domestic investment incentives such as opportunity zones. Those are often overlooked and underreported points.
2) Zeljko cited E.J. Antoni, an economist that MHProNews has periodically referenced too. Some examples follow and are linked.
3) To DCNF journalist Zeljko’s point about Wall Street mogul concerns that wages could rise for legal immigrants and American-born employees, left-leaning CNN during the Trump-era used the following graphic to illustrate a similar and arguably related point. Unlike recent preceding presidencies, wages and household income soared under Trump’s policies.
4) MHProNews has documented on numerous occasions the point that Biden and Democrats have for some years been getting more campaign donations than Trump or Republicans. The causes and possible cures for American economic malaise are in a sense akin to the affordable housing crisis in this respect. The underlying issues causing the problems are known. For instance, DCNF reporter Zeljko made the point about open-borders and how that impacts wages. Per her report:
In the last year, the number of employed foreign-born workers rose by over 600,000 to nearly 31 million, while the number of employed native-born Americans dropped by nearly 300,000. The disparity indicates that benefits under Biden are going to foreign-born workers rather than native-born Americans.
“The average American is no longer going to have to compete against the incredibly low-wage labor that is driving down the standard of living,” E.J. Antoni, a public finance economist and Richard F. Aster fellow at the Heritage Foundation, told the DCNF about the effect of Trump’s immigration policy in a second term. “In other words, you will increasingly see businesses pay living wages to their employees.””
Knowing that Biden and Democratic policies are often useful to being corporations, at times collectively called “Wall Street,” those corporate interests have funded Democrats more than Republicans since at least 2016, accord to left-leaning Open Secrets.
5) MHProNews has made similar points about the woes caused by monopolization or the oligopoly style concentration of an industry into relatively few larger corporate brands. On paper, the left and right at times appear to agree on this point. However, Democratic efforts during the past 3.5 years have failed to deliver what was promised during campaign 2020. As left-leaning MSN news aggregator cited in a recent headline: “Lina Khan Loses Again.” Kahn is the Federal Trade Commission (FTC) chairman, one of the two federal agencies tasked with antitrust enforcement. Had Khan lived up to her hype, it could have been welcomed news for employees, smaller businesses, consumers, and by this platform.
6) Put differently, many (not all among) corporate interests, big media, big tech, and politicos posture a stance that they do not actually intend to deliver on. Democrats are often posing as the party of the little guy, but they have become the party of the ultra-rich, as Democrat Seth Moulton (MA-D) recently said in an interview with the left-leaning Atlantic. That’s paltering, posturing, preening, spin, and propaganda in action.
7) To better understand this stealthy “information warfare” or “gaslighting” being waged against tens of millions of everyday Americans, which very much impacts manufactured housing and numbers of other regulated professions, see the reports linked above and below. Because the DCNF report made several apt points. Open borders routinely harm native born citizens of all backgrounds. Open borders can undermine legal immigrants too, which is why there appears to be a pivot among Hispanics and Blacks toward Trump. Open borders clearly undermines housing affordability, as some of the reports linked above and below will illustrate.
8) Most adults learned by the time they left high school or college that some people say nice sounding things by they don’t mean what they said. There must be a focus among rational adults (and teens) that deeds have to match words for trust to be earned.
Note, one more link will be edited in hopefully today on a related topic. Watch for it. ### Updated with added link from 7.7.2024, as promised.
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Stay tuned for more of what is ‘behind the curtains’ as well as what is obvious and in your face reporting that are not found anywhere else in MHVille. It is all here, which may explain why this is the runaway largest and most-read source for authentic manufactured home “News through the lens of manufactured homes and factory-built housing” © where “We Provide, You Decide.” © ## (Affordable housing, manufactured homes, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing.
For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.
This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.
Connect on LinkedIn: http://www.linkedin.com/in/latonykovach</s
