YAY IT'S 2025: NOW LET'S TALK ABOUT THE LABOR MARKET
As we reported a few days ago (link) a fierce debate has erupted within the MAGA movement in the US between the tech guys at DOGE -- Elon Musk and Vivek Ramaswamy -- and the National Populists led by Steve Bannon of War Room. The fight shows no sign of abating. The bone of contention is the H1B visas for foreign workers, mostly Indian techies. The problem runs deep. The system has been in place since the beginning of the 1990s but the fight has only just erupted, now that there is a chance for fundamental change with the Trump 2.0 administration taking over. Bannon maintains the system is a scam, thought up by the oligarchs in the various sectors of industry, today primarily in big tech. In the US there is this legal, but immoral system in force, but in Europe we have a similar situation, be it less legal and even more cynical. We'll talk about that next.
Dec. 31, 2024 War Room: Batya Ungar-Sargon: “Of Course Mass Immigration Raises The GDP, It Makes Oligarchs Unbelievably Wealthy.”.
In Europe the people are even less aware of the effects of migration on their lives than Americans. While the US has the advantage of importing legal workers with a job, Europeans are importing illegals without the benefit of them contributing anything to the receiving country.
The American system may be a racket, but the European situation is far worse. Next to illegal migrants being a drain on resources, they are also a market, paying for stuff with money that belongs to native workers. A bigger market, means selling more stuff.
Another effect is the depression of wages. Few realize this. But think about it. The job market is a market like any other: shortage creates higher prices, more supply depresses prices, or in this case, wages.
It is not my specialty at all, but even I have not missed the trick played on the labor unions, of getting them to work on behalf of migrants 'out of solidarity' against the interests of their own members. Who knows what happened there.
It is never too late and while Bannon in battling it out with Musk, perhaps we can have our own debate on this issue, starting in Greece where wages are at the worst level of the entire EU. Here's what my AI has to say on the subject:
"Greece has one of the lowest average wages in the European Union, reflecting ongoing economic challenges despite some positive indicators. Here are some key points about wages in Greece compared to other EU countries.
The average annual salary in Greece is around €15,335, which is significantly lower than the EU average of €37,900. This places Greece among the lowest wage countries in the EU.
Luxembourg: With an average annual salary of €81,100, Luxembourg has the highest average salary in the EU, nearly five times that of Greece.
Denmark: €67,600: more than four times.
Ireland: €58,700: 3.5 times the average.
Germany: €49,260: nearly three times.
France: €39,800: about 2.6 times the average.
Italy: €35,561: about 2.3 times.
Austria: €31,407: about 2 times.
United Kingdom: €30,031: about 1.96 times.
Spain: €29,113: about 1.9 times the average.
As someone posted on X today, the framing of legal versus illegal immigration is wrong, because it presupposes that legal migration is fine. But the effects are the same, so don't buy into that false dichotomy.
As Batya Ungar-Sargon is pointing out in the video: first they outsourced manufacturing jobs to China, telling workers to learn to code. When they did, the oligarchs flooded the jobs market with foreign workers, telling natives they are too dumb and lazy for those jobs. And we believe them!
The elites are occupying an increasingly different world than the rest of us. Most of us still live in countries where the borders are still a physical fact. But to the elites borders have become abstractions.
Whether their universities or their locations of work are in hubs like New York and London, they view them much like the old city states; they have no connection to these places other than that. Let alone with the people that live there.
If we let this developments continue without push back, we shall find our kids in the future working as indentured laborers filling feudalist tech jobs under the jackboot of a global Government made up by tyrannical bureaucrats and fascistic oligarchs,
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