There are people out there who genuinely appreciate all that President Obama has done since he found the American crown adrift in the gutter back in 2008. The TaxProf blog explains who these fortunate individuals are below.
12,040 new ultra high net worth (UHNW) individuals were minted this year, pushing the global UHNW population to a record 211,275, a 6% increase from 2013. The combined wealth of the world’s UHNW individuals – defined as those with US$30 million and above in net assets – increased by 7% to US$29.725 trillion in 2014, almost twice the GDP of the world’s largest economy, the United States.
It was in the interest of all of his newly-minted billionaire buddies that the president chose to act decisively on immigration and legalize 5 million individuals who came to the United States illegally. The President explains his latest act of corporate welfare below.
Administration officials estimate approximately 5 million people could apply for temporary protected status that would require a background check and hefty application fees. Those eligible could legally work in the United States for up to three years. Because Obama’s administrative changes can be erased by the next president, advocates believe many who are eligible will think long and hard before stepping forward. Lifting some existing DACA restrictions will make 270,000 more people eligible for enforcement discretion under Obama’s waivers. Including undocumented parents of children who are U.S. citizens or legal residents opens the door to another 4 million people, according to the administration.
Barack Obama’s editorial Cheerleader Paul Krugman, makes an argument that we should appreciate this as a humane initiative. He explains that we are doing for the children.
First, there are more than a million young people in this country who came — yes, illegally — as children and have lived here ever since. Second, there are large numbers of children who were born here — which makes them U.S. citizens, with all the same rights you and I have — but whose parents came illegally, and are legally subject to being deported. What should we do about these people and their families? There are some forces in our political life who want us to bring out the iron fist — to seek out and deport young residents who weren’t born here but have never known another home, to seek out and deport the undocumented parents of American children and force those children either to go into exile or to fend for themselves.
Yes Dr. Krugman, suffer the children; but just whose children do we make suffer? We are bringing 5 million new people into a labor force that has the lowest civilian participation rate that we’ve had in nearly 4 decades. We are opening the country to more people, in complete violation of our laws; when there simply is not gainful economic employment available for the people we already have. Glenn Reynolds links to the following data from the WSJ.
The official U.S. unemployment rate has indeed fallen steadily during the past few years, but the economic recovery has created the fewest jobs relative to the previous employment peak of any prior recovery. The labor-force participation rate recently touched a 36-year low of 62.7%. The number of Americans not in the labor force set a record high of 92.6 million in September. Part-time work and long-term unemployment are still well above levels from before the financial crisis. Worse, middle-class incomes continue to fall during the recovery, losing even more ground than during the December 2007 to June 2009 recession. The number in poverty has also continued to soar, to about 50 million Americans. That is the highest level in the more than 50 years that the U.S. Census has been tracking poverty. Income inequality has risen more in the past few years than at any recent time.
To understand who exactly benefits from this policy, we need to keep in mind who benefits from the influx low-skill, low wage labor into the current US economy. An economist that both Paul Krugman and President Obama undoubtedly have great admiration for explained the following :
“Relative surplus-population is therefore the pivot upon which the law of demand and supply of labour works.” The availability of labour influences wage rates, and the larger the unemployed workforce grows, the more this forces down wage rates; conversely, if there are plenty jobs available and unemployment is low, this tends to raise the average level of wages—in that case workers are able to change jobs rapidly to get better pay. – Karl Marx, “Wages,” December 1847
So who really gets served by this amnesty being proposed by President Obama? Who really has been served by the entire Goldbama Sachs Presidency? We know whose assets have increased since The Goldman One took office. We know what has happened to the rest of the workforce. In any good piece of detective fiction, the inspector has to ask himself “Qui Bono?” It’s always being run for the 1%. The ones that Barack Obama has helped occupy Wall Street.
In forcing this executive amnesty down the throats of the American People; our president has indeed been a good, little Ivy League radical and read his Karl Marx. It’s just that he uses it as a playbook on how to enrich his billionaire donors rather than a critique on the abuses of unconstrained capital. It’s always the Working Class American who pays in freedom, blood and treasure any time a Liberal “Man of The People” occupies 1600 Pennsylvania Avenue.