On Wednesday, Jerome Powell, who chairs the Federal Reserve, announced that the Fed would cut interest rates for the first time in four years. Such a move could quite possibly lead to a recession, as it has in the past. That the Fed is cutting rates signifies not merely the failures of the Biden-Harris administration on the economy, but, as evidenced from Powell's own words, illegal immigration as well.
While taking a question on Wednesday, Powell made quite the acknowledgement.
"If you're having millions of people come into the labor force then--and you're creating 100,000 jobs, you're going to see unemployment go up. So it really depends on what's the trend underlying the volatility of the people coming into the country. We understand there's been quite an influx across the borders, and that has actually been one of the things that's--that's--that's allowed the unemployment rate to rise, and the other thing is just the slower hiring rate," he said.
Fed Chair Jerome Powell on the border crisis: “If you're having millions of people come into the labor force then — and you're creating 100,000 jobs, you going to see unemployment going up. It depends on the trend underlying the volatility of the people coming into the country.… pic.twitter.com/WjtwFBvhhg
— Curtis Houck (@CurtisHouck) September 18, 2024
Such a concession is considerably noteworthy, given that Powell knows that illegal immigration would negatively affect employment, and yet he still advocated it. During Thursday's episode of "The Tony Kinnett Cast," host Tony Kinnett spent his opening segment breaking down how noteworthy Powell's point is here, especially in stark contrast to comments in past years.
What's also "beyond egregious," as Kinnett highlighted on this note about unemployment, is that the rate has gotten to about 4.2 percent. While native-born workers are losing jobs, foreign-born workers have gained jobs. Kinnett also called it "an absolutely shocking moment" that Powell "blamed it on illegal immigrants."
To further emphasize the significance of Powell's remarks, which he would refer to as "groundbreaking," Kinnett noted that "that's Jerome Powell openly admitting that the main cause of unemployment increase in the United States was that since Joe Biden took office--2021--opening illegal immigration floodgates open has given a lot of jobs to illegal immigrants, that's what actually has caused a huge portion of the unemployment rate going up."
Kinnett didn't merely play that clip from Wednesday, but also highlighted past Powell's past points from previous years and earlier this year as he addressed the "wildly insane... memory holing by the mainstream media."
On February 6, for instance, Powell claimed to CBS News' "60 Minutes" that "a resumption of immigration" to pre-pandemic levels," with Kinnett reminding that such illegal immigrants came in thanks to President Joe Biden taking office, with "a lot of them through Biden's migration programs" and "took a lot of those jobs," supposedly "stabilizing" the economy.
Kinnett also reminded that the Biden-Harris administration has overestimated the job numbers by an astounding 818,000 which was "with regard to... the actions from the federal labor agencies, as well as the federal reserve, took a look at how all of these things were factoring, recognized that illegal immigration was causing a severe damage to the employment in this country, and then praised it anyway, praised it loudly!"
There's the CNN article from December 2022, "America needs immigrants to solve its labor shortage."
As that piece said about Powell:
The lack of available workers has pushed wages higher – fueling higher inflation. Federal Reserve Chairman Jerome Powell said that in addition to an aging workforce there is a lack of foreign labor contributing to labor shortages.
“The combination of a plunge in net immigration and a surge in deaths during the pandemic probably accounts for about one-and-a-half million missing workers,” said Jerome Powell, Chairman of the Federal Reserve last month.
A May headline from the Washington Examiner read that "Jerome Powell says ‘influx’ of migrants under Biden alleviating labor shortage." Even more recently, Barron's had this headline dated just two months ago, "Immigration in the U.S. Is 'Neutral' for Inflation, Powell Says."
Kinnett then brought it all back to the present day. "Jerome Powell has gone in four years, just four years, from saying 'the labor shortage needs illegal immigration to save it,' then 'illegal immigration is actually saving the labor market and stabilizing things,' then two months ago, Jerome Powell says immigration is 'neutral' for inflation and the labor shortage, and now, he's completely flipped all the way around and is now telling the country 'actually, illegal immigration is the cause of the high unemployment that is continuing to rise.'"
It's not just Powell. Kinnett addressed Department of Homeland Security Secretary Alejandro Mayorkas as well. "It's amazing, the Biden administration, through Alejandro Mayorkas and Jerome Powell literally in four years went from 'we desperately need illegal immigration to save the economy' to 'illegal immigration is destroying the employment market and we have no idea who did this,'" Kinnett declared.
🚨LIVE: “Kamala Scrapes the Bottom of the Electoral Barrel” https://t.co/JCDsQr4Rze
— The Daily Signal (@DailySignal) September 19, 2024
Bonchie at our sister site of RedState also caught some other news to do with Powell and President Joe Biden. While Biden claimed on Thursday that he had "never once spoken" to Powell since becoming president, the two actually met in May 2022, when Treasury Secretary Janet Yellen was also present.
"Yikes" is right, to quote Bonchie.
Yikes https://t.co/zG8oEoxARU pic.twitter.com/xICC3FLMNw
— Bonchie (@bonchieredstate) September 19, 2024