Thursday, October 28, 2010

Americans Lose Jobs Twice As Fast As Immigrants Gain Jobs

In the  2009 jobs report, immigrants gained 656,000 jobs while native-born Americans lost 1.2 million.

From Denny:  A new disturbing report about jobs gained among immigrants (legal and illegal) vs. severely lost among native-born Americans is about to be released from the U.S. Census Bureau and Department of Labor data by the Pew Hispanic Center. What it proves is that immigrants are gaining jobs twice as fast as native-born are losing them.

What is concerning here is that it appears immigrants are triumphing over native-born in the jobs market. Well, yes, they are... but... The deal is immigrants lost over 1.1 million jobs during the 2008 - 2009 year so making up over 656,000 jobs in 2009 was a good start but still does not catch them up to their losses. Of the estimated 13 million immigrants in this country over the past decade it is estimated that over half are illegal.

So why are immigrants suddenly doing so well in the jobs market? Try they took less earnings to the tune of 4.5 percent less in weekly earnings compared to the native-born who took only one percent in lesser earnings. Latino immigrants took the steepest drop in wage earnings.

From 2008 - 2010:

Immigrants lost 400,000 jobs
Native-born lost 5.7 million jobs

*** For the report, go here.

This is not a happy trend for Americans and a real recipe for disaster where not just anger will boil over but rage will turn to violence. Why?  Immigrants become increasingly desperate to compete because of a lack of education or skills then they are willing to take a serious cut in wages. What that does is drive down wages for all Americans, often resulting in massive layoffs just so businesses can re-hire cheaper labor among immigrants or send our jobs overseas. It's happening even as I write this post.

Talk about a politically explosive issue that could blow up in President Obama's face if he does not address this increasing pressure on the jobs market soon. This can't wait while Congress wrangles with immigration reform. The economy on this jobs level concerning such low wages must be addressed quickly. As it is, home foreclosures are increasing at an alarming rate since wages have been driven down. People with jobs can no longer pay their home mortgages.

In normal times, immigrants usually don't affect the wages of the native-born. In this chaotic economy Big Business continues to send jobs overseas, creating a huge employee pool with fewer jobs so business feels confident to significantly  lower wages, oftening cutting salaries by 50 to 70 percent. The ugly truth in America  is that the business power brokers are hiring, but hiring at far cheaper rates than previously, of which no one can pay their bills - or their home mortgages.

The jobs market is disturbing in its uncertainty and chaos, rocking consumer confidence. Big Business is addicted to cheap labor - wherever they can find it - or manufacture it.  When the dust settles in the jobs market, the economy and the home foreclosure mess, just who will be left in this country with the wages to be able to afford to buy all these 20 million plus foreclosed homes still sitting on the market?

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