Joe Biden’s illegal immigration crisis is creating serious financial hardships for American citizens in the form of higher mortgage rates, according to the Federal Reserve chairman of Minnesota.
Democrats and the media have spent three years trying to convince average Americans that the illegal immigration crisis is normal and not causing any harm, but it’s simply not true.
This is why this particular issue is causing anger even among liberals in blue cities.
Breitbart News reports:
Federal Reserve Chairman: Migration Boosts Mortgage Rates
President Joe Biden’s migration crisis raises the mortgage rates that burden young couples and families, according to the president of the Federal Reserve Bank of Minneapolis.
“While the long-run effect of increased immigration on inflation is unclear, immigrants nonetheless need a place to live, and their arrival in the U.S. has likely also increased demand for housing,” said Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said on May 7.
In turn, he said, mortgage rates are nudged upwards with higher interest rates, saying, “Perhaps a neutral [interest] rate for the housing market is higher than before the pandemic.”
Kashkari is a member of the Federal Reserve, which is now raising interest rates to reduce the unpopular inflation caused by the federal government’s deficit spending.
But since 2021, Biden’s deputies have also worsened inflation by importing roughly ten million legal, illegal, and quasi-legal migrants.
And of course, Joe Biden is responding to this by doing pretty much everything wrong.
Inflation, gas prices, and mortgage rates are climbing, unemployment just hit the highest level in 2 years, and hardworking Americans are struggling to get by.
Joe Biden’s response?
Force YOU to pay for healthcare for illegals and the student loans of art students. pic.twitter.com/4TkcPISyu0
— Karoline Leavitt (@kleavittnh) May 3, 2024
Mortgage rates have SKYROCKETED under Joe Biden & 78% of would-be homebuyers say financial factors are keeping them from being able to purchase a home.
Joe Biden’s economy has made the American dream a fantasy! pic.twitter.com/HWPLt73SR4
— Center for Renewing America (@amrenewctr) May 6, 2024
Is there any wonder why a growing number of Americans want to return to the Trump years?