Families see their wealth sapped; Middle Class Is Hit Hardest; Measure of net worth falls to early 90`s level” ran the Washington Post’s headline on its page one story today [By Ylan Q. Mui, June 11, 2012].
So at last the effect of years of excess alien importation, known to all immigration reform patriots and reported in an incisive flow of VDARE.com stories, has appeared in an MSM paper—but, ironically and predictably, without explaining WHY!
Oh, yes, the WaPo story talks about the effects of the “economic downturn”, but it does not say WHY our economic downturn was so serious. Why is unemployment so intractable? Why are we sinking, California-style, into more and more entitlements and increasing national debt?
OK, our warmongering certainly plays a role. But the real reason there is now and will be for the foreseeable future a “weeping and gnashing of teeth” by far too many Americans is the excess immigration from 1965 onwards.
Yep, that unneeded 150 plus million and their offspring are here, absorbing tax dollars and affecting employment for as far ahead as the eye can see.
The Pew Hispanic Center findings reported in the WaPo piece backed up a just-released Federal Reserve survey:
The poorest families suffered the biggest loss of wealth from the drop in real estate prices. But middle-class Americans rely on housing for a larger part of their net worth. For some, it accounts for just more than half of their assets. That means every step downward is felt more acutely.
Rakesh Kochhar, associate director of research at the Pew Hispanic Center, calls this phenomenon the “reverse wealth effect.” As consumers watched the value of their homes rise during the boom, they felt more confident spending money, even if they did not actually cash in on the gains. Now, the moribund housing market has made many Americans wary of spending, even if their losses are just on paper.
According to the Fed survey, that paper wealth—or what is officially called unrealized capital gains—shrank 11 percentage points, to about a quarter of Americans’ assets.
The findings track research Kochhar released last year that showed a dramatic drop in household wealth during the recession, particularly among minorities. That study found record-high disparities between whites’ wealth and that of blacks and Hispanics. [Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics, July 26, 2011]
“It was turning the clock back quite a bit,” Kochhar said.”[Links Added by VDARE.com]
How about going back to 1965—when that ill-fated immigration legislation was passed?
The WaPo piece reported:
The Fed’s survey is conducted every three years. Although there have been some signs that the recovery has picked up—housing prices have begun to stabilize and unemployment has fallen—Fed economists said those improvements largely do not change the survey results.
“Recovery from the so-called Great Recession has also been particularly slow,” the report said”.
And recovery is going to be even slower. As my last pieces on automation demonstrated, employment here and around the world is going to be deeply and permanently affected by a reduced need for workers—particularly unskilled workers.
The Washington Post`s front page story today simply adds proof that the unneeded alien numbers we are inhaling into the body of our fabled republic will be like cigarette smoking—potentially fatal to the body politic and our entire unique American enterprise.
That weeping and gnashing of teeth is not going to stop anytime soon, Folks. But hopefully at some point the MSM will begin to report the main real reason for America’s dilemma, which goes beyond jobs to many other aspects of our well being.
At least the sad facts have gotten to Page One of the Post. Now we need to hear what caused them.
Donald A. Collins [email him], a free lance writer living in Washington, DC. , is Co-Chair of the National Advisory Board of the Federation for American Immigration Reform (FAIR). However, his views are his own.