Report: Migrants Lead To Higher Inflation

A report from the Wall Street Journal last week appeared to tie together the ongoing migration wave into the country with the high rate of inflation. The news came amid increasing concern among Americans regarding both the increase in prices and the ongoing effects of illegal immigration.

The newspaper report tied together the number of migrants entering the country and increasing housing costs. According to Federal Reserve Bank of Chicago President Austan Goolsbee, the price of housing had “not behaved the way we thought it would.”

He said that it was likely that it would be some time before the increase in housing prices fell to or below the target 2% rate.

The newspaper said that much of the increasing housing supply in the country “is being quickly absorbed because of increased immigration.”

The newspaper also cited the statement of Federal Reserve Bank of Minneapolis President Neel Kashkari, who said that the current wave of migrants “has likely also increased demand for housing.”

Recent reports showed that young Americans are less likely to be able to afford to buy a home compared to their parents’ generation.

Increased purchase prices have also contributed to higher rent prices, especially in areas that restrict new home and apartment construction.

Since President Joe Biden took office in 2021, more than seven million illegal immigrants are estimated to have entered the country. This includes more than three million last year alone, which set a new record. In December 2023, more than 300,000 migrants attempted to enter the country, which also set a new high mark.

Much of the wave occurred after the Biden administration announced last year that it would end the Title 42 asylum policy put in place under former President Donald Trump.

The increasing flow of migrants also corresponded with crises in several major cities over how to care for them and the associated costs. The New York Police Department (NYPD) also cited an increase in crime caused by the migrant wave.

The former president recently promised to deport millions of illegal immigrants if he is elected to another term in November.

Inside Trump’s plan to deport ‘nearly 20 million’ migrants from the US https://t.co/pT9ygCWmtz pic.twitter.com/uJm0jiW8CC

— New York Post (@nypost) May 5, 2024