Rattner: Amnesty and Foreign Workers Will NOT Fix Inflation

In a recent interview that aired on Bloomberg’s “Wall Street Week” late last week, Steve Rattner, former counselor to the Treasury Secretary under the Obama Administration, rebuked those who are now arguing that mass amnesty is the magic fix to the current rate of inflation.

Rattner stated that a supposed “lack of workers due to stricter immigration policies” is not driving U.S. inflation and added that ‘changing immigration policy wouldn’t make “that much of a material difference” in the immediate or medium terms,” reports Breitbart News.

“Wall Street Week” host David Westin showed Rattner a clip of BlackRock CEO Larry Fink blaming economic problems on strict immigration policy, then asked, “Steve, what he’s talking about there in terms of policy-generated are… some of our policies on immigration — where we’re not getting as many workers… And so, that’s not something the Fed can deal with. Are we concerned they don’t have the tools they need to get the job done?”

Steve Rattner responded:

I would be a little concerned, but for slightly different reasons. I think some of those policy issues are certainly legitimate. But I don’t think the question, for example, of immigration is really what’s driving our inflationary situation at the moment or really would make that much of a material difference in any medium — near or medium-term scenario.

Rattner’s comments are at odds with many of his Democratic colleagues, who are now regurgitating bromidic Chamber of Commerce talking points, in an attempt to sell the American people on the idea that mass amnesty for illegal aliens and more foreign workers will fix Joe Biden’s record-setting inflation and hopefully spare the party during the midterm elections.

Montana Senator Jon Tester has even expressed a desire to pass a “comprehensive immigration bill” (‘AMNESTY’) as a means to help cut inflation.

Breitbart News reports:

Tester’s remarks come a month after Chamber of Commerce CEO Suzanne Clark begged Republicans and Democrats to provide amnesty for illegal aliens and double legal immigration levels so as to provide big business with a never-ending flow of foreign workers to hire at low wages.

“We must double the number of people legally immigrating to the U.S. and we must create a permanent solution for the ‘dreamers’ — those young men and women who know no other home and who contribute to their communities, but whose legal status is in limbo,” Clark said.

The Chamber’s policy suggestion would bring anywhere from two to four million legal immigrants to the U.S. every year — an annual foreign-born population nearly six times the size of Boston, Massachusetts.

Meanwhile, nearly 16 million Americans remain jobless but all want full-time employment.

If Congress were to act in an attempt to ease the inflation strain felt by the American people, they would reduce total U.S. immigration levels.

Reductions in total immigration would boost wages for working and middle-class Americans while simultaneously tightening the labor market. A tighter labor market would allow for better organization and help reduce the almost insurmountable wealth gap facing the U.S., improving the quality of life and dignity of work for all Americans and already present immigrants alike.