Biden's restrictive policy has been blamed for low wages and rising housing costs
Jonathan Fahey discusses the tragic death of Pennsylvania State Trooper Michael P. Phara, who was killed by an illegal Haitian national truck driver.
Former President Joe Biden's border policies forced Americans to bear the economic burden of higher rents and lower wages, former ICE Acting Director Jonathan Fahey said Monday.
“Americans as a whole are the losers from illegal immigration,” Fahey told FOX Business' Cheryl Casone.
“Sure, certain industries benefit from it, but overall, what President Trump and his administration are doing makes sense, focusing on policies that protect American workers and keep their wages up.”
BIDEN'S ILLEGAL INVESTMENT HAS RAISED RENT AND HOME PRICES, FED SURVEY FINDS
Then President Joe Biden speaks at the Stupak Community Center on March 19, 2024 in Las Vegas, Nev. (Ian Maule/Getty Images/Getty Images)
Joining “Mornings With Maria” following the July 4 weekend, Fahey criticized the previous administration's approach to illegal immigration, pointing to a Federal Reserve working paper that found a record increase in illegal immigration during the Biden era was linked to higher housing prices and rents.
The paper, published by the Federal Reserve Bank of Dallas, combines immigration court records and federal administrative data to estimate how an unprecedented wave of immigration between 2021 and 2024 will affect local labor and housing markets.
The authors caution that the study is a preliminary draft circulated for expert opinion and does not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System.
BIDEN-ERA INCORPORATED HOUSING COSTS, ECONOMIC COSTS
A U.S. Border Patrol agent speaks with immigrants who have been stopped from entering a crowded illegal border crossing near the Rio Grande in El Paso, Texas on Dec. 20, 2022 as seen in Ciudad Juarez, Mexico. (Getty Images)
A previous report found the influx of illegal immigrants increased employment opportunities with little measurable effect on wages but greatly increased the demand for housing.
Fahey made a similar argument, linking population growth to increased demand in many sectors.
“That's just an idea. You're bringing more than 10 million people. They didn't come home. Prices will increase,” he explained.
“But we also had salaries [go] down during the Biden administration as a result. Also, things like health care are very expensive. There are no doctors, nurses, or hospitals crossing the border, or very few doctors and nurses or anyone else, making it very expensive. “
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The 'Big Money Show' panel discusses the record 25 million under-35s living at home.
The findings of the first report, however, suggested that a 1% increase in undocumented workers compared to local workers was accompanied by a roughly 1% increase in overall employment, with no evidence that increased immigration lowered average wages.
At the same time, population growth is associated with house price increases of about 2.2% and rent increases of 1.4%, indicating a further shock to demand in an already troubled housing market.
Amanda Macias of FOX Business contributed to this report.
