After years of the media and other Democrats claiming that a massive influx of illegal migrants didn’t cause inflationary fallout, the Wall Street Journal, via Breitbart, finally admits that additional demand does indeed cause prices to rise:

Wall Street Journal: ‘Easing’ Rent Prices Coincide with Less Immigration to U.S. Under Trump

Immigration, the Journal admits, has played at least some role in rent dropping, as less demand has decreased housing prices:

Renters across much of the U.S. have enjoyed easing prices and months of free rent this year. Now, this tenant-friendly environment looks poised to extend deep into next year, and perhaps beyond. [Emphasis added]

…

Remote workers who once helped power the Sunbelt’s population boom are getting called back to the office. And as President Trump cracks down on international immigration, the influx of new foreign residents is also slowing.

Vindication sure feels good. We all remember this asinine take, from Jerome Powell:

Immigration in the U.S. Is ‘Neutral’ for Inflation, Powell Says

Higher rates of immigration don’t appear to be either making inflation faster or slower in aggregate, Federal Reserve Chair Jerome Powell said on Tuesday.

‘My sense is that in the long run, [immigration is] neutral on inflation,’ Powell said. ‘In the short run, it may actually have helped because the labor market got looser because there were more people.’

It has been obvious for years that Biden’s policies caused the highest inflation in almost half a century, as well as a historic cost-of-living crisis, despite all the fake reasons we were given as to why that wasn’t true.

The policies included: 

Open borders, which flooded the market with millions of new people each year using housing, food, medical care, schools, and everything else.

Seeking to destroy oil, gas, and coal use, which caused prices to spike around the world as Democrats falsely claimed that they could control the climate. Crude oil is used in more than 6,000 products, and the price more than doubled rapidly during Biden’s term. The high prices helped Russia and Iran fund wars and terrorism, which also caused prices to increase.

Endless regulations to dictate what kind of cars, trucks, and appliances we could use, which caused the prices to spike.

Continually upping the subsidies for day care and Obamacare. Every time you up subsidies, you up the price for everyone else.

Continuing the jacked-up spending for COVID, and then upping it with an additional $2 trillion “rescue” plan, plus the green slush fund falsely named the Inflation Reduction Act.

Trump handed off a rapidly growing economy and inflation below 2%, despite COVID.

As inflation spiked because of these policies, the media and others, including the Federal Reserve, intentionally misled the public that the inflation was caused by anything but Biden policies.

We were first told that inflation was transitional. Then COVID and the supply chain was blamed. Then consumers were blamed for jacking up prices after COVID, and of course Russia was blamed for inflation because they attacked Ukraine. Somehow, they ignored the fact that energy prices soared before Russia attacked. 

There were repeated reports that flooding America with illegals was not inflationary. We were told that they kept wages down and were good for the economy.

In July of 2024 Jerome Powell said his “sense” was that flooding America with illegals was neutral on inflation. It really takes a person with little (or no) common sense or knowledge to say that flooding the economy with more demand is not inflationary.

And now, the WSJ, almost five years after Biden started flooding America with illegals, seems to be startled that less demand on housing causes prices of rent and houses to be better controlled and even go down. What a shock!

It is a true shame that the people setting interest rates to control our economy seemed to have no idea that unlimited immigration was harmful and inflationary. These same people obviously didn’t understand that the tariffs wouldn’t be very inflationary, even after seeing that they didn’t cause inflation in Trump’s first. The Fed has also been losing billions, for years, because they are paying banks more money for cash deposits than it is earning on investments:

The Fed’s $100 Billion Cash Losses Should Be a Far Bigger Story

The Fed owns a little under $8 billion in Treasury and mortgage-backed securities which, on average, earn about 2 percent interest. It has paid for these securities by issuing about $2.3 trillion in paper currency (federal reserve notes), more than $500 billion in non-interest-bearing deposits, and borrowed the remaining $5 trillion-plus from banks and money market funds. The Fed currently pays more than 5 percent interest on the money it borrows.

This is also bad policy, and inflationary, and causes housing costs to be higher than they should. Printing money that’s not backed by anything to cover these losses is also inflationary.

Refusing to learn from history also shows a lack of common sense and limited economic knowledge.

Image from Grok.