During a speech given on October 25, 2017, former U.S. president Bill Clinton claimed that Americans needed immigrants. The rapidly aging former president claimed that Americans need immigrants because of the low birth rate among American females.

At 325 million, the USA has the third biggest population. Only the Chinese and the Hindians have bigger populations. We do not need immigrants at all, not even one.

Bill popped this off during the speech.

Like every other wealthy country in the world, the more you give women access to an education and the workforce, the lower the birthrate is, the smaller families are. It doesn’t matter if you are pro-choice or pro-life … in every society on earth this happens.
Let us compare Americans with Norwegians. According to data presented by the World Bank, the fertility rate (total births per woman) of both Norwegians and Americans is the same, 1.8%.

Norwegians only have a population of 5.2 million while Americans have a population of 325 million. In 1970, the Norwegian population was 3.9 million while the American population was was 205 million.  So the Norwegian population grew 33% between 1970 and today while the American population grew 58% during that same time span.

Yet, per person, Norwegians are 21% richer than Americans ($69,249 vs $57,246). However, in 1970 Americans were much richer than Norwegians, in fact, Americans were 59% richer than Norwegians (US$5,246.88 vs US$3,306.22). In that time span, per cap income grew 20.9 times for Norwegians while only 10.9 times for Americans.

The American population grew much faster than the Norwegian population. Yet Norwegians grew much richer. So why do we need immigrants? Clearly the descendants of Vikings proved to be smarter than the descendants of Saxons precisely because descendants of Vikings failed to flood their country with the Irish, Italians, Catholic Germans, Poles, Slav Jews and Mexicans.

Excessive immigration has eroded capitalism in the United States. As I revealed in UNFETTERED IMMIGRATION IS KILLING AMERICAN CAPITALISM: A rapidly increasing working-age population quickly leads to a lower true return on capital.

  1. Wages come from the return to capital.
  2. Wages set all other prices.
  3. Increasing the working-age population faster than the return to capital rate makes true wages fall (not current dollar wages).
  4. When real wages fall, true prices fall (not current dollar prices).
  5. When real prices fall, the true returns to capital fall.
  6. When the true returns to capital fall, future capital investment falls.
  7. When future capital investment falls, future returns will be lower and thus future wages will be lower.
  8. In order to maintain profits by maintaining productivity, firms must increase the working-age population.

And with that, we return to Step 3.

Bill Clinton as an ex-president is a guy who reached the pinnacle of his chosen field of work. Bill Clinton certainly seems like a self-confident, almost smug speaker. Yet, Bill Clinton is quite a stupid guy.

Bill simply does not understand capitalism nor does Bill understand how population affects capitalism.

Here is the dreaded chart that no politician and no socialist ever desires that you see:

True wages and true capital spending flow in lockstep. True wages have been falling for years in lockstep with true capital spending per prime age worker (25 and 54). Why?

A flood of immigrants has swelled the working-age population. The rapidly swelling working-age population has depressed the returns to capital. That has caused wages to fall.

And with the advent of global free trade, the effective working-age population has swelled even faster. For more on that see my work: