Read full text: https://www.zerohedge.com/political/danger-deep-worldwide-recession-2025-ed-dowd
“What we are going to have going forward is the reversal of deficit government spending, which was juicing the economy with illegals.
Some of them got jobs, but a lot of them got benefits. They got housing accommodations. The NGO system was flush with money to facilitate this massive, purposeful logistical operation. People don’t understand that the net legal migration in the US is one million a year. That’s one million people a year. The last four years, we brought in 10 million to 15 million people. That is a new economic variable, and it distorted the economy.
It never got us into expansion territory, but it papered over a lot of the ills we were seeing.
Trump’s policies are going to reverse that all out. . . . The velocity of money under Joe Biden really started to rise. . . . Illegal immigration is very inflationary...
In the fourth quarter, the velocity of money is already rolling over. The Trump effect began the moment he was elected. We’ve seen self-deportations. We have seen new tenant rents plunge, and that’s what has been holding up the housing market.”
