So unless you want to hire people with a criminal history, children, poorly educated people with few skills, caregivers with multiple dependents that make it difficult for them to work I assume you didn’t support Biden’s policy of letting millions of strangers swarm into the country from Latin America.
I am not professor of mathematics, but I can see, what realistically happens in such cases.
My country also has rather mass immigration and obviously wages go down a lot, as because of the immigration there is always someone who accepts a very poorly paid job. (Because it is still more than where they come from and they live in crowded dormitories or overcrowded apartments and buy just basic food, so they save money and send money home.)
Most companies pay only the necessary minimum they really HAVE TO pay.
Some refuse to pay even that though and struggle to find employees.
So when workers from third world countries push the wages down, it kind of creates an average standard for that country.
And even if what you earn is high above the standard, you are still affected.
Theoretically, because of its open-door migration policy, Sweden is an economic paradise:
Sweden has transitioned from being a model of inspiration to becoming a warning example. As gangland violence is spreading across borders, its Scandinavian neighbors experience growing fears of ending up in what is known in Denmark as the “Swedish condition.” . . .
While the deterioration in physical security is causing Swedish nationals with entrepreneurial skills to leave the country, it is also becoming increasingly difficult for industry to recruit high-level talent from abroad. These problems are amplified by a deterioration in the quality of education that has resulted from increasing ethnic disorder and outright violence in schools. In the Organisation for Economic Co-operation and Development’s Programme for International Student Assessment rankings of students, Sweden is trending down.
For a knowledge-based country, this is serious indeed, and the central bank is far from alone in raising the alarm. Warning bells have been sounding with increasing intensity for some time, and the political sphere has finally begun to shed its long-standing denial. The problem is that few if any seem to know what can be done.
The main cause of the crisis is a combination of an open-door migration policy with no accompanying policy to help the newcomers integrate. . . .
Having been long in denial, even the Social Democrats have now released a report of their own, recognizing that two decades of excessive immigration and failed integration have produced a national crisis.
Yeah I got my masters in finance but I can’t really say I use it all that much anymore. The analytical skills are there but I don’t even handle my own investments anymore.