The role of private prison companies during Trump’s term

One of the cornerstones of President Donald Trump’s political identity has always been to reduce immigration, both legal and illegal. Therefore, in recent years, border forces and deportation processes have been a key piece for his government.

In fact, the Trump administration hired more than 10,000 officers for the Immigration and Customs Enforcement (ICE) agency, which has been a staple during Trump’s term.

Among many other tasks, ICE is in charge of overseeing immigration detention centers around the US, conducting operations to detain undocumented immigrants who managed to cross the borders without authorization, and initiating deportation proceedings for them.

However, ICE does not have enough facilities available to house the number of immigrants detained during the Trump presidency. Hence, his government decided to use services of private prison companies such as CoreCivic and GEO Group.

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Private prison companies supported Trump’s campaign

President Trump was seeking a second term in the presidential election that took place on November 3. Funding for his presidential campaign was primarily sponsored by these private prison companies.

This is mainly because the government must pay between $120 and $140 daily for each immigrant detained at their facilities, which represented more than 30% of their income during Trump’s term.

Therefore, investment to detain hundreds of undocumented immigrants, transfer them to facilities that belong to third-party companies and then deport them is gigantic and comes from taxpayers, that is, from the local population.

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Private prison stocks drop after presidential election results

The American population elected Joe Biden as the next leader of the US. He served as vice president during Barack Obama’s term and belongs to the Democratic political party.

His campaign has a completely different vision, strategy and plan than the Trump administration when it comes to the immigration system.

Therefore, according to what Biden has mentioned on multiple occasions, he plans to change the focus of ICE operations and deportation proceedings, which means that his government will most likely stop using services of private prison companies.

Due to this fact, two of the largest prison companies lost value on the stock market since November 3:

• CoreCivic stocks dropped 19%.
• GEO Group stocks dropped 14%.

This is mainly because shareholders, after the results of the presidential elections, anticipated that Biden will leave behind business with private prison companies, which would jeopardize their investment.

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