During this presidential election, both candidates have laid out their ideas for a variety of concerns, such as boosting economic growth and creating new jobs, as well as immigration. However, neither candidate has addressed how bringing in more immigrants to the United States can help our economy.
American economists and entrepreneurship experts have a different perspective about immigration. They see it as an economic resource that our nation can take complete advantage of.
In an interview by Yahoo Finance, Bill Aulet (managing director of Martin Trust Center for MIT Entrepreneurship) said, “[Immigrants] disproportionally start new high-growth companies [through] a ‘selection bias,’ they come from elsewhere, and they come all the way here. They’re determined to start a new company, we teach them how to do it, and then we send them back? That’s crazy. Those people should be encouraged to stay here, and other countries are doing that.”
Alas, there are many people out there who believe immigrants undercut wages and employment opportunities for native-born workers. Nevertheless, there is practically no evidence that supports this belief.
A report by the National Academy of Sciences discovered that there are, “many important benefits of immigration – including on economic growth, innovation, and entrepreneurship – with little to no negative effects on the overall wages or employment of native-born workers in the long term.” Immigrants earn and spend money that contributes to the U.S. economy, work at jobs which many native-born Americans refuse to do, and start thriving businesses that create job opportunities for others.
It is imperative to understand that new businesses are responsible for creating most new jobs in the economy. Ever since the 2008 financial meltdown and the ensuing recession, new-business startups aren’t generating as much growth as it could or should be.
There are many immigrants, who are permanent residents or visa holders in the U.S., which possess blue-collar skills and college educations. In order to use these abilities and accomplishments to benefit our economy, the Obama administration wants to establish a new kind of “startup visa” that would allow foreign-born entrepreneurs to remain in the U.S. for up to five years if they own a substantial stake in a start-up company which has the potential for “rapid business growth and job creation.”
Since countries such as Canada and England have taken advantage of the economic benefits of immigrant entrepreneurs, it is time for the United States to do the same.
If you are interested in obtaining experienced and skilled legal assistance for complex immigration matters, contact Sintsirmas & Mueller for more information today.