Skip to comments.BusinessWeek : Immigration Can Fuel U.S. Innovation—and Job Growth
Posted on 07/12/2010 7:15:40 AM PDT by SeekAndFind
Lost amid the heated debate over U.S. policy is a key point: Immigrant entrepreneurs and skilled workers are a boon to the economy.
Arizona may be ground zero for the conflict over U.S. immigration policy, but it takes only a few minutes of watching cable television news and scanning local op-ed pages to see how raw and divisive the matter has become in the nation's political sphere.
Yet with all the heated rhetoric about illegals, border security, amnesty, racial profiling, and other incendiary topics, one aspect of immigration isn't emphasized enough: the job-creating potential of immigrant entrepreneurs. They're the vanguard in America's global competition for entrepreneurial talent and innovative ideas. The nation needs to encourage more entrepreneurs from other nations to call America home. Their energy is the elixir of future economic growth.
Take a recent study by the McKinsey Global Institute on U.S. multinational corporations. In Growth and competitiveness in the United States: The role of its multinational companies, the consulting firm notes that big business comprises less than 1 percent all U.S. companies, yet the 2,270 multinational corporations in its database accounted for 31 percent of the growth in inflation-adjusted gross domestic product from 1990 to 2007. Even more important, U.S. multinational corporations have contributed 41 percent of gains in labor productivity since 1990and 53 percent of the productivity increases during expansions.
The consultants highlight the role immigrants play in bolstering the competitiveness of American multinationals, especially helping the U.S. "lead the world in the number of engineers, scientists, and business professionals who are ready to work in a multinational company."
(Excerpt) Read more at businessweek.com ...
Businessweek ( or BusinessWEAK as the case may be ) observes :
“62 percent of foreign-born nationals who received a science or engineering doctorate remained in the U.S. for at least five years following graduation. That figure is up from 41 percent in 1992. More than 80 percent of graduates of Indian origin and 90 percent of Chinese graduates still lived in America five years after graduation, according to McKinsey. (The McKinsey study on multinationals makes for good companion reading to Intel founder Andy Grove’s cover story in the July 5-11 issue of Bloomberg BusinessWeek. The Silicon Valley legend is himself an immigrant from Hungary.)
It’s well-known that America’s high-tech economy has prospered thanks largely to highly educated foreigners. But the degree that the nation’s cutting-edge industries, from semiconductors to biotechnology, depend on immigrant scientists, engineers, and entrepreneurs to remain competitive is stunning. For example, a quarter of the engineering and technology companies started in the U.S. from 1995 to 2005 had at least one founder who was foreign-born, according to research by scholars Vivek Wadhwa, Annalee Saxenian, Ben Rissing, and Gary Gereffi. In Silicon Valley, America’s epicenter of technological innovation, the percentage of immigrant-founded startups reached 52 percent of total new companies over the same period.”
We need to deport or imprison ALL illegal aliens, including their anchor babies, seal/secure the border and SHOOT anyone trying to re-enter illegally. We sent a man to the moon (back when NASA was still a space agency) and we can do this.
I have a better way for immigration to help the economy, instead of paying the unemployed to not work hire them to guard the border, it would cost us a dime more than we already spend paying them to stay home
Legal, educated immigrants are a boon to any society. Illegal, uneducated immigrants are a drag to any society.
Illegal immigration has bankrupted America and most states. I see BusinessWeak under Bloomberg is just as liberal.
“The nation needs to encourage more entrepreneurs from other nations to call America home. Their energy is the elixir of future economic growth.”
Agreed, but what does this have to do with low-skill, poorly educated illegal border jumpers from Mexico? The Obamanation’s high tax, heavily regulated, small business wealth redistribution schemes don’t exactly encourage entrepreneurs either. That’s why many of them are heading to China.
We should be picky about who we allow into the country, but Democrats won’t even let us deport illegals much less target immigration at highly educated and/or talented immigrants who want to come here and be part of the American Dream.
Immigration Can Fuel U.S. Innovationand Job Growth:
1) a flat/fair tax
2) less government regulations on small business
3) repeal of Obama care
4) smaller federal,state and local governments
RE: We need to deport or imprison ALL illegal aliens
Don’t bother with prison, just send them home. Prison will cost more money. Send them home and make sure they don’t come back again.
This article is talking abut SKILLED and EDUCATED immigrants though. Totally different things.
Traditionally (pre-1965 Kennedy immigration) the US would allow certain numbers from each country. They would figure out what was needed, maybe there was a big need for machinists, so more of those would be allowed, maybe they needed scientists, so more of those world be allowed etc. During times of high unemployment, like the 1930s, the flow of immigrants went to a trickle. The point was immigration was based on the needs of the country first and foremost. The result was that citizenship was like a grand prize and those that earned it appreciated it deeply and passed that on to their kids, even to tho point of in some cases changing their names to sound more American. Immigration was NEVER seen as a RIGHT!!!
Fast forward to today, it seems the only consideration given whether to allow someone to immigrate is, will you vote progressive, and will you bring your third world culture with you. This has been the case since 1965 and 0dimbo is just putting that immigration policy on steroids.
RE: Sure there are plenty of successful Mexican businessmen in the United States.
BTW, does Mexican Billionaire Carlos Slim have permanent residency in the USA ? He now owns the NY TIMES last I checked.
Yes, but what that does have to do with the topic discussed here?
25% of patent applications filed by US companies are done by (legal) immigrants and more than 50% of high tech startups are launched by (legal) immigrants (think of google). We need to keep these people and to reduce the average and below-average legal immigrants.
For example, we should have automatic visa for new foreign PhD science graduates from top-5 schools and MBAs from top-5 schools. Top 10% of class of MSc students in top-10 schools should also be given visa more easily.
We could simply reduce the amount of other legal immigrants accordingly.
Eisenhower deported millions.
Truman deported millions.
Why can’t we?
They always pretend they are the same thing, and that if you are anti-illegal immigration you are anti-immigration.
“Immigrant entrepreneurs and skilled workers are a boon to the economy.”
Well if this is true, then a rational immigration policy first would control the borders and then authorize entry only to individuals who bring advantage to our country such as entrepreneurs with money and workers with special skills.
RE: But 30 million illiterate,non-English speaking criminals?
Try proposing to make English the OFFICIAL language of transaction in our government. Let’s see how many people in California for instance will support your proposal...
I personally know to highly intelligent, educated, productive European immigrants who had went through a lot of trouble and expense to stay here. One is now living in Canada because it just didn’t work out here with the feds. If only they had been ignorant, uneducated and sneaked across the Mexican looking to be parasites.