What We’re Reading: Highly educated immigrants and American jobs
Bloomberg View noted this week that America’s competitors in the global economy are welcoming highly skilled, highly educated immigrants with open arms, and warned that if the United States doesn’t do the same, we will lose out on job creating potential.
To see the results of self-defeating U.S. immigration policies, you need only open your browser to www.canadavisa.com. There, you’ll see a shrewd neighbor fishing for talent at U.S. expense.
At the top of the website, in large print, is the question: “Currently on an H1B Visa or otherwise working or studying in the United States?” There is nothing subtle about the appeal. Canada is seeking skilled foreigners who’ve grown frustrated with the U.S. visa gantlet, which can take a decade for the lucky few who manage even to begin it.
The Bloomberg editorial mentions the Startup Act 2.0, legislation Senator Coons introduced with Senators Mark Warner, Jerry Moran and Marco Rubio. To help create jobs, this legislation would create a new visa for immigrants who graduate from U.S. universities with an advanced degree in science, technology, engineering or math fields. It would also create an entrepreneur’s visa to help immigrants with capital start businesses and create jobs in the United States.
In addition, earlier this year, Senator Coons introduced the bipartisan SMART Jobs Act with Senator Lamar Alexander of Tennessee. This legislation offers another solution to the problem of America losing highly skilled immigrants – and their job creating potential – to our foreign competitors by creating a clear path forward for foreign-born, American-educated holders of advanced degrees in key fields to remain in the United States.
Studies have shown that immigrants are nearly twice as likely as U.S.-born individuals to start new businesses. Immigrant-founded startup companies created 450,000 jobs in less than a decade, and collectively they have generated over $50 billion in sales in a single year. More than 40 percent of Fortune 500 companies were founded by immigrants or their children, but arbitrary and limiting per-country visa caps are sending nearly 20,000 foreign-born, American-educated degree-holders out of the country each year.