Sunday, April 14, 2013

Reform immigration laws to better support the U.S. economy

I quote from The Economist (from which I took the figure above):
Mark Zuckerberg, the boss of Facebook, and a bunch of other Silicon Valley types are planning to launch a well-funded political-advocacy group to lobby for more visas for skilled immigrants. Applications for this year’s quota of 65,000 “H-1B” visas for such workers began on April 1st. In less than a week they were oversubscribed........ 
Some 40% of Fortune 500 firms were founded by immigrants or their children, according to the Partnership for a New American Economy, a pressure group. So were the firms behind seven of the ten most valuable brands in the world. Although the foreign-born are only an eighth of America’s population, a quarter of high-tech start-ups have an immigrant founder (see left-hand chart).
Thanks to Mr. Zuckerberg. I join in his concern that not only do we need reform of our immigration laws in the United States, that reform ought to bring more people to our shores that will create businesses and jobs. I suspect that bringing techies who will fill jobs that companies can not fill from the existing U.S. workforce will also create jobs for others who are here. 

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