Change Required: Immigration Reform is an Economic Necessity | Idea Farm

Change Required: Immigration Reform is an Economic Necessity

Research Affiliates

Chris Brightman, Alex Pickard

Research

8 Pages

September 2024

Research Affiliates explains why immigration reform is necessary for the future success of the U.S. economy, noting that immigration of skilled workers in short supply boosts growth of the labor force and enhances productivity. Some stats:

40% of Nobel Prizes awarded to Americans in the 21st century were immigrants.
Immigrants have started more than half (44 of 87) of America’s startup companies valued at $1 billion dollars or more.
Immigrants and their second-generation offspring have founded nearly half of today’s Fortune 500.

Key Takeaways

Demographics demand it: Immigration has helped counteract declining birth rates and support aging labor forces in many economies.

Innovation multiplier: Immigrants have contributed significantly to U.S. patents, entrepreneurship, and technical leadership.

Policy lever: Prioritizing legal immigration of skilled workers has potential to address labor shortages and fiscal strain.

Economics Global Macroeconomics

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