By BENJAMIN FEARNOW
September 08, 2018
Two-thirds of U.S. GDP expansion since 2011 is “directly attributable to migration,” and any cuts to immigration would damage economic gains as well as hindering innovation, a new report from Citigroup and Oxford University, revealed by the Financial Times on Sunday, said.
The study found that the risks of migration inherently draw entrepreneurial minded people into the U.S. workforce. Despite making up only 14 percent of the U.S. population, migrants have founded 40 percent of businesses on the Fortune 500, and about 30 percent of all the country’s businesses since 2011, including more than half of start-up businesses now valued at over $1 billion.
Additionally, immigrants are more than twice as likely to create a patented invention or to win an Academy Award or Nobel Prize. And as they tend to arrive later, and leave sooner, they use much less in government benefits than they pay in taxes.
“Their presence,” one of the authors, Ian Goldin, a professor of globalisation and development at Oxford university wrote “usually is associated with higher wages, higher productivity, lower unemployment and higher female workforce participation.”
The study noted a “growing disconnect” between positive economic growth and negative perception of immigrants. The authors suggest regional disparities have sprung up because places such as Silicon Valley have reaped massive benefits from migrant workers which might not yet have come to factories in Wisconsin.
The analysis also looked at other nations. It found that if immigration to the U.K. had been frozen in 1990 the country’s economy would be 9 percent smaller than it is today, a loss of $226bn. If a similar freeze had been applied in Germany, the net economic loss would have been 6 per cent, or $180bn.
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