Immigration and Driving Economic Growth
We have never weighed in on the immigration debate, because both sides of the debate parse the story for their own ends. The reality is that sensible, legal immigration benefits the US economy by providing more workers – at this point in our growth cycle, we have unfilled jobs due to either a lack of willingness to work or a skills gap. With an aging population, we need more legal immigrants – this does not speak to illegal immigration, but rather an immigration system that vets thoroughly and quickly to protect both sides of the “transaction.” We need a fast and robust legal process for immigration, not a mishmash of legal applicants that wait and those that try to circumvent the system for immediate entry.
Some of the most successful young startups with which we are working are remarkably diverse – people born in the US, engineers from France and Egypt, technical personnel from China – the list goes on and on. They create jobs and shareholder wealth, and this benefits their employees, and their investors (like Northwestern Capital). Some of the firms are run by highly educated and smart young women – diversity and inclusion gets us back on track to 3% growth, and that is the goal. An onerous regulatory state, high taxes, and guaranteed income do not get us to a high growth economy, but rather a sensible, equal opportunity, egalitarian approach to hard work, a growing and educated workforce, and sufficient capital. This sounds like a synthesis of values – taking the best of Democratic and Republican positions – and as it should be. Let’s hope Washington figures this out.