The Kauffman Foundation released a report today that challenged recent restrictions on H-1B visas.
The findings are summarized here, but here are the essential paragraphs
Immigrants have contributed disproportionately in the most dynamic part of the US economy - the high-tech sector - co-founding firms such as Google, Intel, eBay and Yahoo. In addition, immigrant inventors contributed to more than a quarter of US global patent applications. Immigrant-founded US-based companies employed 450,000 workers and generated $52 billion in revenue in 2006.
"Losing these skilled immigrants is an economic catastrophe that will hurt US competitiveness for decades to come," said [Vivek] Wadwha.
"Losing these skilled immigrants is an economic catastrophe that will hurt US competitiveness for decades to come," said [Vivek] Wadwha.
I can’t help but notice that the deficit in California alone is around $42 billion. Hmm….
Steve Lohr of The New York Times has more on the brain drain.
Economics, not visa headaches, is the main engine of the shift, according to the two-year research project, which surveyed 1,203 Indian and Chinese workers who had studied or worked in the United States for a year or more before returning home. Growing demand for their skills and shining career opportunities back home were cited by 87 percent of the Chinese and 79 percent of the Indians as the major professional reason for returning. Most also cited the lure of being close to family and friends.
Most of the returnees were young –- in their early 30s -– and nearly 90 percent had master’s or doctorate degrees. And 66 percent said that visa considerations were not a reason for returning home. “Addressing this issue is going to entail more than solving the visa problem,” said Mr. Wadhwa, referring to the waiting list of 1 million H-1B visa holders and their families who are seeking longer-term work visas.
Instead of permitting skilled immigrants to enter the United States, Mr. Wadhwa insisted, the country has to start wooing them by creating “fast-track” immigration policies and incentives to stay, as nations like Singapore and Australia have done.
Most of the returnees were young –- in their early 30s -– and nearly 90 percent had master’s or doctorate degrees. And 66 percent said that visa considerations were not a reason for returning home. “Addressing this issue is going to entail more than solving the visa problem,” said Mr. Wadhwa, referring to the waiting list of 1 million H-1B visa holders and their families who are seeking longer-term work visas.
Instead of permitting skilled immigrants to enter the United States, Mr. Wadhwa insisted, the country has to start wooing them by creating “fast-track” immigration policies and incentives to stay, as nations like Singapore and Australia have done.
The Obama administration and the Democrat-controlled House and Senate should take note. But unfortunately, they just passed a bill that bans companies that receive stimulus money from hiring any foreign workers. What a message to send to some of the foreign workers in our universities!
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