America Shuts Its Doors on Its Next Billion-Dollar Company
A growing population is important for economic growth — but falling fertility rates could impact that growth, and restrictive US immigrant policies could push skilled workers toward other countries.
The tech industry stands to lose
International graduates are finding it difficult to stay in the US — while US visa applications have ballooned.
- Tech layoffs have forced many workers on visas to leave unless they found a job within 60 days (H-1B visa).
- The US risks losing potential billion-dollar businesses created by entrepreneurs to other countries.
A closed off-US could also impact the rest of the US, according to Bloomberg’s Tyler Cowen — who says taxes could rise to pay for an aging population’s health care. And over time, increased taxes could make the country even less attractive to high-skilled workers.
Rush to scoop up talent
Per Insider, restrictive US policies benefit countries like Canada, the UK and Japan — whose policies make it easier for immigrants to settle and start businesses.
- Last year, Canada’s population grew a record 2.7% (over 1M people) — with 96% coming from international migration.
- In Canada, workers can apply for permanent residency after three years, compared to ten in the US.
“Foreign countries have figured out ways to more aggressively attack top-tier tech talent,” — per Erickson Immigration Group’s immigration attorney. China, UAE and India are all trying to build their own tech powerhouses — and the US risks losing its lead.