According to a report by the U.S. newspaper The China Press, New York City Mayor Michael Bloomberg testified before the House Judiciary Committee in September regarding the "role of immigrants in strengthening the U.S. economy." He pointed out that for the United States to remain competitive in the international market, it must reform its immigration system. He also noted that due to visa difficulties, the U.S. is losing thousands of international students it has trained, while countries like China are competing to attract these high-skilled talents to return home for work.
Bloomberg and media mogul Rupert Murdoch established the "Partnership for a New American Economy," a coalition of business leaders and mayors, to call for immigration reform. He stated that the broken immigration system is undermining the economy, slowing recovery, and harming millions of Americans, and therefore needs to be overhauled.
Bloomberg believes that immigration reform should be a top priority for the United States. He called on both parties to shift the debate from emotion to economics, as the economy speaks for itself. He elaborated on the impact of immigration on the economy from seven perspectives.
First, since 1990, U.S. cities with the highest number of immigrants have experienced the fastest economic growth. New York is a prime example; in every industry, immigrants are crucial to economic growth. New York has weathered national recessions better than other major cities, and immigration is a significant factor.
Second, immigrants pay more in taxes than they consume in benefits. Immigrants are generally younger and require fewer social services.
Third, immigrants create new companies and generate job opportunities. Research shows that immigrants are twice as likely to start businesses as U.S.-born citizens, and new companies are more effective at creating jobs. He pointed out that Google, Yahoo, and eBay were all founded by immigrants. History shows that every generation of new immigrants has become an engine for the U.S. economy, making the United States the most powerful nation in the world.
Fourth, more and more countries are competing to attract entrepreneurs and high-skilled personnel. He noted that China has recruited thousands of entrepreneurs, engineers, and scientists to return home and join the economic tides in Shanghai and Beijing. Yet, the United States makes the visa process an agonizing ordeal, effectively turning these people away.
Fifth, the harder it is for foreign workers and students to stay in the U.S., the more likely companies are to relocate to other countries. He pointed out that it makes no sense to educate and train them only to tell them to take the knowledge they have acquired and work in other countries.
Sixth, U.S. companies need more high-skilled and low-skilled labor; currently, there are one million high-skilled jobs that cannot be filled. At the same time, there is a need for people to perform low-wage jobs that Americans are unwilling to do.
Seventh, he cited research findings indicating that allowing undocumented immigrants to transition to citizenship would help strengthen the U.S. economy.