Hillary Clinton will be the next president of the United States, according to Moody’s Analytics.
Moody’s, which has correctly predicted the presidential election winners since 1980, forecasts Clinton will pick up 332 electoral votes on election day, while Donald Trump will receive 206. To become president, a candidate needs at least 270 electoral votes. Moody’s bases its forecasts on economic factors and political history—not on the individual candidates or their platforms.
A Clinton presidency means a win for U.S. immigration policy—the best chance for comprehensive immigration reform. And a win for immigration reform is a win for the U.S. economy.
Big Benefits from Immigration
A report recently released by the National Academies of Sciences, Engineering, and Medicine indicates the U.S. stands to benefit from a more liberal immigration policy. The report concluded that immigrants and their children contribute to economic growth, innovation and entrepreneurship in the U.S.. Moreover, immigrants and their children have little to no negative impact on the employment or wages of U.S.-born workers.
The National Academies’ Panel on the Economic and Fiscal Consequences of Immigration looked at the economic and demographic immigration trends during the past 20 years. The panel also assessed the impact of immigration on the labor market, wages of U.S.-born workers and national, state and local economies.
Report’s Key Findings
Among the panel’s key findings:
- The employment of immigrants has little to no impact on the wages of U.S.-born workers. Previous immigrants and U.S.-born workers who dropped out of high school would be most impacted—if at all—by recent immigrants. These workers often compete against each other for low-skill jobs.
- Skilled immigrants may have a positive effect on the wages of U.S.-born workers and the economy.
- Immigrants and their children supply the U.S. with new workers and taxpayers as Baby Boomers age and retire.
- In 2015 and 2016 alone, the estimated GDP growth from contributions of immigrant workers amounted to nearly $2 trillion.
- State and local governments spend more on services for first-generation immigrants than U.S.-born residents. That’s due to the cost of educating their children. Moreover, first-generation immigrants typically earn less and thus, pay less in taxes. However, their children pay more in taxes than their parents or the rest of the U.S.-born population.
- Immigrants who work for lower wages reduce the costs of goods and services to consumers, such as health and child care, construction, and house cleaning.
International Entrepreneur Rule
The benefits of foreign entrepreneurs starting or growing their startups in the U.S. prompted the Obama Administration to create the International Entrepreneur Rule.
Under the International Entrepreneur Rule, U.S. Citizenship and Immigration Services (USCIS) would grant parole to immigrant entrepreneurs who boost the U.S. economy by rapidly growing a startup, creating jobs, and innovation. Parole is a temporary stay in the U.S. awarded by USCIS on a case-by-case basis. The final version of the rule is expected to go into effect before President Obama leaves office in January.
Clinton supports a startup visa for foreign entrepreneurs who want to move to the U.S. to start a business. She also supports giving green cards to foreign students who earn advanced STEM degrees in the U.S.
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If you cannot wait for immigration reform, contact us to find out your options for living and working in Silicon Valley.
