Nativism Hurting U.S. Human Capital
The U.S.’s recent negative shift in public attitude toward foreigners has hurt its human capital:
- Many U.S. companies are reporting new, terrible difficulties recruiting. This yields wage inflation, which merely burns money because there is no associated incremental productivity change.
- Competitive businesses are being created in increasing velocity outside the U.S.; e.g., Canada, China, and India. This is bad because the U.S. is not capturing the value of the companies that could theoretically be built in the U.S.
- The U.S. workforce is losing its competitive edge. For example, MBA programs have seen the most marked decline in foreign applicants.