Nativism Hurting U.S. Human Capital

The U.S.’s recent negative shift in public attitude toward foreigners has hurt its human capital:

  1. 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.
  2. 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.
  3. The U.S. workforce is losing its competitive edge. For example, MBA programs have seen the most marked decline in foreign applicants.
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