A new report indicates that the United States needs to compete for immigrants or suffer the economic consequences. The study, done by New York Mayor Michael Bloomberg's Partnership for a New American Economy, said that America's immigration system has caused "self-inflicted economic wounds," allowing other countries to outpace the United Sates by recruiting American-educated expatriates back to their native countries.
As an example, China reportedly offers bonuses of about $158,000 to experienced university professors and researchers, particularly in the sciences and technology, who return to the country. Canada and other countries with more flexible immigration polices are also actively recruiting highly skilled foreigners trained in the United States who are frustrated with this country's difficult immigration system, according to the report.
The study also found that the U.S. needs young immigrant workers to keep its gross domestic product growth going at a strong pace. The study said currently, America is producing too few young workers to keep its economic development on track.
The report makes several recommendations to improve the American immigration system, including providing more visas and green cards based on economic needs; creating a program to allow foreign entrepreneurs to start their companies in the U.S.; and allowing local governments to recruit immigrant workers to meet regional needs.