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January 18, 2019

Consequences of A Border Wall

Trump wants a wall.

Will he get it? Unlikely. 
But he’s making federal workers pay a painful price while he fights for it.  
Should we even be discussing it? Should a border wall even be on the cards when more illegals are going home than coming here in the last several years?

Look. I get it. Every country has specific immigration needs, or wants, and so their policies are all different.  
Some countries need immigrants more than others.  
Some will value the homogeneity of their culture more than others.  
Others, like Singapore, the U.S., Canada, Australia, and New Zealand, are better at assimilating immigrants, being immigrant nations from day one. They also have the advantage of being English-speaking, which is compelling to aspiring immigrants, especially for their kids.  
Regardless, a country’s immigration policy has a bigger impact on that nation’s success than most would think.  

Why it’s important to get immigration right…

Countries, like the U.S., that attract lower-educated but highly motivated immigrants, benefit. Those that attract more educated immigrants do even better, like Singapore, Australia and Canada (and in this regard, Canada has us beat).

Refugees that come from very different cultures, and who often don’t speak English, are the most challenging for any country, and least likely to create positive economic benefits… ask Angela Merkel in Germany.

One thing is for sure: ALL developed countries are going to need more, high quality immigrants in the coming decades!

That’s because these countries are aging and will have an increasing shortage of younger innovators and workers.

Japan is the poster child for this situation… and a clear demonstration of the devastating effects of both low births and a BAD immigration policy!  

What we should be doing…  

Rather than trying to keep immigrants out, developed countries should be (and very soon WILL be) competing for the best immigrants from emerging countries, where populations are still young and growing.  
Immigration has been a driving force in the rise of The Donald… and in this ridiculous border wall stand-off.  
From a social perspective, I understand that many people worry that we’re diluting our culture and the opportunities for those in it. But there is no question that our overall economic growth and the accompanying job opportunities will be stronger if we attract more and better immigrants.  
Singapore and Australia are the best at attracting the largest volume of immigrants, and higher quality to boot.  

Talent poachers…  

Canada is the greatest at attracting the highest quality.

More than 65% of foreign-born adults living in Canada in 2017 had a post-secondary degree, the highest in the OECD.  
As Stefane Marion, Chief Economist of the Bank of Canada, says, “We are the biggest talent poachers. As a result, the country is better equipped to deal with globalization and technological change.”   
Amen to that!  
And this is another reason we’re fighting immigration…  
Due to the “poorer quality” of (illegal) immigrants past and present, we aren’t as able to deal with progress.  
Since 2006, Canada has not just beaten us in the quality, but also in the quantity of immigrants, compared to their population.  

See for yourself…

The most direct consequence of this: 2018 to 2023 population growth rates are forecast to be 0.98% in Canada, but just 0.64% in the U.S., 0.49% in the U.K., 0.46% in France, 0.01% in Italy, 0.0% in Germany, and -0.36% in Japan.  
Canada’s population growth rates are 53% higher than ours.  
The only thing we’re leading is the retreat from immigration, right into the jaws of our own demise!  
Forget the wall, Trump. Instead, fix our immigration policies.
Courtesy of Harry Dent, Economy & Markets (article archive here)  
The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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