compared to citizens for corporations 
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President Donald Trump’s executive order halting refugee resettlement from around the world and barring visitors from seven mostly Muslim countries is wrong on many levels. It is cruel, xenophobic, and arguably unconstitutional. And it wouldn’t have prevented 9/11 or saved the lives of the 94 people killed on American soil by Islamist extremists since then, because none of the terrorists responsible for those atrocities were refugees or, indeed, from those seven countries. But in addition to being morally wrong, it’s economically harmful, because refugees make a big contribution to the United States, as do people originating from Iran, Iraq, Syria, Yemen, Libya, Sudan, and Somalia.
Refugees are a tiny proportion of the U.S. population — some 3.3 million have been admitted since 1975 — but they have had an outsized impact. Google co-founder Sergey Brin was a child refugee from the Soviet Union; Google’s parent company, Alphabet, is now America’s second-most valuable firm, with a market capitalization of $553 billion. WhatsApp co-founder Jan Koum and PayPal co-founder Max Levchin were refugees from Ukraine. The late Andy Grove, who helped start and was later CEO of Intel, fled from communist Hungary. So, too, did hedge-fund manager and philanthropist George Soros; Thomas Peterffy, the founder of Interactive Brokers Group; and Steven Udvar-Hazy, the founder of Air Lease Corp.
Yet nobody could have guessed when they arrived in the United States that those refugees would be so successful. Had they been denied entry, nobody would have realized the opportunity that America had missed. So just imagine what some of the brave Syrians fleeing the barbarism of the Islamic State, President Bashar al-Assad’s brutal regime, and the bombing raids ordered by Russian President Vladimir Putin could go on to achieve in the United States. After all, the biological father of the late Steve Jobs, the co-founder and legendary CEO of Apple, America’s most valuable company, was a Syrian who fled his country for political reasons.
People originating from the seven countries on Trump’s blacklist already have contributed a lot to America. eBay was founded by an Iranian-American, Pierre Omidyar. Its market capitalization of $36.1 billion dwarfs the value of Trump’s unlisted business holdings, while Omidyar’s self-made $8.2 billion fortune is more than twice as big as Trump’s partly inherited one. Oracle Corp., a software giant worth $162.2 billion, was co-founded by the late Bob Miner, who was also Iranian-American. While the communities from the other countries are much smaller and generally more recent
, one notable Somali-American is author and activist Ayaan Hirsi Ali, an outspoken critic of both Islamic extremism and Trump’s anti-Muslim policies.
Of course, not all refugees and immigrants turn out to be exceptionally successful. But prejudice is a poor predictor of how they will fare. When Vietnamese “boat people” fled their country in the late 1970s and sought refuge elsewhere, they were seen as undesirable and often turned away. Eventually, many were allowed to settle in America. Most arrived speaking little or no English, with few assets or relevant job skills. Yet Vietnamese refugees in the United States are now more likely to be employed than people born in America and have higher average incomes. They have also played a key role in building trade and investment links with Vietnam. One notable entrepreneur is David Tran, who founded Huy Fong Foods. Its main product is Sriracha chili sauce, that big red bottle you see in every Vietnamese restaurant.
Most of what he makes is exported to Asia, something that Trump ought to approve of, given his obsession with America’s trade balance.
Refugees contribute to the economy in many ways: as workers, entrepreneurs, innovators, taxpayers, consumers, and investors. Their efforts can help create jobs; raise the productivity and wages of American workers; increase capital returns; stimulate international trade and investment; and boost innovation, enterprise, and growth.
Some do low-skilled jobs that Americans spurn, such as working on farms, cleaning offices, and caring for the elderly. Contrary to fears that they steal jobs, studies show that refugees enable Americans to do better-paying jobs that they prefer.
Higher-skilled refugees — and their highly educated children — provide valuable talent and boost the productivity and wages of Americans with complementary skills. For instance, Syrian nurses can help American doctors provide better care to more patients. Some 28 percent of refugees have a bachelor’s or advanced degree, the same proportion as people born in the United States. Among the immigrants on Trump’s banned list, those from Iran, Libya, Syria, and Sudan are more likely to have a degree than the U.S. average. Many work for leading U.S. businesses, notably in the technology sector, that are now up in arms about the travel ban.
Whatever their skill level, refugees tend to be highly motivated and work hard to rebuild their lives. At Chobani, the company that makes America’s leading brand of Greek yogurt, three in 10 employees are refugees. Chobani founder Hamdi Ulukaya doesn’t just employ them to do good; it also turns out to be good for the bottom line. Starbucks CEO Howard Schultz’s admirable announcement that the company plans to hire 10,000 refugees worldwide in the next five years is likely to be financially rewarding, too.
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.
Related Coli thread:
Starbucks CEO Schultz plans to hire 10,000 refugees after Trump ban
Full article here...
President Donald Trump’s executive order halting refugee resettlement from around the world and barring visitors from seven mostly Muslim countries is wrong on many levels. It is cruel, xenophobic, and arguably unconstitutional. And it wouldn’t have prevented 9/11 or saved the lives of the 94 people killed on American soil by Islamist extremists since then, because none of the terrorists responsible for those atrocities were refugees or, indeed, from those seven countries. But in addition to being morally wrong, it’s economically harmful, because refugees make a big contribution to the United States, as do people originating from Iran, Iraq, Syria, Yemen, Libya, Sudan, and Somalia.
Refugees are a tiny proportion of the U.S. population — some 3.3 million have been admitted since 1975 — but they have had an outsized impact. Google co-founder Sergey Brin was a child refugee from the Soviet Union; Google’s parent company, Alphabet, is now America’s second-most valuable firm, with a market capitalization of $553 billion. WhatsApp co-founder Jan Koum and PayPal co-founder Max Levchin were refugees from Ukraine. The late Andy Grove, who helped start and was later CEO of Intel, fled from communist Hungary. So, too, did hedge-fund manager and philanthropist George Soros; Thomas Peterffy, the founder of Interactive Brokers Group; and Steven Udvar-Hazy, the founder of Air Lease Corp.
Yet nobody could have guessed when they arrived in the United States that those refugees would be so successful. Had they been denied entry, nobody would have realized the opportunity that America had missed. So just imagine what some of the brave Syrians fleeing the barbarism of the Islamic State, President Bashar al-Assad’s brutal regime, and the bombing raids ordered by Russian President Vladimir Putin could go on to achieve in the United States. After all, the biological father of the late Steve Jobs, the co-founder and legendary CEO of Apple, America’s most valuable company, was a Syrian who fled his country for political reasons.
People originating from the seven countries on Trump’s blacklist already have contributed a lot to America. eBay was founded by an Iranian-American, Pierre Omidyar. Its market capitalization of $36.1 billion dwarfs the value of Trump’s unlisted business holdings, while Omidyar’s self-made $8.2 billion fortune is more than twice as big as Trump’s partly inherited one. Oracle Corp., a software giant worth $162.2 billion, was co-founded by the late Bob Miner, who was also Iranian-American. While the communities from the other countries are much smaller and generally more recent
, one notable Somali-American is author and activist Ayaan Hirsi Ali, an outspoken critic of both Islamic extremism and Trump’s anti-Muslim policies.Of course, not all refugees and immigrants turn out to be exceptionally successful. But prejudice is a poor predictor of how they will fare. When Vietnamese “boat people” fled their country in the late 1970s and sought refuge elsewhere, they were seen as undesirable and often turned away. Eventually, many were allowed to settle in America. Most arrived speaking little or no English, with few assets or relevant job skills. Yet Vietnamese refugees in the United States are now more likely to be employed than people born in America and have higher average incomes. They have also played a key role in building trade and investment links with Vietnam. One notable entrepreneur is David Tran, who founded Huy Fong Foods. Its main product is Sriracha chili sauce, that big red bottle you see in every Vietnamese restaurant.
Most of what he makes is exported to Asia, something that Trump ought to approve of, given his obsession with America’s trade balance.Refugees contribute to the economy in many ways: as workers, entrepreneurs, innovators, taxpayers, consumers, and investors. Their efforts can help create jobs; raise the productivity and wages of American workers; increase capital returns; stimulate international trade and investment; and boost innovation, enterprise, and growth.
Some do low-skilled jobs that Americans spurn, such as working on farms, cleaning offices, and caring for the elderly. Contrary to fears that they steal jobs, studies show that refugees enable Americans to do better-paying jobs that they prefer.
Higher-skilled refugees — and their highly educated children — provide valuable talent and boost the productivity and wages of Americans with complementary skills. For instance, Syrian nurses can help American doctors provide better care to more patients. Some 28 percent of refugees have a bachelor’s or advanced degree, the same proportion as people born in the United States. Among the immigrants on Trump’s banned list, those from Iran, Libya, Syria, and Sudan are more likely to have a degree than the U.S. average. Many work for leading U.S. businesses, notably in the technology sector, that are now up in arms about the travel ban.
Whatever their skill level, refugees tend to be highly motivated and work hard to rebuild their lives. At Chobani, the company that makes America’s leading brand of Greek yogurt, three in 10 employees are refugees. Chobani founder Hamdi Ulukaya doesn’t just employ them to do good; it also turns out to be good for the bottom line. Starbucks CEO Howard Schultz’s admirable announcement that the company plans to hire 10,000 refugees worldwide in the next five years is likely to be financially rewarding, too.
Full article here...
.
Related Coli thread:
Starbucks CEO Schultz plans to hire 10,000 refugees after Trump ban
