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Donald Trump’s promise to carry out mass deportations is popular with many voters, but a recent note from Research Affiliates chief executive Chris Brightman reminds investors not to be blinded by anger over immigration.
Infusing new people into the workforce “is not just desirable”, says Brightman, but “economically necessary”, with immigrants providing the antidote to the serious problem of depopulation.
Depopulation aside, Brightman notes immigrants have started more than half (44 of 87) of American start-ups valued at more than $1 billion; are key members of management in more than 70 per cent (62 of 87) of these companies; and that immigrants and their second-generation offspring founded nearly half of today’s Fortune 500, including Apple, Google, Amazon, Tesla and SpaceX, and Nvidia.
Brightman’s message: immigration fuels the US’s workforce and its biggest successes.