Monday, December 23, 2019

Open Borders Are A Trillion-Dollar Mistake

There is no social contract between the leaders and government of one country and people who live in another country.

"The central function of existing immigration laws is to prevent this wealth creation from happening - to trap human talent in low-productivity countries. Out of all the destructive economic policies known to man, nothing on Earth is worse. I'm not joking. Standard estimates say open borders would ultimately double humanity's wealth production. How is this possible? Because immigration sharply increases workers' productivity - and the world contains many hundreds of millions of would-be immigrants. Multiply a massive gain per person by a massive number of people and you end up with what the economist Michael Clemens calls 'trillion-dollar bills on the sidewalk.'".

"Native-born citizens of developed countries have a long track record of voting for the policies that made their industries thrive and their countries rich. Who knows how vast numbers of new immigrants would vote? Indeed, shouldn't we expect people from dysfunctional polities to bring dysfunctional politics with them?".

If the above referenced 48 percent of eligible immigrants vote mostly one way, which they probably do, then it can tip the scale significantly away from the long-term voting track record of native-born citizens of developed countries which made their industries thrive and their countries rich.

In Sweden, the ex-CEO of a major company recently said the country is on the edge of civil war over its immigration policy.

During the same period, Argentina allowed in 6.6 million immigrants, with most of these people settling in the cities, even though the country had an economy driven largely by agriculture.

To date, Argentina has defaulted on its debt eight times, more than any other country.

https://www.zerohedge.com/political/open-borders-are-trillion-dollar-mistake

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