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WHERE WE SHOULD BE
High-skilled immigration policy should be designed to create jobs and spur economic growth. Note that high-skilled immigrants contribute significantly to the economy yet account for only ~3% of Americas workforce (and fewer than 15% of all legal immigrants). All in, immigrants account for ~16% of Americas workforce; almost one-third are undocumented.
WHERE WE SHOULD BE
Increase H-1B Quotas There is clear evidence that we need a higher cap on H-1B visas for foreign STEM workers. Keep More Foreign Graduates in the U.S. We should make a greater effort to retain the large number of non-Americans getting advanced degrees (especially in STEM areas) from U.S. universities, while making sure that the system does not simply become a short-cut to getting an easy Green Card. Streamline Immigration Process / Paperwork Reduce current backlog, create predictable and easier process by increasing efficiency across government agencies related to immigration. Ensure American Worker Wage and Job Protection Follow the compromise in recent Senate legislation which creates good rules of the road for H1-B visa dependent and non-dependent companies. Create a New, Dedicated Visa for Entrepreneurs H-1B visas focus on job seekers with advanced degrees; we should offer an alternative for people creating new technology businesses (as Canada does.)
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better way to welcome the striving, hopeful immigrants who still see America as a land of opportunity, until bright young students and engineers are enlisted in our workforce rather than expelled from our country.
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12
15%
11% 9%
15%
13%
16% 5% 15%
English Hispanic
306 Million
Native Americans
0.9%
3 Million
0% 20% 40% 60% 80% 100%
Note: *African-American total includes those who came as slaves and not as voluntary immigrants. Other includes North America (Canada), Australia, New Zealand, and those who have more than one ethnicity reported. Source: Census Bureau, 2010 data.
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Legal Immigrants (High-Skilled) Legal Immigrants (Family-Based) Legal Immigrants (Refugees & Other) Undocumented Immigrants
6MM, 2% 11MM, 4%
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Note: *Numbers may not add up to 100 due to rounding. Source: Public Agenda survey of 1,138 foreign born adults via telephone interviews conducted between 4/23 & 6/7/2009.
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42% OF AMERICAS FORTUNE 500 COMPANIES FOUNDED BY 1st OR 2nd GENERATION IMMIGRANTS
19%
Immigrant Child of Immigrant
58% 23%
All Others
Source: The New American Fortune 500, June 2011 A Report By The Partnership For A New American Economy.
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THESE COMPANIES HAVE CREATED 10+ MILLION JOBS AND $4.5 TRILLION OF ANNUAL REVENUE (= TO 30% OF USA GDP)
10+ Million
Jobs Created by Immigrant Founded Companies, 41% of Total Fortune 500
$4.5 Trillion
Annual Revenue by Immigrant Founded Companies, 30% of USA GDP, 39% of Total Fortune 500
$1,732B
4MM
15MM
$7,211B
$2,807B
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7 OF 10 MOST VALUABLE & RECOGNIZABLE GLOBAL BRANDS FOUNDED BY 1st & 2nd GENERATION IMMIGRANTS
Source: The New American Fortune 500, June 2011 A Report By The Partnership For A New American Economy.
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1820 TO 1950 AMERICAS ECONOMIC GROWTH WAS EXTRAORDINARY, DRIVEN BY IMMIGRANTS & THEIR DESCENDANTS
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10% 8% 6% 4%
Population Share Peak @ 6%, 1950s
2% 0%
1850
1865
1880
1895
1910
1925
1940
1955
1970
1985
2000
Source: Angus Maddison, University of Groningen, OECD. GDP & population data from 1980 to 2012 based on adjusted World Bank / IMF data. Note population & GDP growth highly correlated (92%).
IMMIGRANTS HAVE NEARLY ALWAYS ACCOUNTED FOR MATERIAL PORTION OF AMERICAS POPULATION GROWTH
USA Population Growth from Immigration, 1900-2008
50% % of USA Population Growth from Immigration 44% 40% 34% 30% 24% 20% 11% 18% 16% 9% 2% 0% 1900-09 1910-19 1920-29 1930-39 1940-49 1950-59 1960-69 1970-79 1980-89 1990-99 2000-08 30% 31% 36%
10%
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1980 TO 2013 AS THE WORLD HAS GROWN MORE COMPETITIVE, AMERICA HAS LOST SHARE OF GLOBAL ECONOMIC GROWTH
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AS CHINA AND INDIA GAINED SHARE OF GLOBAL GDP, AMERICAS SHARE HAS DECLINED
Percent of Global GDP, 1820 2012. USA vs. Europe vs. China vs. Latin America vs. India
USA 40%
33%
Europe
China
India
Latin America
% of Global GDP
30%
27%
0%
Source: Angus Maddison, University of Groningen, OECD, data post 1980 per IMF (GDP adjusted for purchasing power parity).
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BUT AMERICA IS THE GLOBAL LEADER IN TECHNOLOGY AND INTERNET AND IMMIGRANTS HAVE MADE OUTSIZED CONTRIBUTIONS AS FOUNDERS AND KEY PERSONNEL
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USA Public Technology Companies* = 69% of Aggregate Market Capitalization of Global Top 100 Technology Companies
Other 4% S. Korea 6% Japan 7% Europe 8% USA 69% India China 3% 3%
Note: *While total USA tech companies support aggregate market cap of $2.9T as of 3/13, those in the global top 100 support aggregate market cap of $2.5T. Source: FactSet, data as of 3/13.
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80% OF TOP 10 GLOBAL INTERNET PROPERTIES MADE IN USA81% OF USERS OUTSIDE USA
Top 10 Internet Properties by Global Monthly Unique Visitors, 2/13
Google Microsoft Facebook Yahoo! Wikipedia Amazon.com Apple Glam Media Tencent Baidu.com 0 200 400 600 800 Monthly Unique Visitors (MMs) 1,000 1,200 USA Users International Users
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INNOVATIONS IN MOBILE CONNECTIVITY HAVE TILTED TECH INDUSTRY MARKET SHARE TO AMERICA
Global Smartphone Operating System Market Share (by Units Shipped), 2005 vs. 2012
100% Market Share of Smartphone OS
5%
80%
60%
88%
40%
20%
BlackBerry OS Linux
0% 2005 2012
Nokia Symbian
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IMMIGRANTS ARE KEY DRIVERS OF INNOVATION & GROWTH IN AMERICAS TECHNOLOGY INDUSTRY
Immigrant-Founded Start-Ups as Percent of Total in Tech Centers, 2007
60% 50%
% of Total
% of Total
D.C Boston San Chicago N.Y Diego Silicon Valley
Source: The Kauffman Foundation, Americas New Immigrant Entrepreneurs reports, published in 2007.
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60% OF TOP 25 TECH COMPANIES FOUNDED BY 1st & 2nd GENERATION AMERICANS = 1.2MM EMPLOYEES, 2012
C Mkt Cap ($MM) LTM Rev ($MM) o 1 Apple $416,622 $164,346 S 2 Google 268,445 49,958 S 3 IBM 239,530 104,507 S 72,764 4 Microsoft 234,828 S 5 Oracle 172,044 37,230 S 61,093 6 Amazon.com 119,011 S 7 47,252 Cisco 116,904 S 8 Intel 105,721 53,341 S 9 14,028 Ebay 65,357 S 10 Facebook 5,089 63,472 S 11 EMC 53,347 21,714 S 12 Hewlett-Packard 43,118 118,397 S 13 Texas Instruments 12,690 38,756 S 14 VMware 35,917 4,605 S 15 Priceline 35,583 5,261 S 16 Automatic Data Processing 10,945 31,274 S 17 salesforce.com 25,840 3,050 S 18 Dell 25,003 56,982 S 19 Yahoo! 24,306 4,987 S 20 Cognizant Technology 23,648 7,346 S 21 Adobe Systems 20,640 4,373 S 22 Broadcom 8,006 19,713 S 23 Intuit 19,393 4,153 S 24 LinkedIn 19,357 972 S 25 Symantec 16,916 6,839 S Total Founded by 1st or 2nd Gen Immigrants $1,590,800 $507,516 Rank Company
Founders / Co-Founders of Top 25 U.S. Public Tech Companies, Ranked by Market Capitalization
Employees 76,100 2nd-Gen, Syria 53,861 1st-Gen, Russia 434,246 2nd-Gen, Germany -94,000 115,000 2nd-Gen, Russia / 2nd-Gen, Iran 2nd-Gen, Cuba 88,400 -66,639 -105,000 31,500 1st-Gen, France 4,619 1st-Gen, Brazil 60,000 2nd-Gen, Italy 331,800 -34,151 1st-Gen, UK / 2nd-Gen, Sweden 13,800 1st-Gen, Switzerland 7,000 -2nd-Gen, Poland 57,000 -9,800 111,300 -11,700 1st-Gen, Taiwan 156,700 Francisco D'souza / Kumar Mahadeva 1st-Gen, India** / 1st-Gen, Sri Lanka -11,144 -11,300 2nd-Gen, Poland Henry Samueli 8,500 --3,458 Konstantin Guericke / Jean-Luc Vaillant 1st-Gen, Germany / 1st-Gen, France 20,500 --1,151,835 1st or 2nd Gen Immigrant Founder / Co-Founder Steve Jobs Sergey Brin Herman Hollerith -Larry Ellison / Bob Miner Jeff Bezos ---* Pierre Omidyar Eduardo Saverin Roger Marino -Cecil Green / J. Erik Jonsson Edouard Bugnion -Henry Taub --Jerry Yang Generation
*Note that while Andy Grove (from Hungary) is not a co-founder of Intel, he joined as COO on the day it was incorporated. **Francisco Dsouza is a person of Indian origin born in Kenya. Source: FactSet as of 3/13; The New American Fortune 500, a report by the Partnership for a New American Economy; American Made, The Impact of Immigrant Founders & Professionals on U.S. Corporations
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JOBS AT TOP 50 U.S. TECH COMPANIES GREW 4X TO 2.5 MILLION OVER 2 DECADES
Aggregate number of employees among (current) Top 50 Public USA Technology Companies by Market Cap, 1993-2013 YTD 3,000
1996
1999
2002
2005
2008
2011
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BEYOND COMPUTING
42% of Scientists in Top 7 U.S. Cancer Research Centers Are Foreign Born
University of Texas MD Anderson 62% Memorial Sloan-Kettering Cancer Center 56% Fox Chase Cancer Center 44% Johns Hopkins Sidney Kimmel Comprehensive Center 35% Dana-Farber Cancer Institute 33% UCSF Diller Family Comprehensive Cancer Center 32% Fred Hutchinson Cancer Research Center 30%
Source: National Foundation for American Policy, based on National Cancer Institute data, policy brief published in 2013.
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STEM (SCIENCE / TECHNOLOGY / ENGINEERING / MATH)-RELATED EMPLOYMENT HAS INCREASED ~2X FASTER THAN NON-STEM EMPLOYMENT
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U.S. DEMAND FOR HIGH-SKILLED STEM WORKERS KEEPS GROWING 7MM STEM WORKERS* IN 2010, UP FROM 3MM IN 1983
USA Science & Engineering Workers & % of Workforce, 1983-2010
8MM Science & Engineering Workers (MMs) USA Science & Engineering Workers % of USA Workforce 8%
6MM
6%
4MM
4%
2MM
2%
0MM 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010
0%
Note: *Potentially understated - according to the National Science Foundation, over 4 million people in America use their science & engineering degree in their job even though their occupation is not formally classified as a science & engineering occupation. 37 Source: National Science Board, data as of 2010.
40-85%* INCREASE IN STEM + CMS* JOBS VS. 30% FOR NON-STEM JOBS SINCE 2000
Total USA Employment % Change from 2000 by Sector, 2000-2012
Note: *CMS is Computer / Math Sciences. Source: U.S. Census Bureau, Current Population Survey (CPS); Ian Hathaway, Engine.is report published in 2013. Note: Data have been smoothed using a 12month moving-average.
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Note: Calculated as job openings in each sector divided by labor force in each sector. Note that the job vacancy data used here arent available by level of educational attainment. Therefore, we are unable to restrict this portion of the analysis to workers with a bachelors degree or more. As a result, the differences here between STEM, Computer / Math Sciences & non-STEM may be somewhat overstated. Source: Ian Hathaway (Engine.is) analysis of data from U.S. Census Bureau, CPS; Conference Board; Bureau of Labor Statistics, JOLTS.
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40
51,474
122,300
100,000
150,000
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View outside of Quixeys office on Castro St. in Mountain View, CA. Castro St. in Mountain View, CA. Photo: Joshua Stanton-Savitz, 5/13. Source: Joshua Stanton-Savitz.
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FIVE HIGH-TECH COMPANIES ALONE IBM, INTEL, MICROSOFT, ORACLE AND QUALCOMM HAVE COMBINED 10,000 CURRENT OPENINGS IN THE UNITED STATES.
Source: Technology CEO letter to the president and lawmakers, 3/13. http://www.scribd.com/doc/130388692/Tech-CEO-letter
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Source: Chairmans staff of the Joint Economic Committee based on data from the Bureau of Labor Statistics. The BLS does not project employment for individual years from 2010-20. For the purposes of this chart, Life Sciences excludes Medical Sciences. Report published in 2012.
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WHILE SUPPLY OF NATIVEBORN STEM GRADUATES / EXPERTS HAS FALLEN ON RELATIVE BASIS
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Source: Chairmans staff of the Joint Economic Committee based on data from the Department of Educations National Center for Education Statistics: Integrated Postsecondary Education Data, STEM Degrees include degrees in: Engineering, Physical Sciences, Geosciences, Math and Computer Sciences and Life Sciences (except Medical Sciences). Report published in 2012.
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WHILE U.S.-BORN STUDENTS HAVE FALLEN TO 54% (2006) FROM 74% (1985) OF U.S. STEM DOCTORATE GRADUATES
Share of STEM Doctorates Granted to U.S. Domestic Students, 1985 - 2006 STEM Doctorates as a Share of All Doctorates Granted, 1985 - 2009
% of STEM Doctorates Granted to U.S. Domestic Students / STEM Doctorates as % of All Doctorates
Source: Chairmans staff of the Joint Economic Committee based on data from the Department of Educations National Center for Education Statistics: Integrated Postsecondary Education Data, STEM Degrees include degrees in: Engineering, Physical Sciences, Geosciences, Math and Computer Sciences and Life Sciences (except Medical Sciences). Report published in 2012.
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Note: *Data for selected countries not available in 2007-2009. Natural sciences include physical, biological, environmental agricultural, computer sciences and mathematics. SOURCES: Organisation for Economic Co-operation & Development, Education Online database, http://www.oecd.org/education; & national statistical offices. Science & Engineering Indicators 2012
Degrees in 000s
Degrees in 000s
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TO REMAIN COMPETITIVE, AMERICAN COMPANIES WANT TO HIRE BEST & BRIGHTEST FROM AROUND WORLD
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BUT AMERICAN COMPANIES ARE CONSTRAINED BY CAPS ON H-1B VISAS (85,000 ANNUALLY OR < 0.03% OF U.S. POPULATION). THERES DEMAND FOR AT LEAST 150,000 PER YEAR.
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# of Petitions in 000s
K K K
Source: GAO analysis of Homeland Security data, Testimony Before the Subcommittee on Immigration Policy and Enforcement, Committee on the Judiciary, House of Representatives. Report published in 2011.
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ECONOMIC GROWTH & EMPLOYER DEMAND IMPLY MORE H-1B VISAS SHOULD BE GRANTED
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SINCE 1999, U.S. REAL GDP UP 26% WHILE ANNUAL H-1B VISAS GRANTED REMAINED CONSTANT & ANNUAL H-1B QUOTA DECLINED
USA Real GDP* vs. Employment (H-1B) Visas Issued per Year, 1999 - 2012
$14 Real GDP ($T) USA Real GDP ($T) $13 H-1B Employment Visa Issued 300 Number of Visas Issued (000s)
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400
$12
1999-2000 115K
2001-2003 195K
200
$11
2004 65K
2005-2012 85K
100
Note: *Real GDP adjusted for inflation. Source: BEA, State Dept. data as of 2012.
FLAT H-1B WORK VISA QUOTA BLOCKING U.S. FIRMS FROM HIRING SKILLED WORKERS THEY NEED
H-1B Visa Annual Cap & Availability Windows For Employers, 1999-2014
Annual Cap on H-1B visas
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HIRING H-1B WORKERS DOES NOT DISPLACE AMERICAN WORKERS DATA IMPLY NEW AMERICAN JOBS ARE CREATED
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COMPELLING CORRELATION BETWEEN H-1B APPLICATIONS & NEW AMERICAN JOBS CREATED
New Employment per H-1B Application, by Company Size, 2002-2005 10 New Employment per H-1B Application 8 6 4 2 0 Firms w/ <5,000 Workers Firms w/ 5,000-10,000 Workers
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7.5
Source: National Foundation for American Policy (NFAP) Study based on 2002-2005 data, report published in 2008.
RESTRICTING H-1B QUOTAS HAS FORCED AMERICAN COMPANIES TO HIRE & RELOCATE WORKERS ABROAD
Impact of H-1B Visa Restrictions % of Surveyed Companies Agreeing
Hired more people (or outsourced work) outside of USA Delayed or changed plans for projects Affected competitiveness against foreign competitors
65%
46%
74%
Source: 2008 NFAP survey response from 27 companies who are members of TechNet, the Semiconductor Industry Association (SIA) and the larger corporate members of SEMI (Semiconductor Equipment and Materials International).
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For foreigners to get an H-1B visa to work in the U.S., youll need to be a skilled worker
You can stay up to six years, if your visa is renewed but they are hard to get.
Congress capped annual new visas at 85,000 in 2004 And you need to be sponsored by an employer. If you lose your job, you need to leave the country, unless you find a new sponsor or switch to another kind of visa (like a student or visitor visa).
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WHILE FOREIGN-BORN PROFESSORS PLAY A MAJOR ROLE IN U.S. COLLEGES AND UNIVERSITIES
Foreign-born engineering professors
Source: National Science Foundation survey of full-time faculty who received Ph.D.s from American institutions, 2011
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U.S. SENDING MORE QUALIFIED FOREIGN STUDENTS HOME POST GRADUATION 3.5X RISE IN STUDENT & EMPLOYMENT VISA ISSUANCE GAP OVER DECADE
Number of Student Visas (F1) vs. Employment (H-1B) Visas Issued per Year, 1992 - 2012
600 Number of Visas Issued (000s) 500 400 300 200 ~100K Difference 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
64 85K H-1B Visas Subject to Cap
~350K Difference
Data as of January 2012, Examples for illustration purpose only. The individual's qualifications and the requirements of their job determines the actual waiting time.
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ALL IN, HIGH-SKILLED IMMIGRANTS ACCOUNTED FOR <15% OF LEGAL IMMIGRANTS IN 2012
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15%
65%
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USA RIVALS, MORE FOCUSED ON JOB CREATION AND COMPETITIVENESS, GRANT 7X MORE GREEN CARDS BASED ON SKILLS (ON RELATIVE BASIS) THAN AMERICA DOES
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U.S. PEERS ISSUE 7X MORE GREEN CARDS ON RELATIVE BASIS THAN U.S. AS THEY TARGET IMMIGRATION FOR JOBS + SKILLS
Percentage of All Green Cards Distributed by Each Country That Are Employment-Based, 2010
90% 80% % of Green Cards Distributed 70% 60% 50% 40% 30% 20% 10% 0
Source: OECD (2012), Trends in International Migration Flows and in the Immigrant Population.
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U.S. IMMIGRATION POLICY OF PAST 30+ YEARS FOCUSED ON FAMILY REUNIFICATION (66% OF IMMIGRANTS), NOT HIGH-SKILLED IMMIGRANTS
USA Number of Immigrants by Type of Admission, 1986 - 2012
Total Legal Immigrants Admitted (000s) % Employment-Based % Other 1,500 % Family-Based % Refugees & Asylees 75%
1,200
66%
60%
900
45%
600
30%
300
15%
0 1986 1988 1996 1998 2000 2002 2004 2006 2008 2010 2012
0%
70
73%
GLOBAL COMPETITION FOR HIGH-SKILLED IMMIGRANTS WILL LIKELY INTENSIFY AS ECONOMIC GROWTH SLOWS & SOCIETIES AGE & COUNTRIES PURSUE ECONOMIC GROWTH DRIVERS
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ECONOMIC GROWTH IS SLOWING IN MOST DEVELOPED COUNTRIES / REGIONS INCLUDING USA / EUROPE
USA + Europe Real Annual GDP Growth, 1950-2020E
USA Real GDP Annual Growth USA Trendline 10% Europe Real GDP Growth European Trendline
8% 6% 4% 2% 0% -2% -4% -6% 1950 1960 1970 1980 1990 2000 2010 2020E
Note: Real GDP adjusts for inflation. Source: BEA, IMF, data as of 4/13.
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MANY MAJOR ECONOMIES (LIKE CHINA / RUSSIA / EUROPE / JAPAN / S. KOREA) LIKELY TO EXPERIENCE LABOR FORCE DECLINES
Growth in Potential Labor Force (Population Aged 15-59), Indexed to 1950 level = 100
Source: Jack A. Goldstone, Brookings Institute based on projection by United Nations. Report published in 2011.
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SOCIETIES ARE AGING IN MOST DEVELOPED COUNTRIES / REGIONS U.S. MEDIAN AGE WAS 37 IN 2010, UP FROM 30 IN 1950
Median Age by Country, 1950-2010
50
Japan
40
Median Age
30
20
India
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U.S. LABOR FORCE GROWTH FALLING AS POPULATION GROWTH SLOWS, GAINS FROM WOMEN JOINING LABOR FORCE EASE AND BABY BOOMERS RETIRE
Annualized USA Population & Labor Force Growth Rates, 1950s to 2000s
3% 2.6%
1.2%
Note: Labor force includes all employed & unemployed civilians 16 years old & over. It does not include those who have no job & are not looking for one. Many who are not in the labor force are going to school or are retired. Family responsibilities keep others out of the labor force. Women joining labor force has been a key driver of overall labor force growth in 1950, only ~35% of women (16+) are in the labor force, by late 1990s, ~60% of women (16+) are in the labor force since then, the 60% ratio has remained constant. Source: BLS, 4/13.
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WITHOUT IMMIGRATION, U.S. POPULATION SHRINKS AS BIRTH RATE FALLS BELOW REPLACEMENT RATE
USA Birth Rate vs. Population Replacement Rate*, 1960 - 2010
4
1 USA Fertility Rate 0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 Replacement Rate
Note: *Population replacement rate is the number of children each woman needs to have to maintain current population levels. In most developed countries, the natural replacement rate is close to 2.1. Source: World Bank, data as of 2010.
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OH, CANADA!
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[E]veryone knows the American system is pretty dysfunctional... I'm going to the Bay Area to spread the message that Canada is open for business; we're open for newcomers. If they qualify, we'll give them the Canadian equivalent of a green card as soon as they arrive Im not going to apologize, and you know what, if you guys cannot figure out your immigration system, were going to invite the best and the brightest to come north of the border.
- Jason Kenney, Canada Minister of Citizenship, Immigration & Multiculturalism, May 2013
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AS COUNTRY-BY-COUNTRY COMPETITION FOR HIGH-SKILLED IMMIGRANTS RISES, AMERICA REMAINS A PREFERRED DESTINATION
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AMERICA = #1 GLOBAL DESTINATION FOR IMMIGRANTS 20% (OR 43MM) OF GLOBAL MIGRANTS IN 2010
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MANY AMERICANS SUPPORT HIGH-SKILLED IMMIGRATION & ARE CONCERNED ABOUT AMERICAS ROLE AS TECH INNOVATOR
Support for High-Skilled Immigration 63% of likely American voters surveyed believe America faces a shortage of high-skilled workers and that immigration policy should encourage high-skilled workers to stay in America. Worried about U.S. Innovation Status ~43% of Americans surveyed believe next major technology or innovation product will come from China while only 30% believe this discovery will come from America.
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A FIX MAY BE IN THE WORKS NEXT STEPS = SENATE FLOOR DEBATE IN JUNE + HOUSE DISCUSSION AND PROCESS (MAY BE MULTIPLE INDIVIDUAL BILLS IN COMING MONTHS) WITH PUSH TOWARDS CONFERENCE
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IN CLOSING
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GROWTH IN PEOPLE + JOBS + GDP + PRODUCTIVITY + EDUCATION + CONFIDENCE = KEY TO USAS SUCCESS
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ACKNOWLEDGEMENTS
A lot of people helped pull this document together and helped modify along the way. We thank the engineers and tech industry leaders H1-B + green card holders + first generation Americans + American natives that inspired us to push forward to compile the thoughts. Special thanks to Eric Savitz, Alix Burns, Mike Abbott, Juliet DeBaubigny, Fred Miller, Itamar Rosen, Greg Dingle, Jackson Gorham and John Maier. Design by
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DISCLOSURE
This report has been compiled for informational purposes only and should not to be construed as a solicitation or an offer to buy or sell securities in any entity. Contributors to the report cannot guarantee the accuracy or completeness of any of the data (compiled from public sources believed to be reliable) and make no warranties (express, implied or statutory) as to the information in it. The information presented in this report does not necessarily reflect the views of Kleiner Perkins Caufield & Byers (KPCB) or any of its associated management personnel, investment vehicles, investors, portfolio companies or any affiliates or associates of the foregoing. Subject to the Terms and Conditions of Use http://kpcb.com/terms_of_use applicable to this Site, KPCB grants users of the Site a limited license to download this report and to use, reproduce and distribute the report, solely for non-commercial purposes.
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