The economic heartbeat of America is measured through a number of indicators—from job growth to consumer confidence. During the debt limit crisis of 2011, our nation’s EKG started to falter, triggering a drop in employment, confidence, manufacturing, and markets. In this memo, we provide a snapshot of how six areas of the economy responded to what was merely a close call on default in 2011.
By Lanae Erickson Hatalsky and Sarah Trumble
No one says that the U.S. doesn’t produce enough lawyers. Today, almost 150,000 students are attending U.S. law schools. Almost all of them are Americans, and barely more than half will find jobs in their field here. Their supply exceeds our economy’s current demand. But the exact opposite is true for students of science, math, engineering, and technology (STEM).
This year, 40,000 computer science graduates will find 120,000 new and unfilled jobs waiting for them. Worse, many of those students are foreign born and barred by our current immigration policy from using their talents to meet this demand to help grow the U.S. economy. Consider that by 2009, according to the National Science Foundation, a full half of those graduating with a doctorate in computer science were foreign-born students here on a temporary visa. Although we clearly have an economic need for these graduates, and they’ve been educated here in the United States, we are currently sending these inventors and job creators home to compete with us in the global marketplace.
If companies can’t find qualified candidates to fill their jobs, they may be forced to move positions overseas. Luckily, there is an easy solution to this problem: Congress should pass a bill to allow highly-skilled immigrants studying science, technology, engineering, or math at an American university to stay here and earn green cards after graduation.