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Dear All: At 74.9, the U.S. has the highest intelligence capital index (ICI) of any other country. But what does that mean? Well, the ICI is a barometer of a nation’s stock of “smarts” and it gauges the capability to compete in today’s global “knowledge economy”. It’s an extremely important number to maintain and grow, which begs the question, are we attracting the right kind of talent? Are we bringing in the best and brightest? The crisis at the Southern border notwithstanding, a few incidents from the past week indicate we’re not. On Monday, two graduate students from Southern India and enrolled at Stevens Institute of Technology, were apprehended for shoplifting. On the way to the police station, one asked if the arrest would influence her “H-1B visa application process.” In Canada, an Indian student on a visa from Punjab explained to a reporter, “I am here for the studying & mostly for the PR (permanent resident).” When asked about jobs he replied, “I am an Andrew Tate fan, so jobs are for losers.” While I believe there are geniuses making their way to U.S. shores, we can’t turn a blind eye to the consequences of casting such a wide net. The U.S. produces an overabundance of STEM graduates each year but much of the legislation and policy created to bring in “skilled” immigrants is based on a myth of shortage. Not only is the “net” cast, it widens. Universities lure foreign students because they pay full tuition. The Optional Practical Training (OPT) program awards employment authorizations upon graduation which entices them to stay. And corporations love employment visa programs like the H-1B, because it allows them to displace their higher paid U.S. workers in favor of cheap labor. Something else to keep in mind. America’s average IQ is 97.43. From 2020 to 2022, the two countries sending the largest number of Green Card earners were Mexico and India, which have average IQs of 87.73 and 76.24, respectively. It’s time to replace the net with a fishing rod and bring in only the best and brightest. In Solidarity, Kevin Lynn |
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@Cremieux brought to our attention the latest Program for International Student Assessment (PISA) results, which demonstrate once again the U.S. has one of the world’s smartest populations and perhaps the best education system. |
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New Zealand is getting tougher on net migration. They're tightening up language, skills, and work experience requirements, putting unemployed Kiwis at the front of the queue and reducing continuous working stay to three years from five. 
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Sometimes it feels as though our trade policy and foreign exchange are on auto pilot. Perhaps our role as global hegemon and keeper of the world’s reserve currency has a lot to do with this. But are the majority of citizens benefiting from this in the long run? “You'll often hear Economist say that the US runs deficits because Americans save too little and that shows they don't understand the dynamics of the balance of payments. If the US does not control its capital account . . . that means by definition, the US cannot control the gap between investment and savings.” ” Watch American Compass interview with Michael Pettis
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Geoffrey West’s book, “Scale” forever changed my perspective on how we as organisms interact in almost every way imaginable, and as if by some grand design. West is a tall order for any host to interview and I was pleased to see Nate Hagens rise to the occasion. Watch Now. |
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Earlier this week, we pushed back against the flawed assumptions of two podcasters at @aarthisirampod. They were bemoaning how our immigration system was not allowing more of their “former” countrymen to become citizens. 
Our tweet in reply received over 126,000 views and over 2,000 likes: |
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I pointed out in a recent newsletter, bringing in Indian CEOs at companies such as Microsoft, Adobe and Pepsi typically leads to greater efficiency and increased earnings per share through measures like outsourcing and offshoring. (More jobs for Indians but fewer jobs for the Rest of The World.) But, not necessarily through enhanced innovation and productivity. As the below graph of labor condition applications (the LCA is a form a company submits to recruit a foreign worker for a position) indicates, in 2016, Hewlett-Packard all but ended its recruitment of foreign workers via the H-1B visa. But it doesn’t seem to have had a negative effect on the company. The company’s stock price has climbed almost 30% over the past five years and last month it jumped 10% when they introduced their newest generation of AI HP Elite and Pro PCs. 
The last ten years has seen the perpetuation of a Silicon Valley creation myth which has at its core the outsized contributions of foreign entrepreneurs. The media and special interests would have one believe that over 50% of the significant hardware and software companies were founded by immigrants. To set the record straight, we looked at Fortune 200 hardware and software companies prominent in Silicon Valley to demonstrate the actual share of immigrant founders is closer to 11%. Of these companies that met the above criteria, there were 66 founders, of whom 8 were immigrants. The proper way to analyze the contribution of foreigners to the creation of a company is look at the immigrant co-founder share at each firm (one immigrant among three founders being 33%). Assuming the contribution of each founder is roughly equivalent, immigrants made up a 10.69% share of the founding of 21 prominent Fortune 200 Silicon Valley companies. Below are the Fortune 200 hardware and software companies we reviewed ranked in order of revenues.
Source: https://fortune.com/ranking/fortune500/2023/
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Economists Giddy Over Mass Migration Tout GDP Growth |
Immigration #1 Issue Among Voters |
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