Businessman Andrew Yang wants to return the level of legal immigration in the U.S. to what was permitted under President Barack Obama’s administration, saying immigration promotes economic and social “dynamism,” while noting the U.S. needs to continue to be economically competitive.
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“Almost half of Fortune 500 companies were founded by either immigrants or children of immigrants – and rates of business formation are much higher in immigrant communities,” Yang said during the third Democratic debate in Texas on Thursday.
Nearly half of Fortune 500 companies were founded by first or second-generation immigrants, according to Forbes.
The entrepreneur noted that it’s also important for the U.S. to compete for top talent.
“This country has been a magnet for human capital for generations, if we lose that we lose something integral to our continued success,” he said.
According to research from the Massachusetts Institute of Technology Sloan Management Review, one out of every 3.5 inventors in the U.S. is an immigrant.
Yang painted his family’s story as an example of the American dream at work. He said his father grew up on a peanut farm “with no floor,” and now he is running for president of the U.S.
As previously reported by FOX Business, some of the areas that are in need of skilled workers include technology, engineering, medicine and finance.