I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
Alan GreenspanRead
Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States. But we need such skills in order to staff our productive economy, so that the standard of living for Americans as a whole can grow.
Interpretation
What this quote means
High-income individuals often overlook how immigration policies impact economic productivity and their own earnings.
In this quote, Alan Greenspan points out that many high-income earners in the United States may not understand that their financial success is, in part, a result of protective barriers that limit competition from skilled immigrants. He emphasizes that allowing these skilled individuals to contribute to the economy is essential for overall growth and improved living standards for all Americans.
Themes
IncomeImmigrationCompetitionEconomySkillsProductivity
In practice
Example use cases
During a conference on economic policy, I might cite this quote to discuss the importance of immigration for economic growth.
More from Alan Greenspan
All quotes →There's no other job in public life that is like chairman of the Fed.
Alan GreenspanRead
Since 1948 I have spent every single day thinking how the economic and political worlds have changed.
Alan GreenspanRead
I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.
Alan GreenspanRead
Every economy exists, no matter what the level of democracy, has elements of crony capitalism. It's - given human nature and given the democratic structures, which we all, I assume, adhere to, that is an inevitable consequence.
Alan GreenspanRead
I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual.
Alan GreenspanRead
Similar quotes
The minimum wage in Denmark is about twice that of the United States, and people who are totally out of the labor market or unable to care for themselves have a basic income guarantee of about $100 per day.
Bernie SandersRead
I think if you look back through time, the history of income, wealth and taxation is full of surprise. So I am not terribly impressed by those who know in advance what will or will not happen.
Thomas PikettyRead
Capital is money, capital is commodities. By virtue of it being value, it has acquired the occult ability to add value to itself. It brings forth living offspring, or, at the least, lays golden eggs.
Karl MarxRead
The public firm can nowhere maintain itself in free competition with the private firm; it is possible today only where it has a monopoly that excludes competition. Even that alone is evidence of its lesser economic productivity.
Ludwig Von MisesRead
African countries lose billions every year because of tax dodging by big corporations and wealthy individuals. They lose billions more from overly generous tax incentives in a misguided belief that this is the only way to attract foreign investment.
Winnie ByanyimaRead
The budget should be balanced not by more taxes, but by reduction of follies.
Herbert HooverRead