EB-5 Program: Good for Job Growth?

COMMENTARY | For many American citizens, it feels like this recession is never going to end. The national unemployment rate in Sept. 2011 was 9.1 percent, which is more than half of what it was during much of 2007. We witnessed it reach 10.1 percent in 2009. With such a small decrease in two years, it’s obvious that American businesses are reluctant to hire new workers in this economic slump. Now, project developers are looking to the EB-5 visa program to help create more jobs.

Established 21 years ago, the EB-5 gives legal citizenship to foreigners who invest half a million dollars or more in a project or business in the U.S. that will generate at least ten jobs. If they do so within two years, they are granted with citizenship for themselves, their spouses, and dependent children. With recent interest of the EB-5 program stirring, debates are firing about whether this is the right thing to do to spur job growth.

Critics say the program is just an avenue for wealthy foreigners to buy their way into America. They think it’s unfair these investors can buy themselves to the head of the immigration line while others have to wait many months. They also worry the program is just asking for investment scams.

Supporters believe this to be an honest attempt to help the economy. It keeps businesses from having to turn to stingy banks for loans. Most importantly, it can bring in capital funding and create more jobs. Plus, the program attracts educated and successful immigrants who will be a great benefit to our diverse society. Supporters believe this is the best, fastest way to see ourselves out of this long recession.

Personally, I think we are running out of ways to boost our economy. People are still being laid off and losing their homes every day. The regular American has never been so poor. When I moved to Las Vegas six years ago, they were giving teachers sign-on bonuses, and the banks were offering them the best mortgage rates. These past couple of years is the first time Clark County has not recruited new teachers, and hundreds of hired ones have been laid off. We have construction zones that have been in a standstill for three years. While the EB-5 may be putting a price tag on American citizenship, it might be just what we need to return us to our former glory.


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