With approximately 75% to 80% of fulltime graduate students in key technology fields at U.S. universities being international students and Trump’s 49% reduction of legal immigration since taking up office, one can easily deduce the damage caused to our international students, their families, their economies, and of course the damage produced to the U.S.’ economic growth and stability.
Since the H-1B remains the only practical way for many people to work long-term in the United States, including international students, we can expect a loosening of regulations around the H1B and naturalization process under the new administration.
Such actions in turn reverse the current outflow of fleeing international students and highly educated workers. Thus, reestablishing an environment of welcoming these individuals and increasing diversity, boosting multinational prosperity, and further encouraging sharing of ideas while building the future world economy.
Minimum wage: Purchasing power and purchasing power parity conversion factor impact
The federal minimum wage, which is currently $7.25 per hour, has not been updated since 2009. Few can survive on such a low income, especially worse is women and people of color are historically paid disproportionately low wages. Biden has pledged to raise the federal minimum wage to $15/hr.
Although not directly a concern of immigration law, Biden’s minimum wage agenda carries massive implications and ramifications for U.S. companies, employees, families, students, industries, and the U.S.’ economic standing as a whole.
As the price of labor goes up, producers must raise prices of goods that they sell. This in turn leads to greater markup of prices for food, gas, rent, and other goods and services while also placing upward inflationary pressure on the dollar further eroding its value and destroying the purchasing power of all who hold dollars. Those that earn fewest suffer most.
Rising inflation makes local goods more expensive and less attractive to customers who increasingly turn to cheaper imports. Higher prices can also reduce U.S. exports due to competition in international markets. for U.S. companies, employees, families, students, industries, and the U.S.’ economic standing as a whole.