Grant Cardone's latest proposal to grant U.S. citizenship to 1 million immigrants who deposit $5 million each has sparked heated discussions. According to Cardone, this idea could inject a staggering $5 trillion into the American economy.
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Cardone tweeted his vision, claiming it would cost taxpayers nothing while benefiting the U.S. economy. "How is this not a doable idea?" he wrote. "This would result in new jobs, bank deposits and business investments. It's the opposite of allowing broke and homeless illegals to steal jobs and drain resources." While the tweet has garnered attention, it's just one piece of a larger conversation about immigration's role in economic growth.
Immigration as Economic Stimulus
Cardone's idea fits into discussions about using immigration to boost economies. According to experts like immigration lawyer F. Oliver Yang and contrary to what many believe, bringing in immigrants fills critical positions, generates fresh ideas and creates jobs. Yang points to programs that allow foreign investors and skilled workers to help local economies.
However, many developed countries struggle to support immigrants due to housing problems and high living costs. For example, Canada recently decided to lower its immigration goals by 20% over the next few years to deal with a growing housing crisis, even though it knows it needs more workers to keep the economy running.
Rich immigrants are given preference under Cardone's scheme, which has led some critics to doubt its viability and fairness. Although $5 trillion in new investments sounds promising, some argue that tying citizenship to income creates barriers for those who could contribute in other ways, such as possessing specialized skills or entrepreneurial talent.
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New immigrants, wealthy or not, may find it difficult to acquire housing and thrive in the United States due to housing shortages. Many Americans are already struggling with high housing costs and more demand could make homes even less affordable. In California, for example, people are debating a law called Assembly Bill 1840, which would help undocumented immigrants with home loans. Critics worry it could stretch resources too thin.
Cardone's idea might be controversial, but it's not without precedent. Many countries, including the U.S., offer citizenship or residency to wealthy investors through programs like the EB-5 visa. However, scaling such programs to the level Cardone proposes would require careful planning to avoid exacerbating existing issues, such as housing shortages and economic inequality.
For now, his plan has rekindled discussions about how carefully considered immigration can - and ought to - influence the course of America's economy. Immigration remains a potent, although divisive, tool for economic growth, regardless of whether his contentious $5 trillion ambition materializes.
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