Talk Radio News Service: News, Politics, Media

By Benny Martinez - University of New Mexico / Talk Radio News Service

New York City Mayor Michael Bloomberg said that the United States needs more immigration in order to stabilize an otherwise faltering economy.

Moderated by PBS host Charlie Rose, Bloomberg and Director of National Economic Council Lawrence Summers spoke Friday about the future of America’s economy and its relatively high unemployment rate.

“We need more immigrants, not less,” said Bloomberg. “They work very hard [and] they’re very entrepreneurial."

New York City’s mayor added that entrepreneurship is a crucial component in increasing the rate at which the Gross Domestic Product (GDP) grows and unemployment rate decreases.

To tap into this factor, Bloomberg suggested that Congress could grant green cards to immigrants from across the world who want to come to America to start businesses. In his theory, these prospective entrepreneurs would be permitted to keep their green cards indefinitely as long as they employ at least ten people. Bloomberg said that these initiatives would help boost the GDP and simultaneously reduce the unemployment rate.

Along with Bloomberg’s suggestions, Summers emphasized that increased access to quality education plays a role in creating job opportunities for future generations.

In today’s educational system, Summers said, “the dumbest rich kids are more likely to go to college than the smartest poor kids.”

The duo both agreed that the current financial reform bill encompasses what is necessary to get the economy back on its feet.