Got $1,000,000? You can essentially buy citizenship in the United States if you're a foreigner.
Under the EB-5 Immigrant Investor program, foreigners can live and work in the U.S. if they invest $1,000,000 in a new domestic business (or $500,000 for a business in a rural or high unemployment area.) The money must create at least 10 jobs for U.S. citizens within two years.
As a country, we face competition for the world's brightest people. If we say there's no vacancy, our economic growth suffers. So I'm thrilled we have the program.
CNN Money reports the U.S. government is set to issue 6,000 of these "rich people visas" this year. But the real investment is when a brainiac from abroad comes in and helps create more innovation.
Think about how many Silicon Valley successes are owned by people with names you can't pronounce. Legal immigration has been one of our strengths as a country. We need to be about those who will add to our nation, not subtract from it.