A separate part of the bill would also allow up to 50,000 U.S.-educated foreigners with a Master's or Doctorate in a science-, technology-, or math-related field to remain in the US, according to CNET.
Although the bill was stalled in committee during the run-up to the recent elections, the Obama administration seems to back it, or at least it did about 11 months ago, according to
this post. We'll see how far along it moves during Obama's second term. I, for one, have my fingers crossed that it passes.
Why? Well, because, besides the fact that the U.S. symbol of liberty--Lady Liberty--tells the world, "Give me your tired, your poor, your huddled masses yearning to breathe free," it makes sense for the U.S. to find a way to keep educated, talented entrepreneurs and investors stateside. Also, the bail-out of already well established companies has not proven to be a job-creation engine, as New York Times columnist Thomas Friedman
points out. And, as the Kauffman Foundation found, companies less than five years old accounted for nearly all new job creation between 1980 and 2005 (Data here sourced from bill sponsor Sen. Moran's website.)
And, seriously, how many road-repair or transportation-related construction jobs feasibly can be created when budgets of many towns and states and the federal government are being sliced to the bare bones? Those strategies worked in the Great Depression, but times have changed. Solutions for some of the Great Recession's most pressing problems (such as unemployment or under-employment) need to be rooted in ways that make sense in 2012 and support a global, free market -- from which Americans will benefit. Perhaps supporting entrepreneurs is one way to do that.
Jennifer Baljko is a contributing writer at EBN, an EE Times sister site. This article was originally posted on EBN.