Former Federal Reserve chief backs foreign skilled labor
May 01, 2009
Washington, DC -- Former Federal Reserve Chairman Alan Greenspan said Thursday that increasing skilled foreign workers in the U.S. could mollify housing-price declines that have caused 'the plunge in the value of the vast quantity of U.S. mortgage-based securities.'
If the U.S. were to open its doors more widely to skilled foreign workers, those employees would bring their families to the country and move into vacant housing units, 'the current glut of which is depressing prices of American homes,' Mr. Greenspan said at a Senate Judiciary Immigration Subcommittee hearing.
The number of available temporary visas for highly skilled workers is 'far too small to meet the need, especially in the near future as the economy copes with the forthcoming retirement wave of skilled baby boomers,' Mr. Greenspan said.
The Wall Street Journal
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