Rarely is the Washington Post right on immigration issues, but its lead editorial on Labor Day was exactly on target — it said that the nation should terminate the EB-5 (immigrant investor) program.
The main part of the program — which grants a full set of green cards to an alien family putting $500,000 into a Department of Homeland Security-approved, but not guaranteed, investment, is due to expire at the end of the month, just 22 days from now. The Post sees it as "corporate welfare".
I write this with a certain amount of professional envy gnawing at me. I have been a critic of the program for a long time, bemoaning the selling of visas and pointing out that the beneficiaries of the program are the American middlemen who secure low-cost funding for some of their real estate projects, usually in prosperous urban settings.
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