Simply put, it is corporate welfare―yet another attempt to subsidize the flow of capital into politically favored channels.
As Americans struggle to stem the spread of the Wuhan virus, the Republican Party is considering bringing Wuhan to a suburb near you.
According to a Politico exclusive, Senator Lindsey Graham (R-S.C.) is leading an effort to increase the number of EB-5 visas offered to wealthy immigrants, supposedly to salve the economy as the crisis caused by the pandemic worsens. Between 2012 and 2018, about 80 percent of EB-5 visas went to Chinese investors. Jared Kushner reportedly is also heavily involved in this scheme.
Established by Congress in 1990, the EB-5 program strips the salience from American citizenship by reducing it to a pay-for-play scheme. It allows thousands of foreign nationals to obtain green cards and a path to citizenship in exchange for a minimum investment of $500,000―increased to $900,000 in 2019.
The spouses and children of EB-5 investors are also able to obtain “conditional green cards,” allowing them to work in the United States and attend school if they so please―usually in better ones than the average American proletarian can afford.
Some say money can’t buy everything. Congress says, “We’ve got a bill for that!”
Established by Congress in 1990, the EB-5 program strips the salience from American citizenship by reducing it to a pay-for-play scheme. It allows thousands of foreign nationals to obtain green cards and a path to citizenship in exchange for a minimum investment of $500,000―increased to $900,000 in 2019.
The spouses and children of EB-5 investors are also able to obtain “conditional green cards,” allowing them to work in the United States and attend school if they so please―usually in better ones than the average American proletarian can afford.
Some say money can’t buy everything. Congress says, “We’ve got a bill for that!”
If Republicans get their way, the number of EB-5 visas available annually would increase from 10,000 to 75,000, while the minimum investment required for legal residence will be slashed from $900,000 to $450,000―even less than the original $500,000 requirement.
Michelle Malkin exposed the EB-5 scam in her book, Sold Out. Malkin shows that this scheme does indeed sow a bountiful harvest of economic benefits―for lobbyists, bureaucrats, politicians, and mostly Chinese nationals.
Now, foreign money falling from the sky like manna….
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