I read two interesting and related articles in the past two days which reveal our slip is beginning to show. The first article spoke of the noticeable decline in travel to the US since the ill-conceived travel ban was instituted by our new President.
The decline is from multiple countries beyond the boundaries of the seven countries noted by the President and has been termed the “Trump Slump.” The lost revenue on our mainland travel is estimated at $185 million per The Global Business Travel Association as reported in The Guardian.
The second article noted the fall off in foreign students interested in attending US colleges and universities. The reason cited is not feeling welcomed by the new administration. This is precisely the kind of immigration we want. The reason is “innovation is portable” per former Reagan and Clinton advisor David Smick. If we attract and retain foreign students, their ideas will bear fruit here. And, jobs initially surround the innovator.
These glimpses of our slip are just the beginning of a decline in revenue should we continue forward with our inward, nationalistic focus. Our slip will show even more and the impact on our growth will be more noticeable.
In an earlier post called “You cannot shrink to greatness,” global trade is accretive to the world’s economy, including ours. By not being welcoming, we will be harming only ourselves. This is a key reason some economists have predicted a malaise or recession under this President once the market euphoria contends with reality.
Words and actions have consequences. If we want to be a global country, we need to act like one.