Because undocumented immigrants live in the shadows, where they’re vulnerable to unscrupulous businesses that skirt taxes, and pay workers less than the minimum wage, or cut corners with health and safety laws, this puts companies who follow the rules, and Americans who rightly demand the minimum wage or overtime or just a safe place to work, it puts those businesses at a disadvantage. . . . So one way to strengthen the middle class in America is to reform the immigration system so that there is no longer a massive underground economy that exploits a cheap source of labor while depressing wages for everybody else. I want incomes for middle-class families to rise again. I want prosperity in this country to be widely shared. I want everybody to be able to reach that American dream. And that’s why immigration reform is an economic imperative. It’s an economic imperative.
And reform will also help to make America more competitive in the global economy. Today, we provide students from around the world with visas to get engineering and computer science degrees at our top universities. But then our laws discourage them from using those skills to start a business or a new industry here in the United States. Instead of training entrepreneurs to stay here, we train them to create jobs for our competition. That makes no sense. In a global marketplace, we need all the talent we can attract, all the talent we can get to stay here to start businesses — not just to benefit those individuals, but because their contribution will benefit all Americans. Look at Intel. Look at Google. Look at Yahoo. Look at eBay. All those great American companies, all the jobs they’ve created, everything that has helped us take leadership in the high-tech industry, every one of those was founded by, guess who, an immigrant.
So we don’t want the next Intel or the next Google to be created in China or India. We want those companies and jobs to take root here. [Applause.] Bill Gates gets this. He knows a little something about the high-tech industry. He said, “The United States will find it far more difficult to maintain its competitive edge if it excludes those who are able and willing to help us compete.” So immigration is not just the right thing to do. It’s smart for our economy.
Full remarks here.
Related: The economic benefits of immigration.