> It proposes investments in computer science and engineering education . . . and attaching a green card to the diplomas of foreign-born students earning STEM degrees.
These sound good in theory, but in effect they're an industry-specific labor subsidy. When the government "invests" in STEM education, what happens is that the companies that need to hire engineers save money both as a result of reduced training costs and as a by-product of increased supply driving down wages.
It's worth keeping in mind that STEM education isn't necessarily a public good.[1] The benefits of education aimed at developing industry-specific skills accrues mostly to those in an employer-employee relationship. Under those circumstances, it's most economically efficient to force the employer and the employee--rather than the public--to bear the cost of that education.
These sound good in theory, but in effect they're an industry-specific labor subsidy. When the government "invests" in STEM education, what happens is that the companies that need to hire engineers save money both as a result of reduced training costs and as a by-product of increased supply driving down wages.
It's worth keeping in mind that STEM education isn't necessarily a public good.[1] The benefits of education aimed at developing industry-specific skills accrues mostly to those in an employer-employee relationship. Under those circumstances, it's most economically efficient to force the employer and the employee--rather than the public--to bear the cost of that education.
[1] https://en.wikipedia.org/wiki/Public_good