Economists have been warning about the demographic cliff in Western countries for decades, as the white population continues to age, and birth rates continue to decline. Modern economies require perpetual growth, with ever increasing populations to fund the government and retirees. A falling population means falling revenues for governments, and no money for retirees who weren’t fortunate enough to save for their retirements.
Top economists have been urging Western countries to open their borders and increase their immigration rates in order to avert this demographic disaster. The IMF has stated that refugees are the key to economic growth in Germany and other stagnating European countries. Importing young, fertile migrants from countries with high birth rates, and providing these immigrants with welfare and job opportunities, is a proven way to boost a country’s young population and to reinvigorate its economy. Diversifying a country’s ethnic and cultural makeup is also proven way to boost economic growth and foster a more dynamic business environment.
Many laymen often wonder why we cannot simply allow a country’s population to fall, and let the economy adjust to service fewer people, rather than importing more people from other countries. There are two reasons for this. Firstly, the days of saving are over. The majority of people no longer save for their retirement, and instead expect their children to take care of them in their old age. Society has recommended that young people go into as much debt as possible to get college degrees and buy houses, and to use credit cards for shopping. These young people will likely have no savings when they age, and will need a large population to finance their retirement. Secondly, our monetary system is not built to handle economic contractions and readjustments. At the heart of a modern economy is a central bank, which perpetually expands the money supply in order to achieve maximum employment and price stability. When companies scale back and fire people, people start saving instead of borrowing and spending. This causes credit to contract and triggers an economic death spiral, which has to be avoided at all costs.
Opposition to refugees and immigration is largely driven by racism, xenophobia and Islamophobia. When it comes to economics, opponents of immigration have no leg to stand on. It will be they who suffer in their old age if they choose to pursue isolationist, closed-border policies, which only exacerbate the demographic problems facing the West. It’s time for the West to put aside their prejudices and start thinking about the future. Diversity is beautiful, and Western countries who open their hearts to immigrants will reap the benefits of a thriving young population in years to come. For the sake of our children, we must act now.