Now that President-elect Trump has a decisive mandate to fix our dysfunctional immigration system, it’s time to take a fresh look at crafting a realistic immigration policy. Start with the fact that while undocumented immigrants are sometimes associated with crime, a majority play a vital role as contributors to our economy and societal fabric.

We must recognize that this portion of the population should not – indeed, as a practical matter, cannot – be further marginalized. My ideas for reform represent a win-win strategy that would bring productive immigrants out of the shadows, create a more sustainable basis for economic growth and help reduce the federal deficit.

With our declining birth rate and aging population, the economy needs more workers willing to fill low-skilled jobs that currently go begging. In addition, we must continue to attract the best and the brightest, as well as other vital service providers, utilizing our competitive advantage. Equally important, it is in our interest to ease the path for global entrepreneurs to invest in our country, to create new industries and to settle their families here.

Some of the ideas offered here could be implemented through executive order, while others would require congressional approval. Immigration policy has become a contentious issue for politicians. But as an economist and successful entrepreneur, I approach these complex problems with a focus on turning political deadlock into opportunities using market-based fixes. As Winston Churchill quipped during World War II, “Never let a good crisis go to waste.”

Start with the reality that the indiscriminate deportation of up to 20 million undocumented immigrants would not be beneficial – nor, frankly, would it be feasible. Even starting down that path would harm our economy and undermine social cohesion. My proposal takes account of the fact that many undocumented immigrants are already paying taxes and contributing more to the economy than they consume. Those who are unwilling to legalize their status and who are unemployed, thereby straining our schools and welfare systems, could be candidates for deportation. Additionally, those who are convicted of crimes in the U.S. should be expelled.

I propose a ten-step program that could be effectively implemented over 12 to 36 months.

1. Close the Border. President Trump has stated he would close the border if elected, and would work toward completing a wall that sharply reduces illegal crossings.

2. Expand Seasonal Worker Permits. Extend seasonal permits for temporary foreign workers from a few months to 3-5 years, allowing them to visit their families back home on a regular basis.

3. Increase the Annual Quota of Legal Immigrants. Raise the annual quota by two million on top of the current quota of over one million, including spouses and children. We need this influx to help balance the growing disparity in numbers between workers and retirees.

4. Grant Green Cards to U.S. Graduates. Issue green cards to anyone who has graduated from U.S. universities or technical schools, including all the Dreamers, who secure jobs within a year. Each applicant would be charged $10,000 to cover administrative costs. If all the Dreamers and half of graduates accepted this offer, it would yield $85 billion. 

5. Implement a Fee for Undocumented Immigrants. Charge $10,000 for each undocumented worker processed. For those who have not paid taxes, charge an additional $10,000 for each year in the U.S., capped at $50,000. Prioritize those who have been in the country for four or more years. If half of the undocumented population accepted this offer, it would generate $500 billion in revenues within 12-24 months.

6. Offer Residency Visas to the Wealthy. Provide long-term resident visas to foreign centimillionaires and billionaires (subject to background checks) in exchange for one-time fees of $5 million to $50 million that would also exempt their international assets from U.S. taxes. If one-fifth of the potential pool took the offer at $20 million each, it would yield $8 billion – not to mention a welcome tide of additional investment.

7. Expel Foreign Criminals. Remove all undocumented and noncitizen foreign-born individuals who commit crimes in the U.S., along with undocumented immigrants who do not take advantage of paths to legal residency within 12-36 months.

8. Leverage Banks for Processing. Utilize commercial banks that successfully handled Covid-19-related government loans to process these policy initiatives, incorporating proper FBI checks. Banks could open new accounts and lend funds to credit-worthy workers. 

9. Use the Social Security Suspension Account Liabilities to Help Finance Undocumented Workers. It is not well known that there are funds in the Social Security Suspension Account estimated to exceed $2 trillion, which were generated by payments from undocumented workers who, for one reason or another, are no longer eligible for benefits. These funds could be used to help finance this reform program.

10. Create a Social Security “Lock Box.” Use the surplus revenue from the policies outlined above to extend the fiscal viability of Social Security beyond 2034, when the Social Security Trust Fund is projected to be depleted.

An Offer We Dare Not Refuse

In addition to fostering a productive, noninflationary economy, these policies could yield over $600 billion in revenue within three years along with an ongoing $200 billion annually from a broadened tax base. Furthermore, for every million immigrants arriving in the U.S. ready to work, the country saves $1 million-plus, roughly the cost of raising an American child to working age and the educational levels of immigrants. If 10 million undocumented immigrants stay gainfully employed, we have saved $10 trillion in human capital. To put it another way, expelling them would effectively waste the $10 trillion.