Latest news with #OID
Gulf Insider
6 days ago
- Business
- Gulf Insider
Immigration Is Costing France 3.4% Of Its GDP
Immigration has not delivered the economic benefits long promised in France and may, in fact, be dragging down the country's economy, according to a report by the Observatory of Immigration and Demography (OID), according to Le Figaro. Rather than boosting growth, the think tank claims immigration is costing France the equivalent of 3.4 per cent of its GDP due to a significant mismatch between the taxes immigrants contribute and the services they consume. Le Figaro reports that, according to OID, taxes collected from immigrants cover only 86 per cent of their fiscal cost, creating what it calls a 'budget deficit.' This imbalance is largely due to low employment rates among immigrants: only 62.4 per cent of working-age immigrants in France are employed—one of the lowest rates in the European Union, just ahead of Belgium. The French native population, by comparison, has a 69.5 per cent employment rate. The OID argues that if immigrants were employed at the same rate as native-born citizens, French GDP would be 3.4 per cent higher, and taxable income would rise by 1.5 percentage points. 'Immigration maintains a vicious circle which harms employment and the French economy: it aggravates the structural problems of employment in France, degrades public accounts and indirectly penalizes exposed sectors of the economy,' said Nicolas Pouvreau-Monti, director of the Observatory. He acknowledged that the public debate often focuses on short-term labour needs in industries like hospitality, construction, and food service, but warned this is a narrow perspective. 'The short-term vision prevents us from thinking about the best way to make these professions more attractive for people looking for work,' he said. Pouvreau-Monti also criticized the system for importing mainly low-skilled workers rather than high-skilled migrants who could drive innovation. He warned that the economic drag created by this model forces the government to raise taxes on businesses, compounding the economic strain. 'In other words, encouraging immigration to avoid shortages in certain sectors in tension amounts to sacrificing the growth of our strategic sectors for the benefit of only a few corporate interests,' he said. According to the report, a major driver of France's immigration pattern is family reunification, or chain migration, which prioritizes familial ties over professional skills. As Pouvreau-Monti put it, 'finding work is more difficult for an immigrant when professional integration is not at the root of the decision to emigrate to France.' Worryingly, this economic inactivity appears to extend into the next generation. Drawing on OECD data, OID noted that 24 per cent of young people born in France to immigrant parents were not in employment, education, or training (NEET) during 2020–2021. This was the second-highest NEET rate in Europe and the broader Western world, just behind Belgium. OID links this trend to rising ethnic self-segregation, arguing that failure to integrate economically is contributing to increased sectarianism in France and Belgium, in contrast to other European nations. The report adds to growing skepticism across Europe over the idea that mass migration is an economic benefit. Even Britain's Labour Prime Minister Sir Keir Starmer recently stated that the assumption that immigration automatically leads to economic growth has been 'tested' and 'doesn't hold.' Starmer added a stark warning: unless migration policy is reevaluated, Britain risks becoming 'an island of strangers.' Also read: France Is No Longer France
Yahoo
21-05-2025
- Business
- Yahoo
Oklahoma Watch uncovers why homeowners' insurance rates are so high, commissioner responds
OKLAHOMA CITY (KFOR) — Sky-high insurance rates affect nearly every homeowner in Oklahoma. We've all heard the excuse that it's because of the hail, but Oklahoma Watch decided to look beyond that and discovered it may not be the case. 'It turns out that both Texas and Kansas have historically more hail than we do. Yet their insurance rates are lower than ours,' said JC Hallman, reporter for Oklahoma Watch. A report from the National Weather Service from 2020 to 2024 shows Oklahoma had an average of 16.6 days of 2 inch hail. While Texas had more than double at 37.8 days. Kansas had 21.4 days and Nebraska had 22.6 days. Those numbers are what made Hallman start asking what's really driving up Oklahoma's insurance costs. 'It's a quirk in Oklahoma law,' said Hallman. The Oklahoma Insurance Department (OID) will regulate rates if they go too low, but won't step in if they go up, assuming the free market will bring costs down. State Auditor releases initial report on Department of Mental Health 'Oklahomans wind up paying a lot more than they maybe need to and it allows the insurance companies to cover up losses in other states by charging Oklahomans more money,' said Hallman. The OID is led by Glen Mulready. 'Glen Mulready actually has the power based on the law as it is that he could step in and simply decide that we do not have a competitive market and once he says we have a non competitive market, then he could just lower rates,' said Hallman. News 4 asked Mulready if he has considered taking action. 'It all comes down to, do we have a competitive marketplace? And yes, we're getting complaints because premiums are up and people don't like that and I get that, but we have a very competitive marketplace,' said Hallman. Oklahoma Watch reported that there was one instance a commissioner stepped in to lower rates with earthquake insurance. 'Now there were two companies writing earthquake coverage, so it was determined that is not a competitive market,' said Mulready. Records show that the insurance industry was Mulready's top donor in thirteen out of fifteen years. Business owners concerned about NW OKC road construction 'There's zero connection with that because there's nothing that can be done. We don't approve rates, I could see that if we approve rates and somehow I was doing a favor for a certain insurance company, but that doesn't take place because it can't take place,' said Mulready. Mulready also told News 4 he never said it was just hail driving up the cost of insurance. 'Rates are up because of claims and inflation. You know, if a roof costs more to replace today than it did yesterday, your insurance premiums are going to reflect that because that's a direct connection to actual costs,' said Mulready. News 4 asked if he's working with lawmakers to do something about the high prices. 'We are looking for solutions, there's no silver bullet,' said Mulready. Last year the legislature passed the Strengthen Oklahoma Homes Act, which just launched in March. Homeowners can apply for grants to use to fortify their homes, which can lead to lower premiums. While Mulready believes Oklahoma has a competitive market, Hallman encourages you to share your concerns with the OID and push for change. To read JC Hallman's full story, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
11-03-2025
- Climate
- Yahoo
Oklahoma homeowners can apply for grants to strengthen roofs against storms
OKLAHOMA CITY (KFOR) — Oklahoma is no stranger to severe weather; tornadoes, hail and wind can bring costly damage. The Oklahoma Insurance Department recently launched a pilot program offering eligible homeowner up to $10,000 to fortify their homes. 'The program is really created to assist consumers and homeowners with mitigating and fortifying their roofs, so that they will be stronger and be able to withstand some of the severe weather that we see here in Oklahoma,' said Ashley Scott, director of Strengthen Oklahoma Homes Program, OID. The first phase of the Strengthen Oklahoma Homes Program covers eight zip codes: 73049 – Jones 73051 – Lexington/Slaughterville 73065 – Newcastle 73069 – Norman 73111 – East OKC 73127 – West OKC 73129 – Southeast OKC 73135 – Southeast OKC/I-240 Homeowners in these areas can apply for the grants. 'We've been able to kind of focus on areas where we've seen tons of storm damage, but also higher premiums,' said Scott. Once selected, homeowners will work with approved evaluators and contractors to complete the upgrades. Storm shelter registry available for Oklahoma City residents 'When it's finished, they'll receive a certificate to help lower insurance premiums. We really thought with the type of storms that we've been seeing more and more of and with the insurance market being so hard right now, this is a great opportunity for us to try and step in and do something we can do about it,' said Scott. For the first phase, the OID is looking to award 100 grants. 'We plan on doing a second pilot project shortly after with about 250 applications. A third pilot project with another roughly 250 applications and then finish out the year with 400 more,' said Scott. With each phase, more zip codes will be added to the list. The program is capped at $10 million and all funding comes directly from the insurance industry. The OID says the program started because of a bill that was signed into law last year. To check your eligibility to apply for the grant, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
