Will Greece soon be rich?

“Europe Should See Refugees as a Boon, Not a Burden” is a New York Times editorial that is typical of a view espoused by politicians eager to preside over a larger population. Young hard-working immigrants will make a country rich and enable schemes such as Social Security and Pensionfunds to keep going (a better ratio of workers to government-dependents).

At the same time we hear that roughly 3000 migrants arrive on the shores of Greece every day. “Greece’s Dismal Demographics” is a 2013 New York Times article on the aging/shrinking Greek population:

The most frightening figure is a Eurostat projection which estimates that, in 2050, 32.1 percent of the Greek population will be over 65, compared with 16.6 percent in 2000. And this projection was made in 2007, before the crisis hit Greece’s population. We were still living high, before widespread unemployment, hasty retirement and the emigration of those with the skills to succeed abroad. New projections will most likely be much worse.

If the Times is correct, won’t Greece benefit hugely from the waves of migrants arriving on her shores? If Greece can hold onto most of these new arrivals, and not let Germany lure them farther north, shouldn’t it be the case that Greece will soon be much richer than Germany?

And, if immigrants lead to wealth, why are European Union officials having to force EU members to accept immigrants?

-Thanks to Philip Greenspun.