The US economy will grow by an extra $7 trillion over the next decade due to immigration, the CBO says
by Unhappy_Earth1
The US economy will grow by an extra $7 trillion over the next decade due to immigration, the CBO says
by Unhappy_Earth1
14 comments
From article:
The US economy will grow an additional $7 trillion over the next decade as a surge in immigration creates a larger labor force and increases demand for goods and services, according to a new estimate from the Congressional Budget Office.
The findings from the CBO reinforce commentary from economists that suggests immigration trends in the US have aided the economy in avoiding a recession, as more workers help boost productivity without causing a spike in wage inflation.
“The labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration. More workers mean more output and that in turn leads to additional tax revenue,” CBO director Phillip Swagel said on Wednesday.
“As a result of those changes in the labor force, we estimate that from 2023 to 2034, GDP will be greater by about $7 trillion and revenues will be greater by about $1 trillion than they would have been otherwise,” Swagel added.
The CBO also found that net immigration has risen since 2022, and it expects it to remain elevated through 2026.
Perhaps, but 70% of that will go to the top 10% and people will still cry about wealth inequality. Like no duh, they aren’t the best and brightest.
Yea, don’t take that to the bank. The CBOs final answer it explained by people heavily in politics. https://www.businessinsider.com/the-problem-with-analysis-from-the-congressional-budget-office-2022-3
If they stop a spike in wage inflation. Working for less than existing Americans. How do they afford to live here when existing Americans can’t.
7 trillion of ballooning debt
LOL! LEGAL immigration of the millions that illegally charged across the border?
What a bizarre claim.
Wait, I have a bridge to sell you too.
Great for you if you own a business. Not so great for you if you’re an hourly worker on the low end of the pay scale.
GDP growth from immigration is great as long as it is matched by an immigration rate that can be swallowed by the American public.
Too high a rate generates distrust. The perfect rate would allow assimilation and GDP growth.
We don’t want to see protests in NYC and Chicago city hall. We don’t want to see our cities budgets broken. We don’t want to import gang culture and drugs.
Ideally we would have a policy that brings in those who fill our gaps. Maybe that means nurses or programmers or engineers. We want to raise the bar via merit, not lower the bar.
Imagine if we lifted the H1B visa cap and if foreign college students going to school I. The US had an easier time finding jobs and staying.
I thought Congress is trying to shut the border ?! Lol
I feel like this place is where far left and right wing come together. It’s either doomer leftists or conservative trump supporters agreeing with everything.
The immigration will obviously increase gdp. It’s more people coming in to buy, sell and work in the country. That doesn’t completely mean it’s completely beneficial or illegal immigration is completely bad. Kind of a misleading statistic though.
But can we make it another decade with groceries this high?
Good luck with that. There has been a trend in every Western Country for less immigration