Immigration Will Boost the US Economy by $7 Trillion Through 2034: CBO
Category: News & Politics
Via: jbb • 10 months ago • 51 commentsBy: Matthew Fox (Business Insider)
Matthew Fox 2024-02-08
- The US economy will grow by an extra $7 trillion over the next decade, according to estimates from the CBO.
- The CBO said the additional growth will be driven by an influx of immigrants.
- "More workers mean more output and that in turn leads to additional tax revenue," CBO director Phillip Swagel said.
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.
The US labor force is expected to surge over the next decade thanks to strong net immigration trends. CBO
America's surge in immigration, while a hot-button political issue, does highlight one of its biggest strengths: its ability to avoid the ticking demographic time bombs of other developed countries, such as Japan, which is facing economic challenges due to its massive aging population.
The CBO said that a large portion of immigrants coming to America are in the prime-working ages of 25 through 54, which tends to benefit the economy significantly as they continue to work for years after their arrival.
Another knock-on effect of America's net immigration trends is its impact on the housing market, since it should result in continued demand for new homes.
"Because immigrants tend to live with family or friends initially and form their own house holds gradually, high rates of immigration from 2022 to 2026 will continue to stimulate construction of new homes during the second half of the 2020s," the CBO said in its outlook report.
Immigration trends are also on the mind of Fed chairman Jerome Powell, who told "60 Minutes" last week that in the long-term, "the US economy has benefited from immigration."
"Immigrants come in and they tend to work at a rate that is at or above that for non-immigrants. Immigrants who come to the country tend to be in the workforce at a slightly higher level than Americans do," Powell said.
Immigration is a net plus for the United States.
A Seven Trillion Dollar Net Plus Economically...
UM, that is true of LEGAL immigrants.
The illegal ones that the confused old geezer in the White House are milking taxpayers of hundreds of billions of dollars in free giveaways, with, as reported, about 60 percent of them are on some form of welfare.
Did you know that LEGAL immigrants are not allowed to come to this country if they cannot show that they will not be a ward of the government?
28.6 million Baby Boomers will start retiring and dying .\this year.
Average deaths per year have been averaging 2.6 million per year but will increase to 4 million by 2050.
As opposed to countries like China, Japan, South Korea that allow little if any immigration. All are suffering from stifled growth and is much of Europe.
How much are those illegal immigrants costing the US right now?
By the way no one is against legal immigration- illegal immigration is something completely different.
Maybe the CBO should factor in the costs of all of these low skill illegal immigrants flooding the US markets that need to be provided for.
Nowhere in the article is illegal immigration mentioned.
FAIR
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QUESTIONABLE SOURCE
The Federation for American Immigration Reform (FAIR) - Bias and Credibility - Media Bias/Fact Check (mediabiasfactcheck.com)
A far right "think tank"...as is
Judicial Watch
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QUESTIONABLE SOURCE
Judicial Watch – Bias and Credibility - Media Bias/Fact Check (mediabiasfactcheck.com)
As opposed to the source, Business Insider
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LEFT-CENTER BIAS
Business Insider - Bias and Credibility - Media Bias/Fact Check (mediabiasfactcheck.com)
Places like CIS, FAIR and Judicial Watch just don't spread misinformation, they lie about the facts to support their lies.
Lower population numbers will reduce causes of climate change
There you go again - this has nothing to do with immigration
Immigration adds to population in the country that lets them in and therefore increases pollution that country is blamed for. So yes it does.
No, it doesn't.
So climate change is not caused by people?
I didn't say that, I never said that, it's dishonest for you and Just Jim to imply that I said that (he implied the last time), this time and another time you pulled this nonsense.
What does it mean to you when someone says "Immigration adds to population in the country that lets them in and therefore increases pollution" and you say "No, it doesn't."
I did not say that you did. I asked a question based on what you said.
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Fact- Immigration has always been a net positive for the US economy!
Fact - illegal immigration is still illegal.
Regardless, legal or not, immigrants are an economic positive...
Tell that to border states and some big sanctuary cities.
They might disagree.
Exactly,
Yeah, another blamed Republicans.
It’s pretty amazing don’t you think that Democrats never seem to be wrong on anything.
Show us proof that illegal immigrants are an economic positive
Then the sanctuary cities should be ecstatic to let in all the illegals since it will help the state economy too.
Yeah, so why are they all bitching, pissing, n moaning about the numbers they are getting? You’d think the mayors of these shitho, er, sanctuary cities would be thinking”wooohoooooo, we’re gonna have the best economy in the history of economies because we’re getting thousands of illegals, send me more abbott”.
recession, as more workers help boost productivity without causing a spike in wage inflation.
drives the cost of housing up and keeps wages down. No wonder the party of Wall Street loves immigration.
Absolutely. The Wall Streeters frame this as being "good" for the economy. Really? If immigration is so great for the economy then why did the US have a massive financial meltdown in 2008 due in part to shady loan practices to "immigrants" who really did not qualify for loans?
Immigration lowers wages. Wall Street gains. Working class loses. Nothing new.
Lot of info at the link below of how our elected officials worked for Wall Street instead of Main Street for decades prior to 2008 in order for this to happen.
Are we on the threshold of a repeat of a collapse of a housing bubble in the near future?
Definitely.
What are the jobs going unfilled that require immigrants to fill them?
7 million+? That's alot of crop pickers. Perhaps it's part of their Green plan? Replace fossil fueled combines and such. Sounds alot like plantation farms...
That is the standard reply of anyone who supports open borders for any of the reasons that run the gamut from virtue signaling to personal financial gain.
According to USDA data, there are a few hundred thousand immigrants employed in picking crops.
The worldwide trend is to automate most crop picking because there is a worldwide shortage of people who will pick crops.
I recently saw an estimate of over 22 million illegal immigrants/migrants that currently reside in the US.
Does anyone in government have any accountability for allowing this problem to happen in the first place?
Especially when you can go to a sanctuary city or state and get 1000 debit card for food and free healthcare and you can steal whatever else you need without fear of prosecution.
Every Administration back to WWII when we invited them, primarily on the West coast so that the food would keep growing, to stay. It was called the Bracero Project
300,000 stayed, married and started American familie
But something like 60% of the 22 million are actually here on expired visas
Travel visas sometimes but more so, work and education visas. Why go back to some shithole country
after you're established here?
You would think that ICE would be interested, but too many of them are doctors and engineers... making $ and contributing to our tax base.
Are you stating that the US immigration laws do not have a path for legal citizenship for doctors and engineers and they are working in the US illegally? Really? If so, that should be fixed immediately.
As far as jobs that require little to no education, shouldn't immigration be limited to the areas of shortage?
Or should the US eliminate any form of immigration control because people from shithole countries should be allowed to live here? The majority of illegal immigrants come from Mexico - which has been an industrialized nation for years with national healthcare and social systems to aid the impoverished. Hardly a shithole country.
Because it is election year, it seems that Biden (or whoever is in charge of the border) is making some changes.
The Daily Mail? Not fit to line the bird cages, lol.
I had two friends from Oxford, here working on nanotechnology at the University of PA,
They owned great homes in the suburbs etc., married and started families. I sold them every kind of insurance you can think of for years.
INS sent them letters that their work visas were coming up for renewal but based on incorrect information
and that they had to leave the country and reapply from England.
They were English nationals of Pakistani descent. They were denied readmission to the USA
so both sold everything here and moved back to merry old England, continued their research at Oxford
and Oxford gets their many, many patents and rights to their research and accomplishments.
.
The primary thing wrong with the current system in place at the border since 1952(?) is that
80% are let in knowing that 8o% of those will be denied asylum some 5 to 11 years from now
and have to be deported at that point, usually leaving behind children born here.
It's as effed up a system as Congress could ever devise and no one in Congress as expressed by the Senate
as recently as last week, has the cajones to drop the politics and fix it.
How can this be? With sanctuary cities taking money away from services being provided to legal citizens, to pay for illegal immigrants?
Something is rotten in Denmark …. Cities and communities are going into the red all over the country … how can this be?
Well with the issue on the US southern border ,it also creates an issue on the northern border with Canada, I just read that they can turn away asylum seekers that cross illegally.
Can't Business Insider or even any democrat distinguish between immigrants and Illegal immigrants?
Approximately 50% of all illegals are here on overstayed visas.
Work visas and education visas.
They stay, get great jobs, marry, pay taxes, contribute.
No Administration seems willing to deal with it.
Instead we chase the paper trail created at the southern border
that the government admits will result in a denial some 10 to 11 years afterwords.