Opinion | The surge in immigration is a $7 trillion gift to the economy

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The nonpartisan Congressional Budget Office (CBO) released updated 10-year economic and budget forecasts, factoring in a previously unexpected surge in immigration that began in 2022. The CBO estimates 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. This increase in immigration has led to a multitrillion-dollar windfall for the overall economy and federal tax coffers. Immigrants are more likely to work than their native-born counterparts, leading to better economic growth. Federal Reserve Chair Jerome H. Powell has also highlighted the benefits of immigration, stating that the U.S. economy has benefited from immigration and that a big part of the story of the labor market coming back into better balance is immigration returning to pre-pandemic levels. However, poorly managed flows of immigration present near-term stresses on the U.S. economy. The article argues that there are ways to harness the energies and talents of immigrants and patch the immigration system. The Republican party is criticized for scaremongering about immigration and supporting policies that degrade the economy and labor systems. The article concludes by highlighting the historical importance of immigration to the United States and the positive impact it has had on the country's energy, ideas, and leadership in the world.

#Immigration #Economy #CongressionalBudgetOffice #Gdp #Revenues #LaborForce #FederalReserve #RepublicanParty

https://www.washingtonpost.com/opinions/2024/02/13/immigration-economy-jobs-cbo-report/