Immigrants to Drive U.S. Economy Growth, CBO Forecasts

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The Congressional Budget Office (CBO) forecasts that the U.S. economy will see substantial growth over the next decade due to the influx of immigrants contributing to the labor force. By 2033, the labor force is projected to see an additional 5.2 million people, primarily due to increased net immigration. This expansion is expected to result in a $7 trillion increase in GDP and a $1 trillion increase in federal tax revenues. The CBO's findings contradict some Republican narratives that portray immigration as a threat to the economy. Immigrants, both documented and undocumented, have a significant economic impact, supporting industries, addressing worker shortages, and contributing to the support of an aging native-born population. Undocumented immigrants use Individual Taxpayer Identification Numbers (ITINs) to pay taxes, contributing over [amount] in tax revenue in 2019. Immigrants play a pivotal role in labor-intensive industries such as agriculture, maintenance, hospitality, and home healthcare, helping to propel these industries and mitigate worker shortages. The CBO's assessment underscores the positive economic impact of immigrants and their importance for the health and growth of the U.S. economy.

#Economy #Immigration #CongressionalBudgetOffice #LaborForce #Gdp #TaxRevenues #UndocumentedImmigrants #WorkerShortages

https://bnnbreaking.com/politics/immigrants-to-drive-us-economy-growth-cbo-forecasts