this post was submitted on 08 Feb 2024
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As Lawmakers Debate Border, Immigrants Set To Add $7 Trillion To Economy (www.huffpost.com)
submitted 1 year ago by MicroWave to c/politics
3 comments fedilink hide all child comments
 

According to a new estimate, migrants are set to boost the size of the U.S. workforce and the economy.

While Senate Republicans killed a border security bill Wednesday because they said it wasn’t tough enough, Congress’ own economists said immigration is set to add trillions of dollars to the U.S. economy over the next decade.

The finding, by the nonpartisan Congressional Budget Office, echoes other economists who say the surge in immigration may have already provided another benefit to the economy by helping it avoid a recession, even as the Federal Reserve hiked interest rates sharply in 2023.

CBO Director Phillip Swagel told reporters that the economy through 2033 was projected to be bigger than previously thought because the number of workers in the labor force would be greater. According to economists, population growth and productivity growth determine the pace of economic growth over the long run.

“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,” Swagel said at a briefing unveiling the agency’s annual economic and budget forecast.

“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,” he said.

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[–] [email protected] 3 points 1 year ago

The neglect of other variables here is abysmal.

They talk like corporate executives behind closed doors. This isn't the talk in how to make things affordable, how people can live and co-exist in harmony. Nope, migrants are only good for economic growth if it only means a net positive for profit.

[–] [email protected] 2 points 1 year ago

Eliminating all national borders would add $100 trillion to the global GDP, 2/3 of which would go to the Global South.

Would you give up nationalism for an extra $10,000 per year for everyone in your family? I would.

[–] Yewb 0 points 1 year ago

What kind of goofy math is this