Immigration, at its current pace, would add 5.2 million people to the workforce by 2033, per CBO
The Congressional Budget Office (CBO) recently stated that welcoming more immigrants could boost the country’s GDP. In a report released last week, the agency estimated that if immigration increases, the US GDP could grow by $7 trillion over the next decade.
The agency’s findings coincide with debates in Capitol Hill over immigration policies and border control measures. Just last week, a bipartisan border security bill was blocked by Senate Republicans.
But
The CBO believes more immigrants are good for the federal government.
- Continued growth in immigration over the next 10 years could yield roughly $1 trillion more in federal revenue than otherwise.
- Immigration, at its current pace, would add 5.2 million people to the workforce by 2033. The added workforce would add to the number of people paying taxes and would mean increased demand for goods and services.
However, the CBO pointed out that an increased workforce may slow down wage growth because migrants often take lesser-paying jobs.
Despite the positive economic outlook, uncertainties remain regarding population projections and the associated costs borne by states and localities.
Last month, the Supreme Court allowed Border Patrol agents to remove buoys and concertina-wire barriers from Texas Rio Grande, part of Governor Greg Abbott’s Lone Star initiative, to stop illegal border crossings.