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9 months ago
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ARTICLE AD BOX
As members of the U.S. Senate on Wednesday battled over a bipartisan security package containing "chaotic and cruel" border policies, a nonpartisan federal agency highlighted the economic benefits of immigration's impact on the labor force.
Based on 10-year projections, "the labor force in 2033 is larger by 5.2 million people, mostly because of higher net immigration," Congressional Budget Office (CBO) Director Phill Swagel said in a statement. "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."
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Those are some key takeaways from a new CBO report, The Budget and Economic Outlook: 2024 to 2034.
Although, as The Washington Post's Jeff Stein pointed out, "it does not take into account any legislation that Congress may or may not approve," the immigration-related projection still caught the attention of several politicians and observers.
English (US)