Economic Benefits of Commonsense #Immigration Reform

1.      Reduces the Deficit: Today, the nonpartisan Congressional Budget Office released their score of the Senate’s immigration bill, providing yet more evidence that commonsense immigration reform is good for the budget and good for economic growth. CBO estimates that fixing our broken immigration system will reduce federal deficits by $197 billion over 10 years and $700 billion over the second decade.

2.      Grows the Economy: The CBO also found that commonsense immigration reform will increase GDP by 3.3 percent by 2023 and by 5.4 percent in 2033 due to higher labor force participation and increased investment.

3.      Strengthens Social Security: Not only is immigration reform good for economic growth, it will also strengthen Social Security. The Social Security Chief Actuary estimates that the Senate bill will add over $200 billion to the Social Security Trust Fund over the next decade. Currently undocumented immigrants alone will pay about $170 billion more in federal Social Security and Medicare taxes as a result of the bill, because the legislation lets them come out of the shadows and work legally, ensuring that they pay payroll taxes.

4.      Spurs Job Creation: According to the Partnership for a New American Economy, immigrants are more than twice as likely to start a business in the United States as non-immigrants, and in 2011, immigrants started 28 percent of all new business while only accounting for 13 percent of the U.S. population. According to the Fiscal Policy Institute, small businesses owned by immigrants employed an estimated 4.7 million people in 2007, and these small businesses generated more than $776 billion in revenue annually.

5.      Increases Consumer Demand:  According to the 2010 American Community Survey, immigrants earned a total of $1.1 trillion, and theImmigration Policy Center estimates that the purchasing power of Latinos and Asians, many of whom are immigrants, alone will reach $1.5 trillion and $775 billion, respectively, by 2015.

6.      Boosts Exports: Investments to strengthen the border and facilitate more efficient trade with both Mexico and Canada will strengthen the U.S. economy. Canada and Mexico are our first and third trading partners in the world, respectively, together accounting for nearly one-third of U.S. exports in 2012 and more than $3 billion two-way trade per day in 2012. An increase in exports means more jobs right here in the US.

About David Leopold
Past President American Immigration Lawyers Association (AILA), In-the-Trenches practicing immigration Attorney, Blogger, Activist, Photographer, Educator, World Traveler. All opinions are my own.

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