The $7 trillion boost to the US economy from immigration has downsides too

[Social Media]

 

The surge in immigration to the United States has been hailed as a significant driver of economic growth, but it also comes with its share of challenges and complexities. While Federal Reserve Chair Jerome Powell credited a boom in immigration as a contributing factor to the country's remarkable economic expansion, recent developments suggest a potential shift towards stricter measures to curb immigration.

 

Amidst debates over immigration policy, including a controversial law in Texas allowing state officials to detain suspected undocumented immigrants, Congress is grappling with the issue against the backdrop of a looming partial government shutdown. However, amidst the political bickering, the economic implications of immigration often take a back seat, despite their significant impact on the nation's economy.

 

On the surface, the economic benefits of immigration seem apparent. More workers translate to increased output and additional tax revenue, as highlighted by Phillip Swagel, director of the Congressional Budget Office (CBO). The surge in immigration, particularly among prime-age working individuals, has contributed to substantial growth in the nation's workforce, with projections indicating a $7 trillion boost to the economy over the next decade.

 

However, the economic impact of immigration extends beyond mere growth figures. While immigrants contribute to federal tax revenue, they also place strains on state and local governments' resources, particularly in areas such as public education and social welfare programs. While immigrants may not qualify for certain social welfare benefits, they still impose costs on state and local governments, leading to a net negative impact on their budgets.

 

Furthermore, immigrants have played a crucial role in addressing labor shortages in the country, particularly as job openings outnumber unemployed individuals. Tara Watson, director of the Center for Economic Security and Opportunity at the Brookings Institution, emphasized the vital role immigrants play in easing labor shortages, especially as the population ages and fertility rates decline.

 

However, despite these benefits, immigration also poses challenges, particularly in terms of wage growth. The CBO predicts downward pressure on average real wages in the near term, as immigrants tend to work in sectors with lower wages. While there may be a reversal of this trend as migrant workers acquire more advanced skills, the overall impact on real wages is expected to be lower than it would have been without current immigration trends.

 

In essence, while immigration provides a significant economic boost, it also presents policymakers with a complex set of challenges to navigate. Balancing the economic benefits with the strain on resources and potential impacts on wage growth requires careful consideration and policy adjustments to ensure a sustainable and equitable outcome for all stakeholders involved.

 

21.03.24

Source

 

[thaibeachlovers]

A quick read of that leads me to believe that what the author is saying in plain English is that the benefits accrue to the private sector and the downside is given to the public sector ( tax payer ) to deal with.

[nauseus]

Downsides? Really? 

[Eric Loh]

Do Americans need to be reminded that USA is a nation of immigrants and generations of immigrants build the country and are still building the country no matter what the GOP say. 

[impulse]

2 hours ago, Eric Loh said:

Do Americans need to be reminded that USA is a nation of immigrants and generations of immigrants build the country and are still building the country no matter what the GOP say. 

 

Most of that "building" came long before the welfare state where a crafty individual can go from cradle to grave without ever working a day. 

 

GOP'pers aren't anti-immigration.  Just anti free-for-all.  We prefer our newcomers do it legally, which means vetting to make sure they're not in MS13 (or worse).  We can attract the best and the brightest immigrants from around the world.  But the educated ones are inclined to vote conservative when they get legal citizenship.  And that's a problem for Dems.

 

Edit:  Living and working for over 20 years in Thailand and China has given me a whole new appreciation for the difficulty of legal immigration.  That needs to be fixed to make it easier, and make the numbers bigger.  But opening the border to anyone that shows up isn't the way.  I've got too many Chinese and Thai friends with degrees and advanced degrees who would make more money in the USA picking fruit than they do at home as accountants, etc.  Those are the guys I want to let in...

 

Edited March 21 by impulse

[G_Money]

2 hours ago, Eric Loh said:

Do Americans need to be reminded that USA is a nation of immigrants and generations of immigrants build the country and are still building the country no matter what the GOP say. 

Sounds like you need to be reminded and brought to your senses.

 

I’ve posted many more before and will continue to do so.  
 

Just to keep “reminding” you.

 

https://www.foxnews.com/us/illegal-migrant-from-brazil-apprehended-ma-wanted-home-country-for-escaping-prison-violent-crime-ice

 

https://www.foxnews.com/media/furious-resident-aoc-district-says-migrants-turning-neighborhood-epicenter-crime-prostitution

[wombat]

Biggest downside is for the tax payers who inherit the debt 

[Hawaiian]

3 hours ago, Eric Loh said:

Do Americans need to be reminded that USA is a nation of immigrants and generations of immigrants build the country and are still building the country no matter what the GOP say. 

Tell that to those being laid off and being replaced by Biden's "newcomers."

[sirineou]

3 hours ago, Eric Loh said:

Do Americans need to be reminded that USA is a nation of immigrants and generations of immigrants build the country and are still building the country no matter what the GOP say. 

The GOP is right, After the anglos came here, the country reached perfection. any other ethnicities coming here can only detract.

Behold !!

[john donson]

does this profits average joe or the big companies selling crap ?

 

last I hear was that the USA is giving voting rights to ILLEGALS and they all are remembered to vote for BIDEN,  and get  10k USD for the trouble, on top of free hotels, food...

[G_Money]

3 hours ago, Eric Loh said:

Do Americans need to be reminded that USA is a nation of immigrants and generations of immigrants build the country and are still building the country no matter what the GOP say. 

https://www.foxnews.com/video/6349317886112

 

Another reminder to listen to the people that actually live along the border.  Biden refuses to, naturally.

 

Instead of liberals posting from the safety of their basement.

Edited March 21 by G_Money

[sirineou]

1 minute ago, sirineou said:

The GOP is right, After the anglos came here, the country reached perfection. any other ethnicities coming here can only detract.

Behold !!

If you look closer at the impressive ,military grade back and front packs you will notice that they are empty. I wonder where the fat boy keeps his beer? I mean other than in his far bearbelly. 

[blazes]

3 hours ago, Eric Loh said:

Do Americans need to be reminded that USA is a nation of immigrants and generations of immigrants build the country and are still building the country no matter what the GOP say. 

Yes, immigrants who, for the most part, reached America legally.

 

Whoever wrote the OP piece (ChatGPT?) is totally out of touch with reality.  These illegals (I doubt anyone knows the exact number under this Biden regime, but certainly in the region of 8-10 million) are (if they ever find jobs) likely to depress the income of working-class Americans.

But on the other hand, why work if you can turn up in NY and be handed credit cards with $10k to look after yourself after your long trek (and secret nighttime flight) from some terrorist-producing country in Central America or beyond.

[blazes]

6 minutes ago, sirineou said:

The GOP is right, After the anglos came here, the country reached perfection. any other ethnicities coming here can only detract.

Behold !!

 

I see you agree with racial profiling then.

[sirineou]

1 minute ago, G_Money said:

https://www.foxnews.com/video/6349317886112

 

Another reminder to listen to the people that actually live along the border.

 

Instead of liberals posting from the safety of their basement.

or conservatives from pattaya, 

Ohh, a little more to the right please, Yea yea , that's the spot. 

[sirineou]

1 minute ago, blazes said:

 

I see you agree with racial profiling then.

Not at all

 

[Thingamabob]

Comments from the likes of Jerome Powell are as ridiculous as they are dishonest. Uncontrolled, illegal immigration helps nobody other than those who profit from employing cheap labour.

[JonnyF]

It's amazing how the countries with the highest rates of immigration are also the ones doing so badly financially, ridden with debt.

 

It's almost like the whole "immigration is great for the economy" line is a pack of lies to placate the people who don't like importing the world's problems and conflicts to their neighborhoods in order to provide cheap labour for huge corporations. 

 

Maybe I should stop thinking too much and just be a good boy and repeat the mantra 100 times "Diversity is our greatest strength", "Diversity is our greatest strength", "Diversit....  😃. Otherwise I might be labeled a heretic, or worse...

[Chomper Higgot]

1 minute ago, JonnyF said:

amazing how the countries with the highest rates of immigration are also the ones doing so badly financially, ridden with debt.

 

Link?

[Srikcir]

"a large portion of recent and future expected migrants are believed to be between 25 and 54 years old"

Decreased birthrate, Midicare and social security funding solved.

Edited March 21 by Srikcir
msp

[alex8912]

5 hours ago, Eric Loh said:

Do Americans need to be reminded that USA is a nation of immigrants and generations of immigrants build the country and are still building the country no matter what the GOP say. 

Yah right. Tell that to those who came through Ellis Island vs illegally now.  No comparison. No handouts. 

[Wrwest]

3 hours ago, G_Money said:

Sounds like you need to be reminded and brought to your senses.

 

I’ve posted many more before and will continue to do so.  
 

Just to keep “reminding” you.

 

https://www.foxnews.com/us/illegal-migrant-from-brazil-apprehended-ma-wanted-home-country-for-escaping-prison-violent-crime-ice

 

https://www.foxnews.com/media/furious-resident-aoc-district-says-migrants-turning-neighborhood-epicenter-crime-prostitution

Citation of Fox News as a creditable source for fact?

[Wrwest]

46 minutes ago, alex8912 said:

Yah right. Tell that to those who came through Ellis Island vs illegally now.  No comparison. No handouts. 

Yah, right. I have studied some history. In so doing compare the population now and then. Take a look at earlier mass immigration ... result of 1848 Revolutions in Europe, the mass immigration from SE Mediterranean resulting in anti-immigration action (they were Catholic after all). Certainly we have seen the largest membership in the KKK in the 1920s in response to new post WW I immigration, Catholic immigration and returning Black Soldiers having fought and coming home "upity" as they had experienced better treatment in Europe. It was a different time with different immigration pressures. Right now those coming are not just from Latin America. They are part of a global refugee movement (ask Europeans). Middle East, China, Russia, Senegal ... fleeing war, poverty, domestic political repression and seeking a better secure economic life. Too bad the Republican Party Congressional representatives chose to ignore the Senate Bipartisan Bill. That all said, I figure we both recognize there is, in fact, an immigration system issue as a result of both parties having "kicked the can down the road" for decades. What is now taking place is a result of the failure of Congress to pass needed legislation.

[Wrwest]

1 hour ago, Srikcir said:

"a large portion of recent and future expected migrants are believed to be between 25 and 54 years old"

Decreased birthrate, Midicare and social security funding solved.

Certainly, immigration policy is a bit more complicated when looking at things broadly rather than as a yes/no, right/wrong issue.

[Wrwest]

2 hours ago, Hawaiian said:

Tell that to those being laid off and being replaced by Biden's "newcomers."

Begs for the challenge of citing a creditable source at a time of record hiring, low unemployed, reports of not being able to find workers?

[G_Money]

2 hours ago, Wrwest said:

Citation of Fox News as a creditable source for fact?

Absolutely.

 

Are you saying those links aren’t correct?

[G_Money]

2 hours ago, Wrwest said:

Yah, right. I have studied some history. In so doing compare the population now and then. Take a look at earlier mass immigration ... result of 1848 Revolutions in Europe, the mass immigration from SE Mediterranean resulting in anti-immigration action (they were Catholic after all). Certainly we have seen the largest membership in the KKK in the 1920s in response to new post WW I immigration, Catholic immigration and returning Black Soldiers having fought and coming home "upity" as they had experienced better treatment in Europe. It was a different time with different immigration pressures. Right now those coming are not just from Latin America. They are part of a global refugee movement (ask Europeans). Middle East, China, Russia, Senegal ... fleeing war, poverty, domestic political repression and seeking a better secure economic life. Too bad the Republican Party Congressional representatives chose to ignore the Senate Bipartisan Bill. That all said, I figure we both recognize there is, in fact, an immigration system issue as a result of both parties having "kicked the can down the road" for decades. What is now taking place is a result of the failure of Congress to pass needed legislation.

Do gooder of the year award acceptance speech.

[Hawaiian]

7 hours ago, Wrwest said:

Yah, right. I have studied some history. In so doing compare the population now and then. Take a look at earlier mass immigration ... result of 1848 Revolutions in Europe, the mass immigration from SE Mediterranean resulting in anti-immigration action (they were Catholic after all). Certainly we have seen the largest membership in the KKK in the 1920s in response to new post WW I immigration, Catholic immigration and returning Black Soldiers having fought and coming home "upity" as they had experienced better treatment in Europe. It was a different time with different immigration pressures. Right now those coming are not just from Latin America. They are part of a global refugee movement (ask Europeans). Middle East, China, Russia, Senegal ... fleeing war, poverty, domestic political repression and seeking a better secure economic life. Too bad the Republican Party Congressional representatives chose to ignore the Senate Bipartisan Bill. That all said, I figure we both recognize there is, in fact, an immigration system issue as a result of both parties having "kicked the can down the road" for decades. What is now taking place is a result of the failure of Congress to pass needed legislation.

What is now taking place is a result of not securing our borders and not enforcing the laws already in place.  More legislation will not do much to solve the problem if the rules are not applied.

[EVENKEEL]

13 hours ago, alex8912 said:

Yah right. Tell that to those who came through Ellis Island vs illegally now.  No comparison. No handouts. 

My parents did with 4 kids

[kwonitoy]

16 hours ago, sirineou said:

The GOP is right, After the anglos came here, the country reached perfection. any other ethnicities coming here can only detract.

Behold !!

 

 

Might be the Gravy Seals, or even Meal Team Six, or YA'AL-Qaida