Immigration Surge Predicted to Propel US Economy with $7 Trillion Boost Over Next Decade, CBO Reports

[WellPreserved]

"As the United States grapples with various economic challenges, a bright prospect emerges from the recent analysis by the Congressional Budget Office (CBO). The CBO projects an astonishing $7 trillion surge in the U.S. economy over the next ten years, propelled by a significant increase in immigration. This robust forecast shines a light on the dynamic role immigration is poised to play in the economic narrative of the nation.

Phillip Swagel, the CBO Director, underscored the profound economic implications of a burgeoning labor force resulting from higher net immigration. Swagel’s statement, “More workers mean more output, and that in turn leads to additional tax revenue,” captures the essence of the CBO’s outlook. The labor force expansion, primarily due to immigration, is predicted to swell by 5.2 million people, which the CBO anticipates will generate approximately $7 trillion in GDP and $1 trillion in federal revenues from 2023 to 2034.

The surge in immigration began unexpectedly in 2022, and the CBO assumes this trend will sustain for the subsequent years. Immigrants, who tend to be younger, are more likely to join the workforce, which will not only help counterbalance the retirement of the aging native-born population but also stimulate overall economic growth. Such a demographic infusion is crucial for the country, particularly as it navigates the headwinds of an aging populace, a challenge faced by other developed nations."

https://www.msn.com/en-us/money/markets ... r-BB1ivWqr