Latest Wave Of Immigration Expands Economy.

February 15, 2024 Glen Turpening

More people entering the nation to live and work and pay taxes gives a boost to the economy. (Wall Street Journal)

The influx of millions of unauthorized migrants in recent years has sparked a political firestorm that has paralyzed Congress and consumed election campaigns. But it also has a benefit: a bigger, faster-growing economy. The precise scale of that economic boost was laid out in the Congressional Budget Office’s latest long-term budget and economic outlook, released Feb. 7. It estimates the labor force will be larger by 1.7 million potential workers in 2024 and 5.2 million more—about 3%—in 2033 than the nonpartisan agency expected one year ago. Gross domestic product—the value of all goods and services produced in a year—should be 2.1% larger. Because those extra workers will be paying taxes and generating economic activity that also yields tax revenue, the federal deficit should be smaller at 6.4% of GDP in 2033, rather than 7.3% as projected last year.

By Paul Kiernan, 'Wall Street Journal'

Immigration into America continues to be the thorniest of political issues that vexes both parties. Constituents in both the GOP and Democratic parties want more lax immigration laws but both parties also have wings diametrically opposed to more immigrants entering the nation, especially the GOP. That explains the reluctancy to anger any large voting bloc in a nation so bitterly divided down the center.