Migrants Have Boosted Economy According to New Report

While the immigration situation has undeniably fueled political division in the U.S., the nonpartisan Congressional Budget Office (CBO) on Wall Street recently calculated that it will generate as much as $7 trillion to the gross domestic product over the next ten years. Pinning down the exact number of migrants proves challenging, given many have entered the country without documentation.

Nonetheless, the CBO used data from U.S. Customs and Border Patrol, estimating that approximately 2.5 million foreign-born individuals crossed over our borders in 2023, almost a million higher than the Census Bureau reported. These figures reflect an increase in legal immigrants, as well as a surge in illegal border crossings. The 32.5 million immigrant workers in the U.S. now comprise about one in five of all employed people in the country.

Economists have observed the correlation between the influx of foreign workers and how quickly the post-pandemic recovery has moved. Federal Reserve Chair Jerome Powell points to immigration as instrumental to recent strong economic growth. Opponents express concern that the increases in immigration will result in lower wages and worse conditions in some industries.

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