Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Social Security Agency Says Immigration Bill Aids Economy

May 8 (Bloomberg) -- A Social Security Administration analysis said the Senate’s bipartisan immigration proposal would boost U.S. tax revenue, create jobs and increase the gross domestic product over the next 10 years.

Stephen Gross, chief actuary for the agency, said the bill would have a “substantial positive effect” on the economy, in a letter to Florida Senator Marco Rubio, a Republican who helped draft the legislation and requested the analysis.

The analysis, released today, may aid backers of the legislation, which has been criticized by opponents as a drain on the U.S. economy. A report released earlier this week by the Republican-leaning Heritage Foundation said that creating a path to citizenship for about 11 million undocumented immigrants now in the U.S. would cost taxpayers $6.3 trillion.

According to the Social Security Administration, the bill would add more than $275 billion in revenue to Social Security and Medicare, increase the gross domestic product by 1.63 percent and add more than 3 million jobs over the next decade.

The Senate Judiciary Committee tomorrow plans to begin considering hundreds of amendments to the legislation.

“The timing couldn’t be better,” said Frank Sharry, executive director of immigrant-rights group America’s Voice in Washington. “It’s a game changer.”

To contact the reporter on this story: Lisa Lerer in Washington at llerer@bloomberg.net

To contact the editor responsible for this story: Steven Komarow at skomarow1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.