Immigration to Boost US GDP by $7 Trillion Over Decade, CBO Says
- Migrant surge will lift demand and increase the labor force
- CBO also projects $1 trillion more in government revenues
The surge in immigration will help bolster the US economy by about $7 trillion over the next decade by swelling the labor force and increasing demand, the Congressional Budget Office said on Wednesday.
The stronger growth will be good for the federal government, lifting revenues by about $1 trillion more than otherwise over the period, according to the non-partisan agency. Wages, however, will rise more slowly, in part reflecting the increase in the number of lower skilled workers, in the CBO’s estimation.