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Greg Siskind on Immigration Law and Policy

CBO: Immigration Bill Would Cut Deficits Substantially

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On balance, the economic impacts not included in the cost estimate would
have no significant net effect on federal budget deficits during the
coming decade and would reduce deficits during the following decade.
Taking into account a limited set of economic effects, the cost estimate
shows that changes in direct spending and revenues under the
legislation would decrease federal budget deficits by $197
billion over the 2014-2023 period and by roughly $700 billion over the
2024-2033 period. The cost estimate also shows that implementing the
legislation would result in net discretionary costs of $22 billion over
the 2014-2023 period and $20 billion to $25 billion over the 2024-2033
period, assuming appropriation of the amountsauthorized or otherwise
needed to implement the legislation. According to CBO's central
estimates (within a range that reflects the uncertainty about two key
economic relationships in CBO's analysis), the economic impacts not
included in the cost estimate would have no further net effect on budget
deficits over the 2014-2023 period and would further reduce deficits
(relative to the effects reported in the cost estimate) by about $300
billion over the 2024-2033 period.


*****


S. 744 would boost economic output. Taking account of all economic
effects (including those reflected in the cost estimate), the bill would
increase real (inflation-adjusted) GDP relative to the amount CBO
projects under current law by 3.3 percent in 2023 and by 5.4 percent in
2033, according to CBO's central estimates.



By the way, when some of the anti-immigrant folks try to discredit the Congressional Budget Office, consider this quote:


"I say all the time that CBO is God around here, because policy lives and dies by CBO's word." -- Sen. Chuck Grassley [3/6/2006]

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Comments

  1. Cross's Avatar
    Obviously the antis will say that since Democrats hold the Senate and the Presidential seat, the CBO has a favorable report for them.
  2. Sam's Avatar
    CBO summary is

    Increase the size of the labor force and employment,
    Increase average wages in 2025 and later years (but decrease them before that),
    Slightly raise the unemployment rate through 2020,
    Boost the amount of capital investment,
    Raise the productivity of labor and of capital, and
    Result in higher interest rates.

    It clearly says there will be decrease in wages until 2025 and also increase of unemployment til 2020. So for 11 years it report says mixed to negative for middle class people but postive for corporations and service business including immigration lawyers. When increase in population then obviously increase in business for service sector and big companies. If all need to be benefited then immigration should have gradual increase not sudden or consistent increase
  3. No propaganda 's Avatar
    Typical Rightist propoganda, the wage decrease would be 0.1% only temporarily as the new workers would just be getting absorbed into the work force. it would substantially rise then, the overall macro economic effects would augur will for everyone, not just corporations.

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