The Economic Case for Fixing U.S. Immigration System
The political tussles over immigration reform remain complicated, but one thing is certain: Reform will help the U.S. economy.
That's the conclusion of a new report Business Roundtable issued today, "Contributing to American Growth: The Economic Case for Immigration Reform," which draws on major analyses to document the potential economic gains.
- The Bipartisan Policy Center (BPC) estimates that reform would increase gross domestic product (GDP) by 4.8 percent over 20 years relative to the status quo, while the Congressional Budget Office (CBO) estimates that reform would boost real GDP by 5.4 percent by 2033 and add 9 million workers to the labor force.
- Crucially, research suggests that these immigrant workers are likely to complement native-born workers rather than replace them, thereby generating efficiencies that benefit both groups.
- CBO finds that U.S. productivity would be about 0.7 percent higher in 2023 and about 1.0 percent higher in 2033 under a reform scenario compared to projections under current law.
- Immigration reform would also likely have a small positive effect on wages over the longer term. Both BPC and CBO find that median wages would increase by 0.5 percent over a 20-year period.
To illustrate the myriad ways immigrants succeed in U.S. business, the report also provides anecdotes about CEOs and top executives from BRT companies and how they worked hard, studied and prospered in America, today leading businesses that employ tens of thousands of people.
Plus, an infographic!
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In 2016, Business Roundtable will focus its efforts on greater job expansion and economic growth – national priorities that are inextricably linked. Informing our plan is our collective business experience as CEOs of America’s leading companies, experience that tells us what it takes to build momentum for the United States in in 2016 and beyond.