Immigrants will add $7 trillion to the US economy over the next 10 years

Economists believe that over 10 years, immigration will increase US GDP by $7 trillion and government revenue by $1 trillion, Bloomberg reports. Last week, in the midst of a series of scandals in Congress over border security, the Congressional Budget Office (CBO) released the latest version of its 10 -year budget and economic forecast. This is the kind of report that should shake up the immigration debate on Capitol Hill.

According to the latest data In the next 10 years, the federal budget deficit will reach nearly $20 trillion, and the debt-to-GDP ratio will reach 114% by 2033. Sure, it looks scary, but it's actually an improvement on last year's report: This year's forecast suggests that U.S. gross domestic product (GDP) over the next decade will be $7 trillion higher than last year, with an additional $1 in revenue trillion. More income and a larger economy equal a lower debt-to-GDP ratio. So what explains the good news?

Answer: Immigrants get the job done. “In 2033, there will be 5.2 million more people in the labor force than the agency projected last year. Much of this increase is due to the additional foreign nationals in CBO's new population projections,” the report said. None of this should be taken as an excuse for lax border security. The current situation is terrible. The asylum system is not working as it should, and people who enter the country and claim refugee status end up in court. The court's decision can be expected for years. This is unfair to people with legitimate claims and presents a huge loophole for those simply looking to work illegally.

Imagine how much faster the US could succeed with a properly designed and managed immigration policy. She would deliberately select those who would promote national interests

How will it look like
Of course, this is politics, so such issues need to be discussed. But there is one important concept - skilled workers. A major downside to the current situation is that while it is relatively easy to come to the US to work illegally, it is very difficult to practice a skilled profession without a visa.

Giving more visas to foreign-born doctors, dentists, programmers and engineers would have the same directional impact on macroeconomic variables (GDP and tax revenue growth, lower debt-to-GDP ratio) as the current influx of asylum seekers. But the value will be much greater because skilled workers receive higher incomes