Report: Immigration Bill Would Boost Economy
The bill would be good for both the economy and for Social Security.
The Social Security Administration finds that by 2024, the immigration bill will have created 3.22 million jobs, and boost GDP by 1.63 percent.
The study was requested by Sen. Marco Rubio (R-Fla.), a key Senate immigration negotiator who has touted the economic value of comprehensive reform. He had furiously pushed back against a report released earlier this week from the conservative Heritage Foundation, which argues that the Senate immigration bill will cost $6.3 trillion due to new spending on entitlements and social programs.
Stephen Goss, the chief actuary of the Social Security Administration, said that over a longer term, Social Security benefits will increase, but at the same time, the rise in the U.S. population will have “substantial positive effects.”
“Overall, we anticipate that the net effect of this bill on the long-range [Social Security] actuarial balance will be positive,” Goss said.