The economic case for comprehensive immigration reform is well documented. Government economists at the Congressional Budget Office and the Social Security Administration’s Office of the Chief Actuary, along with a number of academic economists have shown that reforming our broken immigration system can have a significant positive impact on the federal balance sheet, Social Security solvency, and the employment situation. This morning, economic advisors at the White House released a report underscoring these points.

Key points from the report, titled the ‘The Economic Benefits of Fixing Our Broken Immigration System’, include:

  • Passage of the Senate bill will drive economic growth, spurring recovery through a larger labor force, more investment, and greater workplace productivity. In total, passing the Senate bill would grow the economy by as much as $1.4 trillion over the next 20 years.
  • Immigration reform means more jobs. The immigrant community is assertively entrepreneurial, disproportionately responsible for small business starts in the United States relative to their population size. As business startups are responsible for almost all job growth nationwide, more opportunities for immigrant small business owners through entrepreneur visas will translate to more jobs for everyone.
  • Visa overhaul will lead to greater innovation. The current visa system is broken, keeping out some of the best and brightest that want to make their contributions in American markets. A new system would change that, making it easier for high-skilled workers to work temporarily in the United States and giving low-wage temporary workers the protections needed to take on the risk of starting a business or going back to school. In total, these changes will embolden US competitiveness and increase productivity.
  • Comprehensive reform slashes the deficit and fortifies Social Security. The equation is simple; more taxpayers and more workers boost revenues and only marginally increase costs. The CBO finds that the federal deficit will be cut by as much as $850 billion due to the increase in the number of taxpayers. For Social Security, the demographics of the immigrant population (largely young) will be responsible for increasing the ratio of payers to beneficiaries for the Social Security and will extend solvency of Social Security by two years.

Earlier this year we took a comprehensive look at both high and low-skilled immigration reform – you can find that report here. Then sign your name in support of immigration reform.