Latinos contribute to the U.S. economy
Logically, the vast majority point to the detriments of overflowing Latino migration in the United States.
The growing wave of migration to the United States, characterized by millions of unauthorized migrants, has had a significant economic impact.
A study reveals that Latinos contribute to the U.S. economy by expanding and accelerating the country’s growth, although not without challenges in terms of wages and productivity.
According to a Congressional Budget Office (CBO) report released on February 7, 2024, the increase in potential workers is expected to reach 1.7 million by this year and 5.2 million (approximately 3% more) by 2033.
This increase in the labor force, accompanied by a projected Gross Domestic Product (GDP) growth of 2.1%, represents economic dynamism.
The report suggests that Latinos contribute to the U.S. economy through immigration that differs from previous waves of immigration.
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Latinos contribute to the U.S. economy
The importance of this phenomenon lies in the contribution of new workers not only to economic expansion but also to tax revenues, derived both from their wages and the economic activity they generate.
Phillip Swagel, director of the CBO, noted in an interview with The Wall Street Journal (WSJ), that “more workers means more production, which in turn leads to additional tax revenues.”
This factor is central to the forecast of a reduction in the federal deficit to 6.4 percent of GDP by 2033, contrasting with a previous estimate of 7.3 percent.
However, the profile of these new migrants suggests that, while contributing to economic growth, they could exert moderate downward pressure on wages and productivity in the near term.
The U.S. Department of Homeland Security noted that more than 2.5 million migrants crossed the southwest border in 2023, a record that has increased net immigration to 3.3 million people over the past year.
This figure is significantly higher than the annual average of 919,000 recorded in the 2010s.
The numbers make it clear that Latinos contribute to the U.S. economy.
Migrants seeking asylum at the U.S. southern border are especially heading to large cities such as New York and Chicago.
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Contribution of the Latino economy
Local laws in these cities require that asylum seekers be offered housing, triggering a legal process that often extends for years, during which time migrants can live and work in the country.
In the 1990s, President Bill Clinton shared similar concerns, pledging to fight the influx of “illegal aliens” into the country.
In his 1995 State of the Union address, Clinton emphasized, “The jobs they fill could otherwise be filled by citizens or legal immigrants; the public services they use impose burdens on our taxpayers.”
Tom Barkin, President of the Federal Reserve Bank of Richmond, noted that the recent rebound in immigration has “helped ease labor market pressures” post-pandemic, and thus inflation.
According to a study, Latinos contribute to the U.S. economy as never before in any other period in history.
Logically, the vast majority point to the detriments of overflowing Latino migration in the United States.
The growing wave of migration to the United States, characterized by millions of unauthorized migrants, has had a significant economic impact.
A study reveals that Latinos contribute to the U.S. economy by expanding and accelerating the country’s growth, although not without challenges in terms of wages and productivity.
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According to a Congressional Budget Office (CBO) report released on February 7, 2024, the increase in potential workers is expected to reach 1.7 million by this year and 5.2 million (approximately 3% more) by 2033.
This increase in the labor force, accompanied by a projected Gross Domestic Product (GDP) growth of 2.1%, represents economic dynamism.
The report suggests that Latinos contribute to the U.S. economy through immigration that differs from previous waves of immigration.
