A low-profile government agency in Washington recently conducted a study on the US immigration surge, revealing surprising findings about the economic impact of immigration. The Congressional Budget Office, a primarily accounting-focused agency, discovered that immigration had a much larger influence on the economy than previously believed.
In their 10-year demographic projections released in February, the CBO estimated that immigration would contribute significantly to population growth, resulting in a $7 trillion boost to the economy by 2033. This influx of new workers would also lead to increased government revenue, with projections showing a potential $1 trillion increase.
These findings shed light on why the US economy has remained strong in recent years, despite predictions of a downturn. By filling shortages in the workforce and stimulating demand, immigration has played a crucial role in driving economic growth. The unexpected impact of immigration on the economy highlights the importance of considering all factors when analyzing future trends and projections.