The White House released a report on Wednesday that detailed the benefits of immigration reform and the costs associated with maintaining the status quo.
The report found that Senate-passed immigration reform would strengthen the overall economy and boost U.S. GDP. The Congressional Budget Office estimates that enacting the Senate immigration bill would increase real GDP relative to law projections by 3.3 percent in 2023 and 5.4 percent in 2033, or $700 billion in 2023 and $1.4 trillion in 2033.
Bipartisan immigration reform would also encourage job creation and innovation in the U.S. Immigration reform would streamline the process for highly-skilled and educated workers to immigrate to the U.S. and build businesses. The bill also encourages businesses to locate, invest and expand in the U.S. Under the newly passed legislation, immigrant entrepreneurs would be eligible for temporary and permanent visas if they can demonstrate that they have ideas that would attract American investment or create jobs in the U.S.
The report also said immigration reform increases the productivity of workers, which will boost GDP and increase wages. By allowing undocumented workers into the legal economy, American workers would be better protected against practices that undercut wages and create negative working conditions.
The reform bill also would decrease budget deficits by $850 billion over the next 20 years. Immigration reform would also improve the long-term standing of the Social Security system by adding younger workers to the workforce—which could contribute nearly $300 billion to the Social Security Trust Fund.