Report Details Economic Benefits of Immigration Reform
The Bipartisan Policy Center (BPC), a Washington, DC-based non-profit research organization, recently release a report entitled “Immigration Reform: Implications for Growth, Budget and Housing.” The report details how immigration reform legislation would be a “powerful instrument for economic revitalization” that would improve the US labor market, housing market, and overall economy. The report was authored by BPC’s Immigration Task Force Businesses large and small across a wide range of sectors have advocated for sensible immigration reform, arguing that updating our immigration system is necessary to support economic growth. The BPC report substantiates this assertion, finding that immigration reform will increase GDP by 4.8% over 20 years, reduce the federal deficit, support the recovery of our housing market, expand and decrease the average age of the workforce, and eventually increase long-term wages. However, each of these findings will be impacted by how Congress crafts reform legislation. This represents the importance of finding a bipartisan solution that is carefully fashioned to maximize the positive trends.
The BPC’s Immigration Task Force is co-chaired by two former governors, Haley Barbour (R-MI) and Ed Rendell (D-PA), and two former cabinet secretaries, Condoleezza Rice and Henry Cisneros, in previous presidential administrations. Collectively, they issued a statement saying, “The analysis that follows demonstrates that under almost every plausible approach, fixing our broken immigration system will benefit our economy. It also demonstrates that how Congress crafts reform matters to the overall economic performance. A balanced understanding of the costs and benefits of immigration reform is crucial to this process. We believe that it is both critical and possible to develop a bipartisan approach to immigration reform and hope that this analysis is helpful to achieving this goal.”
The New England Council shares BPC’s belief that immigration reform is essential to supporting growth in our region’s innovation economy. Immigration reform that addresses the shortage of high-skill workers in the U.S. has been on the Council’s top legislative priorities this year. The Council has advocated for an increase in H-1B visas for high-skilled foreign workers, and for the creation of a STEM Education Fund to develop a domestic pipeline of workers with expertise and training in the STEM fields. Learn more about our efforts the Technology section of our website.