Immigration has helped boost US economic growth
Immigration into the United States has surged in recent years, and it has boosted economic growth. Based on an analysis of records from the Department of Homeland Security and other sources, the Congressional Budget Office (CBO) has substantially revised up its estimates of net immigration into the United States. CBO now estimates net annual immigration averaged 3 million in both 2022 and 2023 and projects that this year’s pace will be high as well.
Many new immigrants have likely joined the US labor force, increasing the productive capacity of the macroeconomy. The implied increase in “…