A report released by the NAS (National Academies of Sciences, Engineering, and Medicine) on 22 September, said that immigration was beneficial to the economy of the United States in the long-term.
Entitled ‘The Economic and Fiscal Consequences of Immigration,’ the report takes an overall look immigration has had on the American economy. According to this new report, wide-ranging factual information from the last decade demonstrates that immigrants and their descendants have perked up economic development, entrepreneurship and modernisation in the United States. They have supported the US-born workforce in various ways. With the Baby Boomers aging and gearing up to leave the workforce, immigrants will prove crucial by supporting the financial needs of the new workers and taxpayers of America.
Some key findings of the report state the following.
- During the period 2015-16, immigrant workers contribution to the expected GDP growth was almost worth $2 trillion.
- Immigration assists in slowing the aging of the US society, and workforce growth from 2020 to 2030 will primarily depend on immigrants and their descendants born in America.
- Adverse impacts on the wages or on all employment levels of US-born workers were slight to none. The only disadvantages felt was owing to the entry of immigrants who did not have a high school degree.
- In the entire US population, the descendants of immigrants make the most valuable economic contributions.
- The second-generation immigrants are more educated, contribute more through taxes and are drivers of economic growth.
- Contributions of immigrants have caused the cost of consumer goods and various services to fall across the US.
- The upshot of the NAS study is that even with the antiquated immigration system in place, the immigrants’ contributions are decidedly beneficial.
If you want to migrate to the US, approach Y-Axis to get dedicated guidance and support to file for a visa from one of its 19 offices located across India.