President Joe Biden's High-Migration Economic Policy
President Joe Biden's high-migration economic policy is projected to reduce Americans' annual wage gains to just one percent by the early 2030s, as reported by the Congressional Budget Office. The policy adds 8.7 million legal and illegal migrants from 2021 to 2026, which will impact wages, productivity, and interest rates. The influx of migrants is expected to boost the economy by 2.4 percent over 10 years, but will also lead to increased government spending on healthcare, anti-poverty programs, and interest payments on the federal debt.
Key Points
- Impact on wages, productivity, and interest rates
- 8.7 million legal and illegal migrants added from 2021 to 2026
- Increase in government spending on healthcare, anti-poverty programs, and interest payments
Pros
- Expected 2.4% boost to the economy over 10 years
Cons
- Reduction of Americans' annual wage gains to 1%