America, in many ways, remains a young and vital nation, full of promise for the future. However, many of the people who helped to fulfill this promise in the past have themselves reached retirement age. The present generation of “Baby Boomers” (those who were born in the aftermath of World War II) are presently presenting a special challenge to the American economy, in terms of health care and other associated costs. An excellent resource for understanding the long term costs that retiring “Baby Boomers” place on the American health care system and general economy can be found here.
How Does Immigration Reform Relate To The Current U.S. Economy?
The “Baby Boomer” generation represents some 75 million Americans. As this generation of citizens retires, they naturally leave a large void in the work force. To put it bluntly, once they earn the right to retire from the work force, they also stop contributing to it. Since many retire on a fixed income, this also means that they will be purchasing less items from the market place, and less frequently as well. This, in turn, places a major strain on both state and Federal budgets.
What this means in the long run is that a solution must be found that will help seal up the gaps in the American work force and overall economy. As the “Baby Boomer” generation passes into history, a new source of labor must be allowed to enter the American work force to take their places. The source of this solution is a simple but controversial one: Immigration. In a word, immigration reform is seriously needed in order to restore the ailing American economy, and place it on a competitive footing with the rest of the world.
Immigration Is Good For The Economy
As President Barack Obama has recently observed, “The lesson of these 236 years is clear – immigration makes America stronger. Immigration makes us more prosperous. And immigration positions America to lead in the 21st century.” And current news stories in general tend to bear this out.
For example, a recent study published by the Congressional Budget Office has stated that meaningful immigration reform would increase the Gross Domestic Product (GDP) output by a figure of 3.3. percent by 2023, and 5 percent by 2033. These percentage points represent a boost to the American economy of over $700 billion by the year 2023, and $1.4 trillion by the year 2033. Clearly, the course of immigration in this country is central to the question of restoring the American economy.
Avoiding A Massive Demographic Catastrophe In Coming Years
The fact of the matter is that immigration from foreign countries is widely expected to play an extremely decisive part in shaping the overall demographic composition of the United States in the years to come. This will be due to several factors, such as the effect that immigration reform will allow workers from other nations to increase and enrich the working population in this country. As the present generation of “Baby Boomers” passes away, these new immigrant workers could replace them.
This coming wave of immigration, which is expected to increase in size during the course of the next four decades, will have other positive effects on the population. For example, they will help to slow the average age of the American citizen. This will be of critical importance in maintaining the balance of our nation’s economy.
Businesses and Immigration Reform
Business owners in America are taking notice of the positive effects that immigration has traditionally had on the economy. As the controversy over immigration reform heats up and politicians on both sides of the ideological divide hash out the pros and cons, the fact is that immigration to this country is increasing. More and more individuals from foreign lands are joining the work force, regardless of what view the media and the average citizen take on the matter. It is, therefore, of vital importance that business owners in particular be fully informed and up to date concerning immigration and its effects on the work place and the economy in general.
An excellent way to get up to speed on all of these pressing matters is to contact a law firm that specializes in matters of immigration. If you require help in getting an H1-B Visa, EB-5 Visa, or any other sort of visa for yourself or for a prospective employee, you should contact a qualified immigration attorney.
Beeraj Patel, Esq.
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