U.S. economy will grow about 7 trillion dollars

A recent report by the U.S. Congressional Budget Office predicted significant economic growth in the U.S. for the next decade

A recent report by the U.S. Congressional Budget Office predicted significant economic growth in the United States over the next decade, estimating an increase of $7 trillion, driven primarily by population growth due to immigration to the country.

According to the analysis, the continuous migratory flow that began in 2022 is projected to extend until at least 2026, thus exerting a positive effect on national economic growth.

The Bureau’s forecasts have been adjusted, with the expectation that by 2033, the U.S. labor market will have 5.2 million more people than anticipated in previous reports.

As a result, US Gross Domestic Product (GDP) is expected to increase by $7 trillion between 2023 and 2034, with a further $1 trillion increase in government revenues.

The report argues that immigration will contribute an average of 0.2 percentage points to the country’s GDP.

However, despite these positive projections, the report also points to growth in the federal debt, reaching an all-time high of 116 % in 2034 and forecasting a continued increase to 172 % in 2054.

In addition, the government deficit is expected to increase from $ 1.6 trillion in 2024 to $ 2.6 trillion in 2034.

The release of this report coincides with a heated debate in Congress between Democrats and Republicans over measures to impose immigration restrictions at the border.

While President Joe Biden’s administration has proposed limiting asylum applications on the southern border in exchange for approving new military aid funds for Ukraine, the Republican wing closest to former President Donald Trump is reluctant to give in to these proposals, especially in an election year, even though some of the measures have been called for years by conservatives.

K. Tovar

Source: Descifrado

(Reference image source: Unsplash+)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

You might also like