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The daily march of migrants across the Southern border has been a political curse for President Joe Biden. But for the economy, it may have turned out to be a blessing.
By adding millions of new workers to the labor market, the immigration surge has lifted payrolls and growth, and potentially helped keep a lid on consumer prices, according to recent research. Capitol Hill’s budgeteers also think it stands to reduce the deficit in the coming years.
In an analysis published earlier this week, Ernie Tedeschi, a former Biden White House economist, found that the post-pandemic pickup in immigration accounted for at least one-fifth of the increase in U.S. gross domestic product since the end of 2019. Though it wasn’t the only factor, the boost from migrants helped explain why the American economy has bounced back much more strongly than those of other developed countries, he argued.