What shape would our economy be in had S.774 been enacted in 2013? It was passed by the Senate but killed by then House Speaker John Boehner to prevent it being brought to the floor and thereby fracture the Republican delegation. This was the most recent fully developed immigration reform package and the last one passed by at least one legislative chamber.
If the bill had passed, we would have a population of 345 million vs actual of 335 million. Our Gross Domestic Product would be $23.5T vs. actual of $22.7T. Our workforce would be at least 5 million persons larger.
Real GDP would be greater by 3.3% in 2023 and by 5.4% in 2033 if the bill was enacted, according to CBO central estimates of the overall economic impact. Under the full range [of alternative provisions in the bill] the bill could boost GDP buy between 5.1% and 5.7% in 2033. Because the population would expand by 3% due to the bill, GNP per capita would rise by much less than the total GNP. According to our estimates, the bill would reduce per capita GNP by 0.7% in 2023 and increase by 0.2% in 2033. [Under the full range of estimates] the bill would lower per capita GNP in 2033 by as much is 0.2% or raise it by as much is .6%.
Among the projected impacts of S. 744 were more rapid economic growth, increased employment, and reduced federal deficits; if S. 744 were to be enacted as law in 2023, over the next 10 years [2023 – 2033] gross domestic product would be cumulatively $2.9 trillion higher, employment would be 26 million greater, and budget deficits would be reduced by nearly $300 billion. If S. 744 were enacted along with pro-investment incentives, real wages would rise for all workers, in contrast to the mixed impacts projected for S. 744 alone.