New Report Warns the Sky Will Fall and Social Security Will Collapse if We Reduce Immigration
Okay, maybe the sky falling is a bit of an exaggeration. But a new report from the Urban Institute’s Damir Cosic and Richard Johnson does predict doom if we move to the leaner, more skills-based immigration system proposed by Sen. Tom Cotton (R-Ark.) and David Perdue’s (R-Ga.) RAISE Act.Here’s what they say will happen if the RAISE Act were to become law:
- The Social Security Administration’s unfunded obligations would increase by $1.5 trillion over the next 75 years.
- The fund would go into the red sooner (in 2033, instead of 2034).
- The U.S. labor force would shrink by 2 million workers in 2030, 6 million in 2050, and 8 million in 2070. Fewer workers = fewer people paying into the trust fund.