Work is continuing in the U.S. Senate (seemingly behind the scenes) on the landmark immigration bill. From the financial perspective, a group led by Senator Marco Rubio (R-Florida) is reviewing a study provided by the Social Security Administration that could resolve some questions about the effect increased immigration would have on Social Security.
According to an ABC News.com report, the Administration indicated that the retirement program would be bolstered with millions of new taxpayers added to the economy. With millions more ostensibly paying into the system, it could provide a solution to the solvency problem posed by so many baby boomers retiring and tapping their benefits.
Specifically, the Administration’s analysis projects $300 billion in additional revenues to Medicare and Social Security over the next ten years. It also believes that the long-range prospects will be positive with additional immigrant workers in the economy.
The positive economic news comes as the Senate Judiciary Committee continues to answer challenges about the controversial visa program for lower skilled workers. There has been continued debate between the high-tech industry and farming communities over the sparse number of H-1B visas available.
Both industries have made their needs known to their representatives, and both believe that their growth opportunities are limited without additional workers being available. Companies such as Google and Microsoft believe that they must be able to fill positions for computer software expers, software engineers and other positions were there are a shortage of qualified U.S. workers.
At the same time, lawmakers want to make sure that adequate protections are in place to make sure U.S. workers get the first opportunity at those jobs.
Hearings on the issue are set to continue this week.
Source: ABC News.com, High-tech pushes for more in immigration bill, May, 14, 2013; Legal immigration focus of Senate panel, May 13, 2013