Social Security and immigration: Put ’em on the grid Part XXIV
by digby
Following up on David Atkins’ post below I thought I’d highlight Krugman’s column from a couple of days ago about the future health of Social Security and Medicare. It should put people’s minds somewhat at ease — at least those who’ve been staying up nights worrying about its ability to pay full benefits decades down the road. Krugman concludes with this:
The truth is that the long-term outlook for Social Security and Medicare, while not great, actually isn’t all that bad. It’s time to stop obsessing about how we’ll pay benefits to retirees in 2035 and focus instead on how we’re going to provide jobs to unemployed Americans in the here and now.
What he doesn’t mention in his column is something that’s starting to be a part of the dialog more and more often. (Some of us have been talking about this for years, but we’re DFH weirdoes …)
A Senate bill to overhaul U.S. immigration laws would help ease financial strains on the Social Security retirement program, government analysts said on Wednesday in a report that marked the latest salvo in a debate over the legislation’s impact.
In a letter to Florida Republican Senator Marco Rubio, who is one of the authors of the bill, analysts at the Social Security Administration said the overall effect of the bill on the Social Security’s finances “will be positive.”
The analysis said the bill would create a net 3.22 million jobs over the next decade and boost U.S. gross domestic product by 1.63 percentage points over that period…
Advocates for immigration reform contend it would help ease pressure on government programs such as Social Security because it would result in a greater number of younger workers to support aging baby boomers, who are beginning to retire in large numbers.
The analysis from the Social Security actuaries could lend support to that argument.
And keep in mind that this temporary blip in demographics from the greedy geezer baby boomers will taper off as we die out and balance will eventually be restored.
Younger workers are just what the doctor ordered. And they too will be eligible for benefits when they get old, supported by their offspring just as the program intended.
Unfortunately, I wonder if this argument will end up making it harder to pass immigration reform. It might be too much of a double whammy for the rabid right wing base to tolerate: Latino immigrants funding social security (and eventually getting it.) But as with so many things, they’d be shooting themselves in the foot by not supporting it. Putting these folks who want to work and live in the US into the system is good for everyone, especially the old white folks who will need to depend on Social Security for the next few decades. Put ’em on the grid!
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