By Michael Messina
We are now less than a week away from the election. While convincing undecided Facebook friends (if they dare to come out of the shadows) seems like a tall order at this point, the L.A. Times recently published an article on the immigration plans of the two candidates that might be of some use. Labor 411 is inherently concerned with jobs and the economy of the U.S., and it appears almost all the experts agree that Hillary Clinton’s immigration policy comes out as the clear winner for the future of the U.S.
The financial difference between Clinton’s plan and Donald Trump’s is staggering. The L.A. Times reports on numbers from Moody’s Analytics:
By Moody's calculations, Hillary Clinton's more open-door position on immigration — including a pathway to citizenship for those already in the country illegally and increasing legal immigration — would add about a quarter of a percentage point to gross domestic product growth annually, on average, over the next decade. That translates to an additional $489 billion to the economy by 2026.
Donald Trump's plan to stem immigration and deport people who are in the U.S. illegally would have the opposite effect, the firm concluded. Moody's estimates that his immigration policies would reduce inflation-adjusted GDP by nearly half a percentage point, or about $880 billion, by 2026.
And while it is noted that a professor from UC Irvine likes Trump’s plan, there’s also this:
But economic research groups, on the left, right and center, have generally come to similar conclusions as Moody’s.
The nonpartisan Committee for a Responsible Federal Budget estimated recently that Clinton's immigration plans would boost economic output from the projected long-run growth rate of 2% to 2.3% a year on average, while Trump’s more restrictive policies would trim GDP growth from 2% to 1.7% over the next decade.
Yes, even the groups on the right believe Clinton’s plan will provide more economic stability in the coming years. To be clear, immigration is no easy problem to solve, but this latest report seems to affirm what we already knew: Trump’s plan is, at the very least, financially irresponsible and most likely crippling for the U.S. economy.
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