Social Security & Immigration: The Now & The Later - AMAC & The Motley Fool
Keith Speights acknowledges the negative public sentiment around the recent massive illegal immigration and the bipartisan group of lawmakers trying to grapple with it. Illegal migrants strain public services. As for Social Security, the immediate issue, however, is not enough legal immigration. Legal migration adds workers to the system who make payroll tax contributions now. That revenue can shore up the trust funds. Years later, however, as these immigrants (particularly low wage workers) become beneficiaries, they will tend to draw far more than their contributions. Speights cites a Bipartisan Policy Center report that acknowledged, “Increases to immigration will not single-handedly solve Social Security’s financial woes.” The report added, though, that “decreases to immigration will undoubtedly only make the looming insolvency crisis worse.” Full piece here.