Senator Marco Rubio, one of the republican members of the Gang of Eight requested that the U.S. Social Security Administration, Office of the Chief Actuary study the effects of the proposed immigration reform legislation, S. 744, the Border Security, Economic Opportunity, and Immigration Modernization Reform Act on this country’s Social Security system. An actuary is a statistician who calculates the possible financial impact of financial proposals. You can read the resulting analysis in a letter from the Chief Actuary to Senator Rubio in the link below. The letter includes an accompanying table which shows the findings in further detail.
The Chief Actuary’s analysis projects that by 2024 that the proposed immigration reform act would create 3.22 million jobs and increase the Gross Domestic Product (GDP) by 1.63 percent. He stated in the closing that, “Overall, we anticipate that the net effect of this bill on the long range OASDI actuarial balance will be positive.” OASDI stands for old age, survivor and disability insurance, which is commonly referred to as Social Security.
Source of Information:
washingtonpost.com (5/8/13) letter:
Letter from the Office of the Chief Actuary to Senator Rubio, includes table
washingtonpost.com (5/8/13) post:
Study: Immigration reform would create over three million jobs
latimes.com (5/8/13) article:
Social Security boosted by immigration bill, chief actuary says