4 ways Trump’s mass deportation plans could hurt your finances
1 month, 1 week ago

4 ways Trump’s mass deportation plans could hurt your finances

CNN  

CNN — President-elect Donald Trump has made tougher immigration enforcement a key campaign promise in each of his White House bids. That contributes to the overall US economy: If current immigration levels are sustained, the country’s real gross domestic product could increase by 0.2 percentage points each year over the next decade, leaving it 2% higher in 2034, according to the Congressional Budget Office’s outlook report for the next decade. With historically low unemployment, finding people willing to work for low pay could be difficult, and companies may need to advertise higher wages to attract workers to replace deported laborers. Between 2008 and 2015, wages for US-born workers decreased 0.6% after the deportation of 454,000 unauthorized immigrant workers, according to a report by the University of New Hampshire Carsey School of Public Policy. The opposite would happen if there were “dramatic policy changes.” Social safety nets will take a hit If a large number of unauthorized workers are deported, it would cause funding problems for key federal programs.

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