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Wednesday, March 26, 2008
Social Security and illegal immigrants
By VictorM:The 2008 report of the Social Security Trustees released today the "actuarial balance" of the system is better than it's been since 1993.
Wow, how about that? Want to know why? It appears that instead of making up numbers to address illegal immigrants based on the make-up of the general population, they actually built a model that better represents that group.
I never knew the specifics, and couldn't quantify them, but I always felt that people who claimed illegal immigrants hurt us in this area were dead wrong, mainly because of the third point above. I actually never thought of the first two points, but that makes a lot of sense too.And guess what?
Illegal immigrants tend to skew young. This benefits the system.
Young people have more children than older people. This benefits the system.
Some illegal immigrants pay taxes for a few years and then leave. This benefits the system.
Bottom line: "This year's report results in [...] a substantial increase in the number of working-age individuals contributing payroll taxes, but a relatively smaller increase in the number of retirement-age individuals receiving benefits in the latter half of the long-range period." Give or take a bit, it turns out that this shores up the Social Security system to the tune of around $13 billion per year. Thanks, illegal immigrants!
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