Greenspan Says Illegal Immigration Aids U.S. Economy (Update1)Of course, "the economy" consists of a variety of winners and losers from illegal immigration.
By Nicholas Johnston
April 30 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said that illegal immigration makes a â€?significantâ€? contribution to U.S. economic growth by providing a flexible workforce.
Greenspan, appearing before a Senate subcommittee today, said illegal immigrants provide a â€?safety valveâ€? as demand for workers rises and falls.
â€?There is little doubt that unauthorized, that is, illegal, immigration has made a significant contribution to the growth of our economy,â€? Greenspan said. An overhaul of U.S. immigration laws is â€?badly neededâ€? to create legal avenues for skilled and unskilled workers to enter the country legally, he said.
â€?Our immigration laws must be reformed and brought up to date,â€? Greenspan told the Senate Judiciary Subcommittee on Immigration, Refugees and Border Security. [More]
Winners: The illegals themselves, and their employers. Losers: American workers and taxpayers.
Update: A reader writes
"If, as he says, illegal aliens add `flexibility` to our economy, then shouldn`t they be leaving when we`re in a recession like now? Seems to me his comments are a better argument for NOT legalizing illegal aliens and requiring employers to use existing guest worker programs."
In fact, they should go back, because it`s cheaper to be poor Mexico than it is in the United States, but they`re staying because there`s a lot of money around even if you`re unemployed, much of it provided by the American taxpayer