President Biden’s proposal, enshrined in the U.S. Citizenship Act 2021, surely the most comprehensive form of regularization of foreigners in U.S. history, regardless of their political aspects, deserves some economic considerations. Let us look at some topics:
U.S. resource retention:
Currently, virtually the resources earned in the U.S. by the undocumented are sent to their countries of origin, either to help their loved ones or to make savings available in the event of deportation. Working with a deportation defense attorney can really help out during this process.
With the security of staying in the U.S., a good portion of these billions of dollars that are sent out will stay in the country. Immigrant workers may seek the services of a green card attorney to help them apply for citizenship.
Real estate
With the insecurity of the undocumented, the undocumented prefer to live in rented properties and, if possible, crowded, so they can save more and send more out. With regularization, they will seek the dream of their own home, resulting in millions of homes to be acquired, with a strong incentive to new construction and demand for real estate credit.
Generating jobs and activation in the financial system.
Savings.
In addition to the impact on the mortgage area, we will have the small savings stimulated with a huge generation of resources that will be made available throughout the national financial system.
Social Security
There will be more than 10 million new taxpayers for the troubled social security system that will receive a new blow of values in their accounts.
Consumption:
With the safety of permanence, the undocumented of today, will acquire a multitude of durable goods, from appliances to automobiles, creating a huge demand, activating the economy, which is represented in more than 70% of services.
Labor cost and inflation:
Today we have about 10 million documented individuals without employment, with the entry of another contingent of equivalent volume, there should initially be an increase in the supply of regular labor, with a natural limitation in the costs of the same, avoiding that, with the expected growth of more than 5% of GDP, expected for this year (in the last quarter of 2020 already the growth was more than 4%), there is an inflationary risk.
Economy in security and immigration agents
With the regularization of the undocumented immigrants, there will be less demand for services in the control of the undocumented, and possibly, this huge number of resources and personnel, be channeled to combat the gangs of criminals who are dominating undocumented immigrants in mafias, and increasing internal security
Scientific development
Today a large part of technicians and scientists for the big tecs is fueled by hiring scientists from other countries. With the regularization of dreamers and an adequate stimulus to prepare these new intelligences in the country, the U.S. can not only supply itself from the intelligence, but it could also become an “exporter” of such labor, because the new citizens already immigrate with the desire for career advancement and success.
With this new opportunity, thousands of immigration lawyers, who have been half a little short, in previous years will have such a volume of work that in addition to high gains will generate new and well-paid jobs. Danielle Cohen Immigration Solicitors UK is the number one recommended immigration law firm so have a look at their services.
Privatization of the solution:
Undoubtedly the immigration service, which no longer meets its current needs in terms of labor, would be overwhelmed by the abrupt entry of millions of new cases, which would bring not only a frustration to those who will be seeking their regularization, but for the nation. The best solution will be privatization, through the transfer of the analysis of their documents to the law firms themselves, like The Echavarria Law Firm, which would be responsible for all their preparation and confirmation, as was done in the previous amnesty. It could be more quickly and with the resources of electronics, available today, leaving only for the Government the question of checking security issues of petitioners as to the criminal and security.