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So much for that report now turning to our money power panel to weigh in on how the president's economic agenda.
Perform with me now is Christian Dorsey from the economic pump.
To do we also have received slap former spokesperson for president George W.
Bush and steep Steven Camerota.
From the Center for Immigration Studies welcome to all of you receive -- start with you what do you think about this idea that immigration reform.
-- would help reduce the deficit do you buy that.
You know I really don't not under President Obama and his sort of spending habits.
But what I -- you think it's gonna happen is when you look at congress.
They're gonna view this immigration reform package and figure out -- way they're gonna need to figure out a way to make it as revenue neutral as possible or figure out a way to reduce that -- -- there isn't -- it's going to be associated with implementing any form of this and immigration reform in 2006.
We saw that the CBO came out saying that the plan that President Bush had proposed was gonna you know basically -- -- deficit eighteen billion dollars.
But again they even have any questions that need to be hammered out with the.
-- you know it's hard to quantify what this really means you know if you make more immigrants legal.
And that's more stress on the system they're going to use more social services but it also is a higher tax base how to get -- out.
Yet look I think ultimately and that's out to the positive in terms of overall economic growth but I would not look at this is a deficit reduction package for those people who consider them slight.
The president -- -- that you think you need to see you got to sell because that's that's how he's Seligman.
Well it seems that everything today is packaged within the context of what it will -- will my due to the deficit where is really what's at issue with immigration reform.
Is whether or not it's the necessary thing to do in order to see that America.
Can realize its full labor market potential that's really the most important thing attaching it to a specific number of deficit reduction in my opinion is not yeah constructive or helpful.
Stephen about that -- mean overall do you think it grows the economy if you look at it from a pure economic perspective if you have a larger labor force and a bigger consumer base that means a larger economy doesn't.
There's no question that the presence of the illegals.
Makes the US economy the overall GDP bigger and it lowers the -- capita GDP because illegal immigrants are so much -- when you count -- -- again.
It makes it small and makes the overall average much less because illegals are overwhelmingly unskilled we think the majority having even graduate -- so does that change if you legalize.
If that probably doesn't change the big concern is what most -- says if you legalize them.
They don't pay that much in taxes because it reflects their educational attainment.
And low income people it's not a lot of education don't pay that much in taxes but they tend to use a fair amount of services even when they're paid on the books so my research heritage and -- shows that there is a significant fiscal costs -- legalizing them.
They'll be illegal immigrants themselves might do better that could be a justification but if you worried about the deficit it's definitely a bad deal for -- series by.
Economics I hear you -- mercy -- And there's there's there's no real consensus on how what's gonna happen in terms of in passing this immigration reform plan.
But what we did know -- when you have the children of these immigrants for example that are being educated Americans is in the American system and are able to graduate from high school and they're able to because.
Contributors to our society I think that's a huge benefit for America.
And what we do know is that if you are able to put in place for example a temporary guest worker program an effective wanna last year -- one.
A less expensive what -- actually.
Companies -- he is a lot of these.
Individuals will be coming and working when they need to work seasonally and go back it works in Canada.
They've establish it in Australia this isn't an effective program for example that we could use in order to make sure that businesses first -- -- your had a mean you think but it is a bonus for the economy how come when you disagree with that you've -- so far.
Well I certainly I do believe -- once you you bring people out of the shadows -- you you you make them full participants in the labor market be received.
The wages that are prevailing that they deserve those wages have been spent in the economy that increases economic growth do you see them.
Pursue paths to make greater and greater income try to become more and more entrepreneurial this will be in that.
Benefit for us overall I don't think there's any question about that otherwise we really wouldn't be talking about it.
The sticky as widget that is is really yet to be decided is what we do with that issue.
Of guest workers that Mercedes talked about that's the real critical dividing line between Democrats and Republicans right now.
I -- another huge issue Stephen I was confused about -- you have President Obama and -- inviting labor unions in to talk about this.
At me as a kind of trying to play both signs that it seems like it's not they're not representing.
Their members' best interest because bringing more cheap labor into the country mile -- illegal.
-- like -- you know the people its most threatening to our our current union members the same time.
They clearly want these folks to come -- to be legal because it would beef up the union.
Rolls which are shrinking right now.
Right and it didn't happen in 86 -- we have our last amnesty did increase unionize -- but the hope here is maybe this time it will.
If you just want to represent the interest of American workers obviously encouraging the seven or eight million illegal immigrants here to go home would be best unemployment is 1520%.
Among the young and less educated who compete with illegals but the union leadership is hoping for new members but it also sees its -- as selfish part of coalition politics with progressives and so -- -- -- they're putting sort of coalition politics first hoping for progressive social policy.
-- had their own workers kind of you know are not their top.
-- -- -- an interesting choice does that -- spoke -- semi Mercedes when you look at the stats Hispanic union members jumped 21%.
Over the past ten years while white membership fell 13%.
It seems like it's very clear where their interest may -- in this.
That's try and it's a trade off for the labor unions.
And one hand they want to make sure that these immigrants are they get a pathway to citizenship they view them as being able to make that sales pitch to.
-- she does but at the same time they know that they're gonna have -- have to accept that temporary guest worker program that the president has been so silent on four.
For awhile he didn't even mention in his Nevada speech so instead.
It is a trade off for them but they view it as a win in terms of getting more.
Hispanics to become union members okay we'll leave -- very fantastic I hope all three you'll come about yeah thank you students next.
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