The Congressional Budget Office (CBO) released a report last week on the fiscal effects of immigration. Perhaps because it offers a theoretical discussion rather than new numbers, the report has been mostly overlooked in the media. That's a shame, as this report deserves to be read in conjunction with every numerical analysis of immigration policy that the CBO produces. The report emphasizes the uncertainties associated with fiscal estimates and it should help cast doubt on the CBO's famously positive top-line estimate of the Schumer-Rubio amnesty bill from two summers ago.
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