U.S. Rep. Kathy Castor (D-Tampa/St. Petersburg, FL) today highlighted the often-overlooked but critical boost that comprehensive immigration reform would provide to Social Security. Rep. Castor was joined by Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, and Jack McRay, AARP Florida Advocacy Manager.

“There are various economic benefits that stand out with comprehensive immigration reform and all Americans stand to gain from them,” Rep. Castor said. “One of the most compelling reasons for the U.S. House to pass immigration reform is to strengthen Social Security. The Office of the Chief Actuary for Social Security estimates that about 8 million individuals who now work in the 'underground economy' and do not pay taxes will begin paying into Social Security if the reform measure is passed."

Comprehensive immigration reform would ensure full Social Security solvency through 2035 and reduce Social Security unfunded liabilities by nearly half a trillion dollars through 2087, according to the Office of the Chief Actuary for Social Security. This office states that the Senate-passed Immigration Reform Bill would begin to strengthen Social Security immediately; and over the next decade, the bill would increase the Social Security Trust Fund’s asset reserves by $284 billion and continue to provide net revenue to the Trust Fund for decades to come. A significant portion of the revenue increase would come from currently undocumented workers, who would start to pay their share of payroll contributions once they leave the underground economy. In fact, in a letter to Sen. Marco Rubio in May, the Chief Actuary estimates that about half of this total revenue increase would result from currently undocumented immigrants.

“Americans are already concerned about reductions to the present-day benefits of Social Security,” Rep. Castor said. “Supporting comprehensive immigration reform would address these concerns for today’s generation and for generations to come.”

“We support comprehensive immigration first because we believe it is the right thing to do,” Richtman said. “There are about 11 million undocumented workers in the United States today. These workers come here to work. They contribute to the economic health of our nation. The Senate bill would boost the economy by 1.63 percent, and immigration reform would lead to the creation of 3.2 million jobs within 10 years.”

Rep. Castor has been focusing Tampa Bay neighbors on how comprehensive immigration reform would benefit our local economy, create jobs and boost economic security.