Source: The Economic Times The Times of India
Former Federal Reserve Chairman Alan Greenspan said that illegal immigration makes a 'significant' contribution to
Greenspan, appearing before a Senate subcommittee, said illegal immigrants provide a 'safety valve' as demand for workers rises and falls.
'There is little doubt that unauthorized, that is, illegal, immigration has made a significant contribution to the growth of our economy,' Greenspan said. An overhaul of US immigration laws is 'badly needed' to create legal avenues for skilled and unskilled workers to enter the country legally, he said.
'Our immigration laws must be reformed and brought up to date,' Greenspan told the Senate Judiciary Subcommittee on Immigration, Refugees and Border Security. Congress is beginning hearings on an overhaul of
'No one is happy with our current system,' New York Democrat Chuck Schumer, the subcommittee's chairman, said as the hearing began. 'There is a recognition in
'Economists generally view the overall economic benefits of this workforce as significantly outweighing the costs,' he said.
Greenspan also endorsed an expansion of the H-1B visa program for skilled workers that is backed by technology companies such as Microsoft Corp and Intel Corp. The 2007 legislation would have increased the size of the program to 115,000 annual visas, up from 65,000. Greenspan said
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