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Economic Implications of the RAISE Act

October 13, 2017
On Wednesday, August 2, President Trump endorsed a piece of legislation authored by Senators Tom Cotton (R-AR) and David Perdue (R-GA) that would radically change immigration policy in the United States. [1] Known as the RAISE (Reforming American Immigration for a Strong Economy) Act, the goal of the bill is, in the words of the President, to “not only restore [America’s] competitive edge in the 21st century”, but to also “restore the sacred bonds of trust between America and its citizens.” [2] [3]

By Adam Chernew

More specifically, the legislation is being pitched as a way to boost pay for American workers by protecting them from competition from immigrants, and includes two key provisions to do so. [2] First, in deciding whom to admit to the U.S., the bill would give far more weight to prospective immigrants’ skills rather than their ties to family members already in the country. Moreover, this bill would also cut in half the number of green cards issued annually from 1 million to 500,000 over course of the next decade. [4] Although these provisions do overlap to a degree, it is worth considering their economic impacts separately.

Currently, the American immigration system is primarily family-based. [4] The U.S. issues about 1 million green cards annually, and roughly sixty-five percent of them are allocated to individuals who have a family relationship with a U.S. citizen or lawful permanent resident of the United States. [5] As previously eluded to, however, the RAISE Act would change this by instead emphasizing applicants’ skills over their family ties. Specifically, the RAISE Act would eliminate visa preferences for extended family and grown adult family members of U.S. residents, while simultaneously establishing a point system for granting visas that gives prospective immigrants credit for education, English-language ability, and “entrepreneurial initiative” amongst other factors. [6]

Such a shift in immigrant prioritization has been criticized on both moral and economic grounds. As a moral issue, former Deputy Secretary of State, Tony Blinken, described this merit-based approach as un-American, and CNN’s Senior White House Correspondent Jim Acosta suggested that the provision violates the Statute of Liberty’s promise that the U.S. will welcome “huddled masses yearning to breathe free.” [7] [8] Economically, critics have suggested that a merit-based system prioritizing high-skilled workers could harm industries that rely on low-skilled immigrant labor (such as ranching) by raising their labor costs, which would in turn lead to higher prices for consumers. [9] That being said, a merit-based immigration approach has been shown to yield some economic benefits. For instance, evidence from Canada (which utilizes, although not exclusively, a point system) shows that immigrants arriving through the points system have higher education, employment rates and earnings than immigrants admitted through other channels and are therefore likely to make higher net contributions to the government (though there is no direct evidence linking immigration selection criteria and government contributions). [10] Likewise, Serge Shikher of the U.S. International Trade Commission has found that countries with a strong flow of highly educated labor (often facilitated through a merit-based system) tend to have more productive economies. [11] Thus, while some may consider prioritizing skills over family ties immoral, the economic impact of such a policy shift would likely be mixed. As is the case with many economic policy decisions, there are important tradeoffs to consider.  

Image: Graph of lawful permanent residents admitted to the United States each year between 1990 and 2015. Source: United States Department of Homeland Security, Office of Immigration Statistics.

Image: Graph of lawful permanent residents admitted to the United States each year between 1990 and 2015.

Source: United States Department of Homeland Security, Office of Immigration Statistics.

When it comes to the economic impact of the RAISE Act’s other main provision, however, there is far more consensus. Almost all economists agree that halving the number of green cards issued annually over the course of the next decade is a bad idea. For example, arguing that “the only way to meaningfully increase U.S. economic growth on a sustained basis anytime soon is to increase immigration”, Moody’s Analytics chief economist Mark Zandi called the bill’s effort to cut legal immigration a grave mistake. [12] More to the point, in April, over 1,400 economists from across the political spectrum sent a letter to President Trump and congressional leaders extolling the economic benefits of legal immigration and urging them not to cut it. [13] In defending their argument, they cited immigrants’ high rates of entrepreneurship. [14] which is critical at a time when Americans are starting fewer companies, [15] and highlighted the need to bring new workers to the U.S. to fill the employment holes left by retiring baby boomers. [15] In fact, the irony of cutting immigration in half over the course of the next decade is that it would likely prevent the U.S. from achieving 3 percent economic growth annually, a promise that President Trump has made repeatedly. [16] Hence, while moving toward a merit-based immigration system may provide certain economic advantages to the U.S., the same cannot be said for halving the number of immigrants admitted to the U.S. on an annual basis. Put simply, enacting this provision would be a major step backward for the American economy.

Student Blog Disclaimer
  • The views expressed on the Student Blog are the author’s opinions and don’t necessarily represent the Penn Wharton Public Policy Initiative’s strategies, recommendations, or opinions.

References: 

[1] Nakamura, David. “Trump, GOP Senators Introduce Bill to Slash Legal Immigration Levels.” Washington Post (Washington, DC), August 3, 2017. Accessed August 28, 2017. https://www.washingtonpost.com/news/post-politics/wp/2017/08/02/trump-gop-senators-to-introduce-bill-to-slash-legal-immigration-levels/?utm_term=.b5fc3c40452a.

[2] Rabbitt, Caroline. “Cotton and Perdue Introduce the Reforming American Immigration for a Strong Economy Act.” News release. August 2, 2017. Accessed August 28, 2017. https://www.cotton.senate.gov/?p=press_release&id=765

[3] White House. “Remarks by President Trump, Senator Tom Cotton, and Senator David Perdue on the RAISE Act and Green Card Reform.” whitehouse.gov. Last modified August 2, 2017. Accessed August 28, 2017. https://www.whitehouse.gov/the-press-office/2017/08/02/remarks-president-trump-senator-tom-cotton-and-senator-david-perdue

[4] Casselman, Ben, and Michelle Cheng. “Trump’s Plan to Cut Legal Immigration Could Hurt the Economy.” fivethirtyeight.com. Last modified August 4, 2017. Accessed August 28, 2017. https://fivethirtyeight.com/features/trumps-plan-to-cut-legal-immigration-could-hurt-the-economy/.

[5] Department of Homeland Security, Office of Immigration Statistics. U.S. Lawful Permanent Residents: 2015. By Ryan Baugh and Katherine Witsman. March 2017. Accessed August 28, 2017. https://www.dhs.gov/sites/default/files/publications/Lawful_Permanent_Residents_2015.pdf

[6] Reforming American Immigration for a Strong Economy Act (RAISE Act), S. Doc. No. 115, 1st Sess., at 1 (2017). Accessed August 28, 2017. https://www.cotton.senate.gov/files/documents/170802_New_RAISE_Act_Section_by_Section.pdf

[7] “Blinken: Merit-based System Is Un-American.” cnn.com. Last modified August 2, 2017. Accessed August 29, 2017. http://www.cnn.com/videos/world/2017/08/02/tony-blinken-trump-immigration-system-un-american-ath.cnn.

[8] Ryan, Josiah. “CNN’s Acosta, White House Aide Clash Over Immigration at Briefing.” Money.cnn.com. August 2, 2017. Accessed August 29, 2017. http://money.cnn.com/2017/08/02/media/jim-acosta-stephen-miller-immigration/index.html.

[9] Alvarez, Priscilla. “Is a ‘Merit-Based’ Immigration System a Good Idea?” theatlantic.com. Last modified March 11, 2017. Accessed August 30, 2017. https://www.theatlantic.com/politics/archive/2017/03/trump-cotton-perdue-merit-based-immigration-system/518985/.

[10] Hunt, Jennifer. “Analysis: Would the U.S. Benefit from a Merit-Based Immigration System.” pbs.org. Last modified August 3, 2017. Accessed August 30, 2017. http://www.pbs.org/newshour/making-sense/analysis-u-s-benefit-merit-based-immigration-system/

[11] Smith, Noah. “Canada Should Be Trump’s Model for Immigration.” www.bloomberg.com. Last modified November 17, 2016. Accessed August 30, 2017. https://www.bloomberg.com/view/articles/2016-11-17/canada-should-be-trump-s-model-for-immigration-reform.

[12] Long, Heather. “It’s a ‘Grave Mistake’ for Trump to Cut Legal Immigration in Half.” The Washington Post (Washington, DC), August 2, 2017. Accessed August 30, 2017. https://www.washingtonpost.com/news/wonk/wp/2017/08/02/its-a-grave-mistake-for-trump-to-cut-legal-immigration-in-half/?utm_term=.a7624f5bbc1f

[13] New American Economy Action Fund. “An Open Letter from 1,470 Economists on Immigration.” newamericaneconomy.org. Last modified April 12, 2017. Accessed August 30, 2017. http://www.newamericaneconomy.org/feature/an-open-letter-from-1470-economists-on-immigration/.

[14] Kerr, Sari Pekkala, and William R. Kerr. “Immigrants Play a Disproportionate Role in American Entrepreneurship.” Harvard Business Review, October 3, 2016. Accessed August 30, 2017. https://hbr.org/2016/10/immigrants-play-a-disproportionate-role-in-american-entrepreneurship

[15] Casselman, Ben. “Immigrants Are Keeping Young - and the Economy Growing.” fivethirtyeight.com. Last modified October 31, 2016. Accessed August 30, 2017. https://fivethirtyeight.com/features/immigrants-are-keeping-america-young-and-the-economy-growing/

[16] Stewart, Emily. “Trump’s Immigration Cuts Could Foil His Promises for Economic Growth.” thestreet.com. Last modified August 6, 2017. Accessed August 30, 2017. https://www.thestreet.com/story/14254137/1/trump-s-immigration-cuts-could-damage-prospects-for-economic-growth.html.

“The Slow Death of American Entrepreneurship.” fivethirtyeight.com. Last modified May 15, 2014. Accessed August 30, 2017. https://fivethirtyeight.com/features/the-slow-death-of-american-entrepreneurship/

Turner Broadcasting System. “Blinken: Merit-based System Is Un-American.” cnn.com. Last modified August 2, 2017. Accessed August 29, 2017. http://www.cnn.com/videos/world/2017/08/02/tony-blinken-trump-immigration-system-un-american-ath.cnn.

  • (Image: Tissue donation in the United States is in need of a transparent national policy. Source: Health Matters.) April 12
    It is estimated that one individual organ, eye, and tissue donor can save up to 75 lives [1]. Currently an average of 22 individuals die each day waiting to be matched for a transplant [2]. Donated tissues and organs both have lifesaving potential, but unlike donated organs, donated tissue is also purchased by biotechnology and cosmetic companies for research purposes. Most donors, however, are not aware of the differences between organ and tissue donation, including how it is removed, used, and regulated [3]. Even fewer are aware that by registering for organ donation, they have become tissue donors by default and that their tissues can be sold for up to $80,000 to profitable companies [4]. In order to increase transparency and not lose informed consent of donors, registration for tissue donation and organ donation in the United States should be separate processes.
  • Image: The digital divide. Source: MIT Tech Review.  April 10

    Google, Facebook, Twitter, Snap, Amazon, Microsoft, Apple — these companies have become household names, and the world today heavily relies on their services. To many, the benefits of cheap and easy connection to information are obvious, ranging from increased educational and career opportunities to an increased rate of technological innovation. However, as the pace of this progress accelerates, two distinct issues have remained concerning: the use of these technologies and access to them. The topic of this article mostly focuses on how people still lack access to the Internet. This lack of access to and of use of the Internet is known as the “digital divide.”

  • Uber's app interface. April 3

    Leo drives a mid-2000s Acura TSX and arrives at the pickup point in front of a train station in Trenton, New Jersey. I’m headed home from New York City for the Thanksgiving holiday. Leo gives me a hand with my suitcase, and in under a minute, we’re off, driving Interstate 276 West most of the way there. The 26.66 mile trip takes 45 minutes. It costs me $34.68 on one of the most popular rideshare platforms, of which Leo receives about $25, minus the cost of gas, tolls, and vehicle mileage. Leo is a pretty talkative guy, and the subject turns to the various driving platforms, like Uber and Lyft. Leo is a young guy, and he tells me he’s one of the approximately 1 in 4 drivers who does not have health insurance.

  • (Image: Farm scene with city of Philadelphia in the background. Source:  Yipa.org)  March 23
    Many young Americans leave home and never return. In particular, this trend can be seen in rural America. 1,350 counties “non-metro” counties have lost population since 2010.[1] Since the mid 1990s, rural population growth has been significantly lower than urban areas.[2] The movement of people has resulted in national economic growth, but there are consequences. Behind these numbers lie worrisome consequences.
  • (Image: Coffee cups floating in front of an image of the globe, alluding to the Boston Tea Party and Br... March 21
    Caffeine has been heralded as the world’s most popular drug. However, as more people want their coffees to go, the industry has failed to confront the waste from single-use cups. In the last two decades, the United Kingdom has seen a 400% increase in the number of coffee shops. The sheer volume of waste affects both the environment and the country’s waste management infrastructure [1][2]. In the UK alone, people throw away 2.5 billion disposable coffee cups a year [3]. The scope of this problem is magnified by the difficulty of recycling wax-lined paper (the most common material for coffee cups), with only 0.25% of these cups being reprocessed [4]. In order to combat the growing practical and environmental effects of throwing away single-use cups, UK lawmakers have stepped in, and are considering instituting a “latte levy,” a new tax to influence on-the-go coffee drinkers.
  • (Image: Pharmaceutical drug price hikes are now commonplace in American news. Source: Pixabay.) March 16
    Pharmaceutical drug price hikes have now become a common feature in American news. From Martin Shkreli’s infamous Daraprim price hike that saw a $737 increase to the chemotherapy drug Cosmogen that currently sells for $1,400 in the U.S. compared to $20-30 overseas, the problem is clearly systemic [1]. Many important cancer drugs, including Gilead’s Sovaldi, Merck’s Keytruda, and Vertex’ Kalydeco all cost over $80,000 for a course of treatment [2]. Often prices increase are unrelated to any new research and development done. There is a clear need to address such drastic drug price increases in order to prevent these dramatic hikes and create a more stable biopharmaceutical market.
  • (Image: Construction on the Tappan Zee Bridge in New York, the result of a public-private partnership, has generated over ... February 28

    The state of American infrastructure figures prominently in current national policy discussion, prompted by poor report cards, energized political campaigns, and recent executive initiatives. Severe underfunding of needed infrastructure projects has prompted proposals from both sides of the political aisle, with public-private partnerships (P3s) featuring prominently. This article evaluates and offers perspective on different types of P3s, examining their benefits and costs and the Trump administration’s plans.

  • (Image: The Fukushima Daiichi nuclear disaster of 2011. Source:  NYTimes) February 1

    Nuclear energy has the potential to assist nations in tackling climate change and sustain a rapidly growing world population. In the first part of this series on nuclear energy, I analyzed why nuclear energy is superior to other energy sources in achieving this end but also why current market forces prevent its growth. However, even if US legislators decided to pass legislation that aggressively expanded the country’s nuclear infrastructure, there are three primary non-market challenges with current U.S. policy, or lack thereof: a hostile public, the absence of a centralized nuclear waste disposal site, and concerns with proliferation and the imperilment of U.S. national security objectives. In order to responsibly expand nuclear energy capacities and prevent proliferation to hostile states, policy-makers have an obligation to address these issues. Not doing so may bear worse consequences than wantonly enlarging the United States’ atomic sector.

  • (Image: U.S. one dollar bill. Source: NeONBRAND on Unsplash) January 30
    In 2015, Seattle legislators signed a bill to gradually increase the city’s minimum wage to $15 an hour over several years. Businesses with fewer than 500 employees will still have until January of 2024 to deal with the full ramifications of the act. However, businesses that do not provide medical benefits and employ over 500 people were forced to pay their workers $15 dollars an hour starting this past January [1]. Since then, two major studies have been published on the effects of the act, one concluding that it has had a positive effect on economic activity and employment and the other stating that it has made the labor market far too rigid.
  • (Image: A hallway of jail cells. Source: Penn Criminology) January 25
    Today private prisons house about 126,000 federal and state inmates [1]. Orders issued under the Obama Administration to phase out the use of private prisons are now being reversed under the Trump Administration, which has caused some debates over the efficacy of private prisons to resurface. Chiefly, this reversal has sparked controversy over the economic benefits of private prisons in America, as the most avid dissidents highlight problems with the economic argument for private prisons and even moderate objectors point to inconclusive data as a poor indicator of their advantages.

PENN WHARTON PPI
RESOURCE SPOTLIGHT:

  • <h3>HUD State of the Cities Data Systems</h3><p><strong><img width="200" height="200" alt="" src="/live/image/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg" class="lw_image lw_image482 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg 2x, /live/image/scale/3x/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg 3x" data-max-w="612" data-max-h="613"/>The SOCDS provides data for individual Metropolitan Areas, Central Cities, and Suburbs.</strong> It is a portal for non-national data made available through a number of outside institutions (e.g. Census, BLS, FBI and others).</p><p> Quick link: <a href="http://www.huduser.org/portal/datasets/socds.html" target="_blank">http://www.huduser.org/portal/datasets/socds.html</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>NOAA National Climatic Data Center</h3><p><img width="200" height="198" alt="" src="/live/image/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg" class="lw_image lw_image483 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg 2x, /live/image/scale/3x/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg 3x" data-max-w="954" data-max-h="945"/>NOAA’s National Climatic Data Center (NCDC) is responsible for preserving, monitoring, assessing, and providing public access to the Nation’s treasure of <strong>climate and historical weather data and information</strong>.</p><p> Quick link to home page: <a href="http://www.ncdc.noaa.gov/" target="_blank">http://www.ncdc.noaa.gov/</a></p><p> Quick link to NCDC’s climate and weather datasets, products, and various web pages and resources: <a href="http://www.ncdc.noaa.gov/data-access/quick-links" target="_blank">http://www.ncdc.noaa.gov/data-access/quick-links</a></p><p> Quick link to Text & Map Search: <a href="http://www.ncdc.noaa.gov/cdo-web/" target="_blank">http://www.ncdc.noaa.gov/cdo-web/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>MapStats</h3><p> A feature of FedStats, MapStats allows users to search for <strong>state, county, city, congressional district, or Federal judicial district data</strong> (demographic, economic, and geographic).</p><p> Quick link: <a href="http://www.fedstats.gov/mapstats/" target="_blank">http://www.fedstats.gov/mapstats/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Federal Reserve Economic Data (FRED®)</h3><p><strong><img width="180" height="79" alt="" src="/live/image/gid/4/width/180/height/79/481_fred-logo.rev.1407788243.jpg" class="lw_image lw_image481 lw_align_right" data-max-w="222" data-max-h="97"/>An online database consisting of more than 72,000 economic data time series from 54 national, international, public, and private sources.</strong> FRED®, created and maintained by Research Department at the Federal Reserve Bank of St. Louis, goes far beyond simply providing data: It combines data with a powerful mix of tools that help the user understand, interact with, display, and disseminate the data.</p><p> Quick link to data page: <a href="http://research.stlouisfed.org/fred2/tags/series" target="_blank">http://research.stlouisfed.org/fred2/tags/series</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>The World Bank Data (U.S.)</h3><p><img width="130" height="118" alt="" src="/live/image/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg" class="lw_image lw_image484 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg 2x, /live/image/scale/3x/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg 3x" data-max-w="1406" data-max-h="1275"/>The <strong>World Bank</strong> provides World Development Indicators, Surveys, and data on Finances and Climate Change.</p><p> Quick link: <a href="http://data.worldbank.org/country/united-states" target="_blank">http://data.worldbank.org/country/united-states</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>USDA Nutrition Assistance Data</h3><p><img width="180" height="124" alt="" src="/live/image/gid/4/width/180/height/124/485_usda_logo.rev.1407789238.jpg" class="lw_image lw_image485 lw_align_right" srcset="/live/image/scale/2x/gid/4/width/180/height/124/485_usda_logo.rev.1407789238.jpg 2x, /live/image/scale/3x/gid/4/width/180/height/124/485_usda_logo.rev.1407789238.jpg 3x" data-max-w="1233" data-max-h="850"/>Data and research regarding the following <strong>USDA Nutrition Assistance</strong> programs are available through this site:</p><ul><li>Supplemental Nutrition Assistance Program (SNAP) </li><li>Food Distribution Programs </li><li>School Meals </li><li>Women, Infants and Children </li></ul><p> Quick link: <a href="http://www.fns.usda.gov/data-and-statistics" target="_blank">http://www.fns.usda.gov/data-and-statistics</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Internal Revenue Service: Tax Statistics</h3><p><img width="155" height="200" alt="" src="/live/image/gid/4/width/155/height/200/486_irs_logo.rev.1407789424.jpg" class="lw_image lw_image486 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/155/height/200/486_irs_logo.rev.1407789424.jpg 2x" data-max-w="463" data-max-h="596"/>Find statistics on business tax, individual tax, charitable and exempt organizations, IRS operations and budget, and income (SOI), as well as statistics by form, products, publications, papers, and other IRS data.</p><p> Quick link to <strong>Tax Statistics, where you will find a wide range of tables, articles, and data</strong> that describe and measure elements of the U.S. tax system: <a href="http://www.irs.gov/uac/Tax-Stats-2" target="_blank">http://www.irs.gov/uac/Tax-Stats-2</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Federal Aviation Administration: Accident & Incident Data</h3><p><img width="100" height="100" alt="" src="/live/image/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg" class="lw_image lw_image80 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg 2x, /live/image/scale/3x/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg 3x" data-max-w="550" data-max-h="550"/>The NTSB issues an accident report following each investigation. These reports are available online for reports issued since 1996, with older reports coming online soon. The reports listing is sortable by the event date, report date, city, and state.</p><p> Quick link: <a href="http://www.faa.gov/data_research/accident_incident/" target="_blank">http://www.faa.gov/data_research/accident_incident/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>National Center for Education Statistics</h3><p><strong><img width="400" height="80" alt="" src="/live/image/gid/4/width/400/height/80/479_nces.rev.1407787656.jpg" class="lw_image lw_image479 lw_align_right" data-max-w="400" data-max-h="80"/>The National Center for Education Statistics (NCES) is the primary federal entity for collecting and analyzing data related to education in the U.S. and other nations.</strong> NCES is located within the U.S. Department of Education and the Institute of Education Sciences. NCES has an extensive Statistical Standards Program that consults and advises on methodological and statistical aspects involved in the design, collection, and analysis of data collections in the Center. To learn more about the NCES, <a href="http://nces.ed.gov/about/" target="_blank">click here</a>.</p><p> Quick link to NCES Data Tools: <a href="http://nces.ed.gov/datatools/index.asp?DataToolSectionID=4" target="_blank">http://nces.ed.gov/datatools/index.asp?DataToolSectionID=4</a></p><p> Quick link to Quick Tables and Figures: <a href="http://nces.ed.gov/quicktables/" target="_blank">http://nces.ed.gov/quicktables/</a></p><p> Quick link to NCES Fast Facts (Note: The primary purpose of the Fast Facts website is to provide users with concise information on a range of educational issues, from early childhood to adult learning.): <a href="http://nces.ed.gov/fastfacts/" target="_blank">http://nces.ed.gov/fastfacts/#</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>National Bureau of Economic Research (Public Use Data Archive)</h3><p><img width="180" height="43" alt="" src="/live/image/gid/4/width/180/height/43/478_nber.rev.1407530465.jpg" class="lw_image lw_image478 lw_align_right" data-max-w="329" data-max-h="79"/>Founded in 1920, the <strong>National Bureau of Economic Research</strong> is a private, nonprofit, nonpartisan research organization dedicated to promoting a greater understanding of how the economy works. The NBER is committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community.</p><p> Quick Link to <strong>Public Use Data Archive</strong>: <a href="http://www.nber.org/data/" target="_blank">http://www.nber.org/data/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Congressional Budget Office</h3><p><img width="180" height="180" alt="" src="/live/image/gid/4/width/180/height/180/380_cbo-logo.rev.1406822035.jpg" class="lw_image lw_image380 lw_align_right" data-max-w="180" data-max-h="180"/>Since its founding in 1974, the Congressional Budget Office (CBO) has produced independent analyses of budgetary and economic issues to support the Congressional budget process.</p><p> The agency is strictly nonpartisan and conducts objective, impartial analysis, which is evident in each of the dozens of reports and hundreds of cost estimates that its economists and policy analysts produce each year. CBO does not make policy recommendations, and each report and cost estimate discloses the agency’s assumptions and methodologies. <strong>CBO provides budgetary and economic information in a variety of ways and at various points in the legislative process.</strong> Products include baseline budget projections and economic forecasts, analysis of the President’s budget, cost estimates, analysis of federal mandates, working papers, and more.</p><p> Quick link to Products page: <a href="http://www.cbo.gov/about/our-products" target="_blank">http://www.cbo.gov/about/our-products</a></p><p> Quick link to Topics: <a href="http://www.cbo.gov/topics" target="_blank">http://www.cbo.gov/topics</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>The Penn World Table</h3><p> The Penn World Table provides purchasing power parity and national income accounts converted to international prices for 189 countries/territories for some or all of the years 1950-2010.</p><p><a href="https://pwt.sas.upenn.edu/php_site/pwt71/pwt71_form.php" target="_blank">Quick link.</a> </p><p>See all <a href="/data-resources/">data and resources</a> »</p>