U.S. avoids loss of more than $300B in GDP
The National Retail Federation (NRF), the largest trade group for retailers, issued a statement concerning the U.S Supreme Court ruling for the Deferred Action for Childhood Arrivals (DACA) program. NRF had joined a 140-business and trade-group coalition that filed a friend-of-the-court brief last year asking the Supreme Court to uphold DACA.
The NRF estimated the impact of ending DACA would lead to a loss of national gross domestic product (GDP) between $350B and $460B. In addition, tax revenues would decrease by $90B over ten years.
“This is a landmark ruling that inherently recognizes that these young people are law-abiding, tax-paying Americans who have never known adult life anywhere else,” said Matthew Shay, NRF president and chief executive. “They are both valued workers and, in many cases, entrepreneurs and business owners.
“Some of them are healthcare workers fighting to protect our nation against the coronavirus pandemic. An adverse decision would have inflicted significant harm on individuals, businesses and the U.S. economy. Even with this ruling, it is still important for Congress to pass legislation permanently protecting these individuals so their future will never be in question again.”
Photo credit: Bill Mason
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