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NEW YORK, March 21, 2023 /PRNewswire/ -- Today, the Committee for Economic Development, the public policy center of The Conference Board (CED), issued a new Solutions Brief, Immigration Reform: An Essential Key to Growth.

As detailed in the report, widespread workforce shortages are playing a significant role in both elevating and perpetuating inflation. Across the country there are almost 11 million jobs waiting to be filleda near-historic high. Even if all currently unemployed workers could fill those job openings, the nation would still have a shortfall of more than five million workersa scenario that underscores why comprehensive immigration reform is imperative.

Left unaddressed, the current labor shortage problem risks jeopardizing long-term economic growth and prosperity. Making the challenge all the more difficult are troubling demographic trends: As the US population ages and birth rates decline, labor shortages will only intensify without immigration being part of the solution.

"Increasing the nation's quantity of labor will require a two-pillar approach. To preempt a shrinking workforce, expanding US labor force participation through steps including reskilling, diversifying talent pools, and supporting older workers and caretakers is a first-order priority," said Dr. Lori Esposito Murray, President of CED. "But, it is not the panacea. Also essential is comprehensive immigration reform that expands legal pathways and encourages immigrants' immediate contribution to the workforce. Further delays in reform will continue to put severe pressures on the US workforce, which will hinder overall innovation, productivity, and growth."

The Solutions Briefwhich can be accessed here and is the latest in CED's Sustaining Capitalism seriesexamines both the short- and long-term economic impacts of the nation's current workforce shortages. It also provides a series of recommendations, consisting of a two-pillar approach, for both policy and business leaders.

Key Recommendations from the Solutions Brief

Rebuilding the US labor force will require policy and business leaders to collaborate on a two-pillar approach: increasing American workers' participation rate and comprehensive immigration reform. CED recommendations include:

The new Solutions Brief, Immigration Reform: An Essential Key to Growth,can be accessed here.

About CED The Committee for Economic Development (CED) is the public policy center of The Conference Board. The nonprofit, nonpartisan, business-led organization delivers well-researched analysis and reasoned solutions in the nation's interest. CED Trustees are chief executive officers and key executives of leading US companies who bring their unique experience to address today's pressing policy issues. Collectively they represent 30+ industries, over a trillion dollars in revenue, and over 4 million employees. http://www.ced.org

About The Conference BoardThe Conference Board is the member-driven think tank that delivers trusted insights for what's ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. http://www.conference-board.org

SOURCE Committee for Economic Development of The Conference Board (CED)

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