WASHINGTON – The U.S. Department of the Treasury’s (Treasury) Federal Insurance Office (FIO) today notified the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) that it is withdrawing its membership.
Withdrawal from NGFS is one part of implementing President Trump’s Executive Orders Putting America First in International Environmental Agreements and Unleashing American Energy. NGFS was organized to help to meet the goals of the Paris Agreement, from which the United States withdrew. NGFS’s initiatives are inconsistent with this Administration’s priorities to grow the U.S. economy and American jobs, and NGFS’s role diverges from the traditional technical and coordinating roles of other international fora. Important parts of NGFS’s scope, including on monetary policy frameworks, go beyond FIO’s core duties. FIO will continue to engage with state insurance regulators and other stakeholders to promote U.S. interests in international insurance engagements.
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Why does Migrant crisis costs American Taxpayer $451 Billion per year
The claim that the migrant crisis costs American taxpayers $451 billion per year is based on a report from the House Homeland Security Committee, but it’s important to note that this figure is an estimate and there are varying cost assessments from different sources[1]. The $451 billion estimate includes several factors contributing to the financial burden:
- Healthcare costs: This includes Medicaid expenditures for illegal immigrants, estimated at over $5 billion a year.
- Law enforcement and border security expenses.
- Education costs for migrant children in public schools.
- Housing and shelter expenses, particularly in major cities like New York.
- Impacts on local businesses and communities near the border.
- Costs related to the fentanyl crisis.
The report cites data from various organizations, including the Center for Immigration Studies, which provided the highest estimate of $451 billion. However, it’s crucial to understand that cost estimates vary widely depending on the methodology and sources used. For example:
- The Federation for American Immigration Reform (FAIR) estimates a lower cost of $151 billion per year.
- New York City alone projects spending $10.6 billion on migrant-related expenses through the summer of 2025.
It’s important to approach these figures critically, as different reports may include or exclude various factors in their calculations. The actual costs are difficult to determine precisely due to the complex nature of the issue and the varying methodologies used in different studies.
Citations:
[1] https://homeland.house.gov/2023/11/16/what-they-are-saying-homeland-majoritys-fourth-interim-report-on-the-financial-cost-of-secretary-mayorkas-border-crisis/
[2] https://www.congress.gov/118/meeting/house/117257/witnesses/HHRG-118-BU00-Wstate-KirchnerJ-20240508.pdf
[3] https://www.americanimmigrationcouncil.org/research/mass-deportation
[4] https://abcnews.go.com/Politics/trump-mass-deportation-program-cost/story?id=115318034
[5] https://www.americanimmigrationcouncil.org/sites/default/files/research/mass_deportation_report_2024.pdf
[6] https://budget.house.gov/press-release/the-cost-of-the-border-crisis-1507-billion-and-counting
[7] https://www.osc.ny.gov/reports/asylum-seeker-spending-report
[8] https://www.cbo.gov/publication/60569
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