Cato scholar David Bier has released new research revealing that immigrants generated a $14.5 trillion fiscal savings for U.S. government budgets from 1994 to 2023.

The white paper, which updates the National Academies of Sciences model with 30 years of comprehensive data, finds that immigrants paid more in taxes than they received in benefits every single year. Without immigrants, U.S. public debt would have reached 205 percent of GDP, nearly double current levels, and a threshold some analysts believe would trigger economic catastrophe.

Key findings include: Even low-skilled immigrants were fiscally positive overall. Noncitizens (including those here illegally) contributed $6.3 trillion in savings. Immigrants cut U.S. deficits by roughly one-third over the three-decade period.

If you’d like to speak with Bier, please contact Madison: mmiller@​cato.​org.