Cato Study: Immigrants Reduced Deficits by $14.5 Trillion Since 1994

David J. Bier

Today, the Cato Institute published “Immigrants’ Recent Effects on Government Budgets: 1994–2023,” a study on the fiscal effects of immigrants—legal and illegal—that builds upon the National Academies of Sciences, Engineering, and Medicine (NASEM) fiscal effects model. The paper, which I coauthored with Michael Howard and Julián Salazar, is the first to analyze three decades of federal, state, and local government budgets to determine how immigrants affected the total US government debt and deficit.