The fiscal surplus generated by immigrants cut US deficits by a third from 1994 to 2023

Deficits and surpluses, real 2024 dollars, 1994–2023

(Please use a modern browser to see the interactive version of this visualization)

Sources: Calculations are based primarily on the Annual Social and Economic Supplements of the US Census Bureau’s Current Population Survey for March 1994–2023; and “National Data: National Income and Product Accounts,” Bureau of Economic Analysis, last revised September 2025. See Appendix for full details.

Note: All amounts are in inflation-adjusted 2024 dollars.