Figure 38

US public debt would have reached unsustainable levels without immigrants

Federal, state, and local debt to GDP, 1994–2023

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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; “National Data: National Income and Product Accounts,” Bureau of Economic Analysis, last revised September 2025; “State and Local Governments; Debt Securities and Loans; Liability, Level,” FRED, Federal Reserve Bank of St. Louis, last updated September 12, 2025; and “Federal Debt: Total Public Debt,” FRED, Federal Reserve Bank of St. Louis, last updated September 2, 2025. See Appendix for full details.
Notes: Figure refers to public debt, but a very small percentage of state debt includes federal loans. GDP = gross domestic product.