Table 12

The 1990–1993 cohort lowered debt-to-GDP regardless of education

Immigrant net fiscal flows as a share of GDP produced, 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; and “National Data: National Income and Product Accounts,” Bureau of Economic Analysis, last revised September 2025. See Appendix for full details.
Notes: GDP estimates are based on the share of earned income in the CPS-ASEC. All amounts are in inflation-adjusted 2024 dollars. B$ = billions of dollars; GDP = gross domestic product.