A standard defense of immigration restrictions advanced by many libertarians and conservatives is the idea that they are necessary to restrict welfare spending. If we let in too many immigrants, spending will increase and the government will either have to massively raise taxes or face a dangerous fiscal crisis. But a new report by the bipartisan Congressional Budget Office adds to the already extensive evidence that immigration actually improves the government's fiscal position. Specifically, the CBO finds that the surge in migration since 2021 will create a net savings of $970 billion for the the federal government between 2024 and 2034. CBO reaches this conclusion partly because most immigrants pay more in taxes than they take out in government benefits, and partly because immigration increases economic growth, which in turn increases tax revenue.
