The amount of net migration the U.S. saw in 2025 — about 1.3 million people — more than halved from the previous year. While that sharp decrease is going to have a host of consequences, the economic hit in particular could be substantial.
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“I worry about the longer-term consequences here,” said Natasha Sarin, president and co-founder or the Yale Budget Lab. “Importantly, they're not consequences that can be reversed.”