Not coming to America: The 60-year immigration bubble finally bursts

The U.S. has experienced various industry bubbles and bursts over the past six decades, including the 1990s dot.com bubble, and the housing bubble of the 2000s. A third bubble finally just burst in 2025, after growing for 60 years – immigration to America.

Multiple reports show that the U.S. experienced negative net migration in 2025 for the first time since the 1970s. This course correction is long overdue and needs to continue.

The factors that led to these bubbles and bursts in...