Immigration in free fall?
There is no doubt that we are currently witnessing a historical U-turn on America’s immigration policies. Similar to what other advanced economies experienced, net migration to the United States surged from an average of about 1 million before the pandemic to 2.3 million in 2023 and 2.8 million in 2024. The massive inflows coincided with (and perhaps caused) a backlash in American politics that culminated in the re-election of Donald Trump as president in November 2024.
Ronald Reagan once regarded immigration as “one of the most important sources of America’s greatness.” However, the current Trump administration’s