Welcome to Zero Migration America

Closed borders will make the country smaller, poorer and less innovative

Every year since the 1930s, more people have arrived in America than have left. Every year, that is, until quite possibly 2025. Net immigration was over 2.5m a year at the end of Joe Biden’s presidency; this year that figure may fall to zero, or even turn negative (see chart 1).

This article appeared in the Finance & economics section of the print edition under the headline “Zero Migration America”

From the October 11th 2025 edition

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