Immigration to the U.S. has steeply declined. The economic impact will last decades

According to U.S. Census data, the amount of net migration the U.S. saw in 2025 — about 1.3 million people — more than halved from the previous year. And while that sharp decrease is going to have a whole host of consequences, intended and otherwise, the economic hit in particular could be substantial.

Natasha Sarin is president and co-founder or the Yale Budget Lab, which just put out a new report, “Lower Immigration Means Lower Productivity Growth.” Sarin joined “Marketplace” host Kai Ryssdal to talk about the medium-term and long-term economic implications of cutting immigration so drastically.

To hear their conversation, use the player at the top of the page.