Last year we wrote that reducing immigration as called for by Project 2025 and supported by the Trump Administration would weaken the economy by shrinking consumer demand and reducing tax revenue. At the time, it felt like a minority position. The latest estimates about migration and labor supply from the U.S. Census Bureau are alarming. Net international migration has collapsed from 2.7 million people in 2024 to 1.3 million in 2025, a 54% plunge in a single year. The project