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Over the past 60 years, including the 1990s, the United States has experienced various industry bubbles and bursts .com bubble, and the housing bubble of the 2000s. After 60 years of development, the third bubble finally burst in 2025—— Immigrate to the United States.
Multiple reports indicate that the United States has experienced Net migration will be negative in 2025 for the first time since the 1970s. This course correction is long overdue and needs to continue.
The factors that led to bubbles and busts in three different industries were strikingly similar.
this tech bubble It continued to evolve during the rapid adoption of the Internet and the technology’s infancy, as the World Wide Web became commercialized. It was a time of low interest rates and economic optimism. The speculative market frenzy in technology stocks caused the technology-heavy Nasdaq Composite Index to rise from less than 1,000 points in 1995 to a peak of over 5,000 points in March 2000.
By October 2002, the Nasdaq index fell to more than 1,000 points again, and trillions of dollars in market value were wiped out. The bubble burst due to over-hyping of emerging technologies and speculation about unsustainable business models. This should be a warning about the housing bubble.
House prices began to rise rapidly in the late 1990s, and accelerated in the early 2000s. In 2004 and 2005, the annual appreciation rate reached 15-17%. At the same time, the Federal Reserve lowered interest rates from 6.5% in 2000 to 1% in 2003, which encouraged borrowing and home buying. Banks and lenders lowered their standards and offered subprime mortgages to borrowers with bad credit, often with little or no down payment.
Texas Department of Public Safety police arrested 12 illegal immigrants who were smuggled into the United States by a Florida truck driver. (Texas Department of Public Safety)
Government policy requires Fannie Mae and Freddie Mac to back affordable housing loans, and financial institutions bundle risky mortgages and sell them to investors. like .com Because of the bubble, lenders and buyers speculated that home prices would continue to rise indefinitely. In the mid-2000s, interest rates rose, home prices stagnated, borrowers defaulted en masse, the subprime mortgage market collapsed, and the bubble burst in the 2008 financial crisis and Great Recession.
25 years ago, I had my first H-1B visa interview. Failure to put Americans first
Since Congress passed the Hart Cellar Act of 1965 in the mid-1960s, American immigration (both legal and illegal) has become an industry. This creates a family preference system that leads to chain migration. Spouses, parents, and children (both minors and adults) of U.S. citizens and lawful permanent residents, as well as adult siblings of U.S. citizens, can permanently immigrate to the United States, and all of these individuals, in turn, can sponsor their family members, forming a chain. The U.S. government grants more than 10 legal permanent resident status each year 1 million There have been annual foreign arrivals in most years since 2001 (approximately 75% family-based, 20% employment and humanitarian-based).
Illegal immigration began to increase since the early 1970s. In 1970, the U.S. Border Patrol apprehended more than 201,000 illegal immigrants on the southwest border. This number has continued to grow every year, exceeding 1 million for the first time in 1983 and continuing to exceed 1 million every year through 2006.
The number of clashes per year ranged from more than 300,000 to more than 800,000 and reached record levels until the Biden administration opened the border. illegal immigration – More than 7 million border parole encounters in four years.
Unauthorized immigrant population surges to record high under Biden administration, new report shows
Since the 1970s, the U.S. government has generally failed to impose consequences for many common types of illegal immigration—sneaking across the border, overstaying visas, working without authorization, and committing identity and document fraud to remain in the United States.
At the same time, employers are becoming increasingly obsessed with cheap foreign labor. Unions that had opposed illegal immigration in the past have changed their stance to support illegal immigration as a source of membership and power.
A U.S. Customs and Border Protection Border Patrol agent talks to people on the Mexican side of the border wall at Border State Park in San Diego, California, U.S., November 28, 2018. Reuters/Chris Wattie (Reuters/Chris Watty)
Left-wing politicians who opposed illegal immigration in the past also made a 180° turn for the sake of political power. They increase pathways for illegal aliens to enter and remain in the United States, including providing visas for victims of human trafficking, domestic violence and other crimes, special immigration benefits for unaccompanied children, and default extensions and expansions of Temporary Protected Status.
On the “legal” side of the ledger, the left turned temporary visas into permanent visas, added capped and uncapped categories, watered down asylum standards, and ignored fraud.
During the Biden administration, the left has further expanded the bubble by weaponizing mass illegal immigration to gain political power, votes, and to collect ballots and census counts. The Biden administration is disbursing tens of billions of dollars in federal grants each year to NGOs to promote mass immigration into and across the United States
The left speculates that indefinite immigration could continue indefinitely. But record immigration, billions of dollars in costs to states and localities, record crime and fentanyl deaths caused the bubble to burst. Americans will vote on border security and conduct in 2024 mass deportationsthe Trump administration did this quickly in 2025.
5 Major Immigration Reforms Taking Effect Nationwide
The clear result, according to multiple reports, is that the United States has experienced negative net migration rates for the first time since the 1960s.
The U.S. Census Bureau has just released new population estimates showing a historic decline in net international migration (NIM) to the United States. NIM will peak at 2.7 million in 2024, fall to 1.3 million by mid-2025, and is expected to decline further to about 321,000 by 2026 if current trends continue, the report said. The Brookings Institution estimates that net migration will be between minus 10,000 and minus 295,000 in 2025, the first negative number in at least half a century. The Brookings Institution expects this trend to continue through 2026.
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The Pew Research Center reports 53.3 million In January 2025, the number of aliens living in the United States hit a record high. By June, that number had dropped to 51.9 million, the first decline since the 1960s. this Congressional Budget Office Its population outlook has been updated several times since January 2025 due to lower immigration.
This negative trend needs to continue. There are still millions of deportable aliens in the United States. Resources still go to them instead of American taxpayers.
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housing shortage And the cost is still too high. American college students, graduates, and employees continue to struggle to get into college, interview, get hired, and retain jobs as they compete with foreign students, graduates, and employees, and now face artificial intelligence competition in the labor market.
As long as these factors persist, the immigration bubble will not expand again.
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