Changes in foreign migration caused US population growth to slow last year and potentially turn negative in 2026. Federal programs and private debt markets structured around an assumption of growth must now contend with the possibility of a shrinking labor force. Meanwhile, Fed officials have become remarkably sanguine amid near-zero job growth, convinced the labor market remains curiously in balance because of changes in the labor supply. In this episode, we talk with Stan Veuger, Senior Fellow in Economic Policy Studies at the American Enterprise Institute, about the abrupt slowdown in US population growth, what it means for breakeven job growth, and how current trends will impact future interest rates.