If you had to describe the U.S. economy at the moment, I think you could do worse than the word stuck.
The labor market is stuck. The low unemployment rate disguises how surprisingly hard it is to find a job today. The hiring rate has declined consistently since 2022, and it's now closer to its lowest level of the 21st century than the highest. We’re in this weird moment where it feels like everybody’s working but nobody’s hiring. Second, the housing market is stuck. Interest rates are high, tariffs are looming, and home builder confidence is flagging. The median age of first-time homebuyers just hit a record high of 38 this year.
Finally, people are stuck. Americans don't move anymore. Sixty years ago, one in five Americans moved every year. Now it’s one in 13. According to today’s guest, Yoni Appelbaum, the deputy executive editor of The Atlantic, the decline of migration in the U.S. is perhaps the most important social fact of modern American life. Yoni is the author of the latest cover story for The Atlantic, "How Progressives Froze the American Dream," which is adapted from his book with the fitting title 'Stuck.' Yoni was our guest for our first sold-out live show in Washington, D.C., at Union Stage in February. Today, we talk about the history of housing in America, policy and zoning laws, and why Yoni thinks homeowners in liberal cities have strangled the American dream.
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Host: Derek Thompson
Guest: Yoni Appelbaum
Producer: Devon Baroldi
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