Remittance Slows as U.S. Economy Worsens
Most estimates made of the cost of mass immigration overlook the billions of dollars sent to immigrants’ nations of origin by relatives living in our country. Remittance payments sent from our country over the last ten years equal hundreds of billions of dollars. Such amounts are far larger than those doled out by our government through official foreign aid. America recurrently ranks first among nations bleeding wealth through transfer payments made by foreign workers and residents.
Accounting for total remittance payments can be difficult, because much of the money sent home by immigrants is done so in cash, through unaccountable channels, such as physical mail and hand-to-hand transfer. Records kept by licensed money transmitters therefore reflect only a portion of total remittance sent home by foreigners.
While having slowed due to a recent lack of available American jobs, the stream of money zapped elsewhere by foreigners living in the United States has nevertheless remained steady relative to the general economic downturn. Local lenders in Latin America consider remittance payments such a steady form of income that they are frequently recognized on loan applications as declarable sources of income.
Decreasing slightly last year for the first time on record, remittance sent from the United States had been growing at an annual rate of 17%. It is estimated that nearly $100bn each year is siphoned from our economy through remittance sent by immigrants. Of this total, half is destined for Latin America. Almost $25bn is sent each year to Mexico alone. In certain countries, such as Honduras and El Salvador, ten percent or more of GDP revolves around remittance sent from the U.S.
Millions of migrants come to America for no other purpose than to send money home, and foreigners who decide to stay here do not stop sending money because they are now permanent residents of the U.S. As new arrivals pour over our borders, they add to an ever accumulating pool of foreigners living in our country, and a certain percent of these people (an ever growing number) send money to countries they came from.
Rather than being circulated within our economy, creating local jobs, money sent home by foreigners will never be seen by us again. Sympathizing with conditions in the Third World does not mean that as Americans we need subject future generations of our people to similar circumstances.
Members of the American Third Position believe future generations of Americans have the right to inherit the wealth created for them by hundreds of years of preceding American labor and ingenuity. A3P members work toward the day our country is again governed by leadership brave enough to safeguard American interests.
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Category: Establishment News
Recently I was told by a co-worker that manufacturing, the economy, and things overall are improving? What limited exposure I allow myself to the mainstream media (read Kosher propaganda) I have heard the same claims that the economy and manufacturing are improving and the media boldly claims "these are the facts". How many factories and jobs have we lost? As America burns right before our eyes, how does the media keep the false reality going? I am taken back at the gullibility and passiveness of my European brothers and sisters. I view the US right where Ross Perot said we would be if we went forward with NAFTA. Sadly equally sinister programs such as illegal immigration, Banker bailouts, and endless wars have worked in concert as a wrecking ball destroying what is left of the United States. I expect the two equal wings on the bird of prey to continue in the same fashion, but what of us my brothers and sisters?
This is a well written article, much better than I could write; however there's one spelling error: "As new arrivals poor over our borders".
at some point the US will no longer be able to purchase so many imports. Then the rebuilding will begin, though it takes time to rebuild… There'll be a period where we simply go without. What else will happen during that period is anyone's guess.
Though the US shouldn't have to abide by the WTO, border-adjusted VAT are legal under the WTO. The US is the only major country not to use them, and that makes our goods more expensive. Bringing businesses back to the US would make the powers-that-be more American and less transnational, and if immigration were reduced it would raise wage pressures.
Get us out of the WTO!