Brad Austin
2,500+ Posts
When both sides argue over immigration (illegal and legal), most of the reform arguments rely heavily on the negative consequences immigration has on American employment and/or public safety.
The one aspect that is briefly mentioned (and rarely) is likely the most economically damaging of all...remittances.
After doing my own detailed research on this subject today, it's insane this robbery isn't shouted from the rooftops when citing the harmful aspects of loose immigration laws.
DT floated the idea of taxing remittances during the campaign, but it seemed like he was testing the waters and threatening Mexico more than having serious intent.
I doubt it's legally or practically possible, but ideally there needs to be a law passed capping annual outgoing remittances per individual.
If illegal to restrict or impractical to track and enforce, then the tax angle is a must. The annual damage this is now causing the U.S. economy is shocking.
Pew Research's U.S. remittance estimates for 2015 (from the World Bank)...
Outgoing (from U.S. to other countries): $133,552,000,000
Incoming (to U.S. from other countries): $ 7,088,000,000
------------------------------------------------------------------------
Net funds removed from U.S. economy: $126,464,000,000
That's right, a net loss of approx. $126 billion dollars was redistributed from the U.S. economy to other countries in 2015. Outgoing remittances were $61.6 billion in 2008, and then $133.5 billion in 2015...more than doubled seven years later.
Since the World Bank started releasing estimates in 1970, only one year (2009) didn't see a steady year over year increase in migrant remittances worldwide.
America is a nation of immigrants, yes. But on the whole of American history, damages caused from lopsided remittances leaving our country are a relatively modern problem.
The U.S.'s annual net loss on remittances has surpassed $50 billion each year this decade. U.S. to Mexico remittances have exceeded $20 billion every year since 2003.
"Throughout the 19th century, Wells Fargo helped customers with “foreign remittances” to dozens of cities outside the United States. Wells Fargo introduced Travelers Money Orders and Foreign Money Orders as the 20th century opened, with gold standard conversion rates conveniently printed on the documents.
For years, money orders remained the chief instrument for moving money quickly around the world. A Global Funds Transfer System was completed in 1984 that allowed customers to wire funds from around the world for same-day deposit. InterCuenta Express was launched in 1995, a service for customers to securely send money to Mexico; India, the Philippines, El Salvador and Guatemala were soon added."
The one aspect that is briefly mentioned (and rarely) is likely the most economically damaging of all...remittances.
After doing my own detailed research on this subject today, it's insane this robbery isn't shouted from the rooftops when citing the harmful aspects of loose immigration laws.
DT floated the idea of taxing remittances during the campaign, but it seemed like he was testing the waters and threatening Mexico more than having serious intent.
I doubt it's legally or practically possible, but ideally there needs to be a law passed capping annual outgoing remittances per individual.
If illegal to restrict or impractical to track and enforce, then the tax angle is a must. The annual damage this is now causing the U.S. economy is shocking.
Pew Research's U.S. remittance estimates for 2015 (from the World Bank)...
Outgoing (from U.S. to other countries): $133,552,000,000
Incoming (to U.S. from other countries): $ 7,088,000,000
------------------------------------------------------------------------
Net funds removed from U.S. economy: $126,464,000,000
That's right, a net loss of approx. $126 billion dollars was redistributed from the U.S. economy to other countries in 2015. Outgoing remittances were $61.6 billion in 2008, and then $133.5 billion in 2015...more than doubled seven years later.
Since the World Bank started releasing estimates in 1970, only one year (2009) didn't see a steady year over year increase in migrant remittances worldwide.
America is a nation of immigrants, yes. But on the whole of American history, damages caused from lopsided remittances leaving our country are a relatively modern problem.
The U.S.'s annual net loss on remittances has surpassed $50 billion each year this decade. U.S. to Mexico remittances have exceeded $20 billion every year since 2003.
"Throughout the 19th century, Wells Fargo helped customers with “foreign remittances” to dozens of cities outside the United States. Wells Fargo introduced Travelers Money Orders and Foreign Money Orders as the 20th century opened, with gold standard conversion rates conveniently printed on the documents.
For years, money orders remained the chief instrument for moving money quickly around the world. A Global Funds Transfer System was completed in 1984 that allowed customers to wire funds from around the world for same-day deposit. InterCuenta Express was launched in 1995, a service for customers to securely send money to Mexico; India, the Philippines, El Salvador and Guatemala were soon added."
Last edited:
