Wednesday, February 7, 2018

Vox Popoli: The money drain

Immigration is more than just war. It is also a very expensive form of foreign aid.

According to a recent Pew Research report, records from The World Bank show that migrants residing in the U.S. sent a staggering $138,165,000,000 (USD) to family members in their home countries in 2016 alone. To name the top three countries that received the most in remittances, funds flowed out of the U.S. in the amounts of $1,754,000,000 to Mexico, $655,000,000 to Canada, and $459,000,000 to the United Kingdom. $28,126,000,000 to Mexico, China $15,418,000,000 to China, and $10,657,000,000 to India.

Keep in mind that the estimated annual economic effect of immigrants, whether positive or negative, is generally considered to be less than one percent of GDP. Since US GDP was 18 trillion in 2016, and since these remittances are NOT included in those estimates, that means that these remittances either a) cancel out the positive effects or b) double the negative effects.

There is no longer any question that immigration is not only bad for the nation and bad for society, it is bad for the economy too.

UPDATE: The author of the article confused incoming remittances with outgoing. Corrected from the original data.