Each year, millions of immigrants in the U.S. send billions of dollars in remittances to friends and family members in their home countries. It is easy to mistakenly assume that this represents a huge loss for the U.S. and in this economy, why are we allowing billions of dollars to be sent abroad? Like all things immigration-related, however, the relationship between remittances and the U.S. economy is much more complex than meets the eye. While it’s true that remittances are an important source of income for immigrant-sending countries, remittances are also a huge boost to U.S. exports and the U.S. economy.
Read the rest of this entry »