We're always told that migrants enrich us with food and GDP.
What happens when the GDP is being shipped overseas?
That's a big chunk of change!
From The Economic Times:
India has been the biggest recipient of diaspora remittances for more than a decade now. The inflows have more than doubled in eight years — from $61 billion in 2016-17.
...
'The strong growth in remittances has persisted despite weakness in crude oil prices,' said Gaura Sengupta, chief economist at IDFC First Bank. 'This is a result of rising share of the skilled labour force migrating to developed markets such as the US, UK and Singapore. As per RBI data, these three countries account for a 45% share in total remittances...'
A remittance is a transfer of money to someone overseas for personal reasons (not to buy a product or service). Every year, migrants send back large chunks of what they earn in nations like America to support their families back home.
This flow of wealth drains a host country - first by denying the citizens of that country jobs in favor of cheap foreign labor, and second by sending money abroad that would have otherwise been recirculated within the community.
An example of this in action from today:
When Microsoft lays off 9,000 Americans, those Americans are out of jobs. This means they aren't generating funds for their families, which means they aren't spending money at American businesses.
Instead, the money is given to foreigners who have no roots in the community and create parallel economies that don't overlap with American ones. Indian workers at Microsoft will spend money at their own schools, restaurants, stores, temples, and banks.
The foreigners will then send a sizable piece of their income overseas to enrich other nations while local American businesses struggle.
As less Americans have quality jobs, they are forced to get what they can. They only have the income to afford cheap, foreign products. This further drains the wealth of the local community, until it is a mere husk filled with Amazon warehouses and housing developments filled to the brim with tech guys named Sanjay.
Which begs the question: Why aren't we taxing the money foreigners send home?
Republicans submitted a proposal in the Big Beautiful Bill to tax remittances at a measly 3.5%.
Meanwhile, Americans have a gazillion taxes levied on them. Nancy Pelosi wanted the IRS to know if I spent more than $600 on Facebook Marketplace. Self-employed Americans have to pay additional taxes for Medicare and Social Security. Housing and healthcare are so expensive that most families are one small disaster away from total financial collapse. The majority of Americans can't even handle a $1,000 emergency expense.
Meanwhile, illegal aliens get healthcare paid for by American taxes. Illegal aliens often see no penalties for driving (and crashing) without auto insurance. American companies are working overtime to replace all the white IT guys with bros that speak Hindi. Politicians bend over backward to import migrants in the name of "diversity."
An American citizen might deduce that it would be better not to be an American under such a system!
Seems like the American government should be trying to tax foreigners instead of taxing its own people's productivity. If any politician cared about the horrid state of affairs over the last 40 years, they would have deported illegal migrants, worked to prevent outsourcing, and created additional tax burdens for foreigners who do get awarded jobs here.
It's almost like the politicians created the opposite of that on purpose...
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Disclaimer: The opinions expressed in this article are those of the author and do not necessarily reflect the opinions of Not the Bee or any of its affiliates.
