No matter which candidate you support, you have to admit that once again Trump has brought up a topic that needs to be discussed. BILLIONS of dollars are sent back to home countries from America. Think of how much we lose when $120 billion dollars leaves America! What if we tell Mexico we will stop this flow of money until they pay to build a wall at the border? The estimate for the wall is $25 billion which is nothing compared to the $120 billion that leaves America every year. While we’re bleeding money out, the only amount coming into America is $5.1 billion…Yes, $120 billion out, $5.1 billion in.
Migrants working in the United States sent a staggering $120 billion back to their families last year, it was revealed today.
The amount of money being sent by migrants across the entire world reached $530 billion last year, making it a larger economy than Iran or Argentina, the data from the World Bank showed.
This worldwide figure has tripled in the last ten years and is now three times bigger than the total aid budgets given by countries around the world. It has sparked debate whether this so-called remittance money could be a viable alternative to relying on help from other governments.
In the United States last year, more than $120 billion was sent by workers to families abroad – making it the largest sender of remittances in the world. More than $23 billion went to Mexico, $13.45 billion to China, $10.84 billion to India and $10 billion to the Philippines, among other recipients.
In 2011, the World Bank estimated that U.S. remittances alone reached $110.8 billion, which was more than 80 per cent of the size of the total amount of cash flow ($132 billion).
It is little surprise as the US is home to the largest number of migrants from developing countries; there are 42.8 million immigrants in the country, making up around 14 per cent of the population.
By contrast, 2.4 million Americans live oversees, with largest populations in Mexico, Canada and Puerto Rico, and just $5.1 billion sent back in to the country, data shared on The Guardian showed.
The data showed that the biggest beneficiaries included India and China, which each received more than $60 billion, followed by the Philippines ($24 billion), Mexico ($24 billion) and Nigeria ($21 billion).
World Bank officials believe the amount they donate could be billions more because not all cash is sent through banks and money transfer companies on which the figures are based.
Read more: Daily Mail