The illegal immigration - of cash

There's been a lot of talk about the high influx of illegal immigration into the united states: in 2005 alone, it is estimated that over 20 million persons immigrated into the United States illegally.# This, however, is not my biggest concern. In a study conducted by the Inter-American Development Bank's Multilateral Investment Fund, illegal immigrants will send $45.3 billion dollars to countries outside of the United States. Not only does the high number of illegal immigrants cause downward pressure on competitive wages and raise unemployment, the heavy "migration" of cash causes some serious problems as well.

In 2004, the U.S. GDP (gross domestic product) was $10.98 trillion: 45.3 billion of that this year will not be spent in the U.S., however. That may seem like a small percentage, but that is money that would otherwise be re-circulated back into the U.S. economy, bolstering a job market that is being hit by an economical recession, and an evermore higher number of immigrants into the United States. In the article published by chron.com, it says:

"These cash flows have captured the attention of U.S. and international businesses in the last few years. Banks across the country are trying to tap into that market by offering money-wiring services. And in cities with large immigrant communities like Houston, furniture, cement and real estate companies offer immigrants here the chance to pay for sofas, construction materials and new homes in Mexico and Central America."

Perhaps, in addition to tightening security at the border, we should be tightening security at the bank as well. Foreign countries are profiting off of the backs of the United States worker, and it's time that this comes to an end. The government and law enforcement should come down just as hard on banks that are offering money-wire services to illegal immigrants as they do companies that higher them. In statements to the press, President Bush has repeatedly stated that immigrants are helping the economy by spending their money here in the U.S. But how can this be the case if they're sending it outside of the United States? and to the tune of $45.3 billion dollars on an annual basis? It's bad for the economy, and it's bad for the individual American.

Cody Hobbs