Question
In: Accounting
US immigrants remit billions of dollars annually to their ancestral homelands. Is this good or ...
US immigrants remit billions of dollars annually to their ancestral homelands. Is this good or
bad for the US economy? How so?
Solutions
Expert Solution
This is bad for the US economy.
If these US immigrants are earning or making money in the US and then sending it abroad to their families in whichever country it is, that is surely playing a negative role in the economy of US. It reduces the level of the economy.
The economy is boosted or we can say something is good for the economy of that country only if the spending occurs in that country. If more money that is earned is being spent in the local markets and soent within the country, this will help boost the economy. So when considering the case of US, if there are a lot of US citizens who are currently working elsewhere and sending their money back home to the US for their fanily to use, then this is good news for them as this will be good for the economy.
But in regards to the situation in the question. Since all this money is being earned in US and then being spent abroad as it is being sent to their families, it helps in bettering the economy of those countries to which the money is being spent and hence it is bad for the US economy.
Hope this answers your question. If you liked the answer please give an up-vote. It would be highly encouraging for me. Thank You.
ekkarill92 answered 1 year agoRelated Solutions
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