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How Latin America Subsidizes the American Way of Life

The growing populist sentiment in the United States against illegal immigration likes to point out that not only do these migrants steal U.S. jobs, they also send $50 billion back to Latin America each year instead of spending it in the United States. In fact, the approximately $2,000 per year sent home by the average working illegal migrant is less than 15% of what he earns in the United States and far less than what he contributes to the U.S. economy. A lesser known fact is that wealthy Latin Americans hold $1.9 trillion in U.S. assets and inject more than $100 billion in new investment each year into the U.S. market, more than all remittances, direct foreign investment and aid combined that flows from the United States to Latin America.