Western Union, the multinational financial services company based out of Colorado, has reported a significant decrease in revenue stemming from money transferred from the U.S. to various foreign countries. Given the current administration’s crackdown on illegal immigration, Western Union’s recently noted decrease in transfers outside the U.S. has led to speculation that it’s a direct result of increased immigration enforcement.
Breitbart News is calling the recent development regarding Western Union a byproduct of “the Trump effect,” and the characterization of the matter does carry some weight. During an investor meeting earlier in October, Western Union CEO Devin McGranahan explained the recent downturn in profit for the company this year is directly tied to “policy changes” impacting international money transfers.
“Recent policy changes have led to a substantial decline in border crossings and an increase in enforcement actions including workplace inspections and deportations which have created uncertainty and hesitation within migrant communities,” McGranahan stated during the investor meeting, adding, “These developments continue to impact customer behavior.”
According to the money-transferring giant, Western Union has seen a 12 percent decline in monies transferred outside of the U.S., which said decline correlates with a September press release from Homeland Security noting that over “2 million illegal aliens have been removed or have self-deported” since President Donald Trump assumed officer earlier this year.
In tandem with the deportations ongoing, Homeland Security has also confirmed that Customs and Border Protection (CBP) “has released zero illegal aliens into the country” for the past four months following initial apprehensions and encounters.
While some would consider the concept of foreigners stateside sending money abroad to their families back home as somewhat of a stereotype, the trope is fairly well grounded in reality, with some reports even praising the practice because it “represents a lifeline” for people living in impoverished countries. The fact is, when approximately “one in nine people globally are supported by funds sent home by migrant workers,” it’s not a harmful stereotype, it’s a significant reality.
In Breitbart News’ reporting on the development, contributor Warner Todd Huston asserts that migrants, both legal and illegal, living stateside “have traditionally been the greatest source of U.S. dollars flowing out of America and into foreign nations.” While study after study gleams with how great remittances are for receiving countries, like Mexico, money leaving an economy to circulate elsewhere is detrimental for the respective country of origin.
While Colorado Public Radio (CPR) News framed Western Union’s decreased earnings as a blackmark against the Trump administration, framing the matter as “how Trump’s immigration policies hit business,” a contrasting viewpoint could see the ordeal as an example of a company which has bankrolled on the presence of illegal aliens in the country.
Breitbart News is calling the recent development regarding Western Union a byproduct of “the Trump effect,” and the characterization of the matter does carry some weight. During an investor meeting earlier in October, Western Union CEO Devin McGranahan explained the recent downturn in profit for the company this year is directly tied to “policy changes” impacting international money transfers.
“Recent policy changes have led to a substantial decline in border crossings and an increase in enforcement actions including workplace inspections and deportations which have created uncertainty and hesitation within migrant communities,” McGranahan stated during the investor meeting, adding, “These developments continue to impact customer behavior.”
According to the money-transferring giant, Western Union has seen a 12 percent decline in monies transferred outside of the U.S., which said decline correlates with a September press release from Homeland Security noting that over “2 million illegal aliens have been removed or have self-deported” since President Donald Trump assumed officer earlier this year.
In tandem with the deportations ongoing, Homeland Security has also confirmed that Customs and Border Protection (CBP) “has released zero illegal aliens into the country” for the past four months following initial apprehensions and encounters.
While some would consider the concept of foreigners stateside sending money abroad to their families back home as somewhat of a stereotype, the trope is fairly well grounded in reality, with some reports even praising the practice because it “represents a lifeline” for people living in impoverished countries. The fact is, when approximately “one in nine people globally are supported by funds sent home by migrant workers,” it’s not a harmful stereotype, it’s a significant reality.
In Breitbart News’ reporting on the development, contributor Warner Todd Huston asserts that migrants, both legal and illegal, living stateside “have traditionally been the greatest source of U.S. dollars flowing out of America and into foreign nations.” While study after study gleams with how great remittances are for receiving countries, like Mexico, money leaving an economy to circulate elsewhere is detrimental for the respective country of origin.
While Colorado Public Radio (CPR) News framed Western Union’s decreased earnings as a blackmark against the Trump administration, framing the matter as “how Trump’s immigration policies hit business,” a contrasting viewpoint could see the ordeal as an example of a company which has bankrolled on the presence of illegal aliens in the country.
For corrections or revisions, click here.
The opinions reflected in this article are not necessarily the opinions of LET
Comments