US is “giving away the store” with immigrant remittances – Newell Normand

In this radio show host Newll Normand discusses how foreign workers rob America blind via remittances.

As this blod has been saying for months, foreign workers remit their pay (dollars) back to 3rd world countries where, when exchanged into their own currencies, they become fabulously wealthy.

The double negative effect is that their pay is not spent back into the US economy, where it would increase sales and create new jobs. Instead it is sent right out of the country.

And foreign L-1 visa holders pay no income taxes, as Congressional testimony by Senator Diane Feinstein stated in 2003.

Foreign workers are looting America, and the US is getting very little in return.

In Silicon Valley, Indian programmers have a saying amongst themselves: “Loot and remit, die for dollars, outfox the Yankees!”.
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