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Western Union CEO Devin McGranahan is telling investors that remittance payments from the United States to countries like Mexico and El Salvador have seen a massive drop-off over the last several months.
Remittances, or payments of U.S. dollars to foreign nations, have dwarfed U.S. foreign aid for years, with many foreigners immigrating both legally and illegally into the States to work here and then send that money home. Those payments have dropped by about 12% this year alone.
That's just one of many signs that President Trump's crackdown on illegal immigration is working. Art Arthur with the Center for Immigration Studies pointed out, "The CIS estimates that the alien population has dropped by about 1.6 million since Inauguration Day."
He says the majority of those aliens were illegal. Arthur also credited Trump's signature piece of legislation, the Big Beautiful Bill, as being a major part of this, explaining that "The One Big Beautiful Bill Act placed a 1% tax on remittances from the United States to countries abroad."
Besides giving the U.S. some financial benefit from those remittance payments, Arthur believes it could also play a major role in discouraging future illegal aliens from coming to the United States just to send money back to their home countries.
He added that this could help keep the border secure even if an open-borders Democrat makes it back into the White House, saying, "The remittance tax will be in effect in perpetuity. It doesn't have a sunset. Even 'President Gavin Newsom' isn't going to be able to stop the United States from collecting that tax."