Where did it all go?
According to a recent report, more than two-thirds of recent immigrants to the USA send money home regularly. The worst-paid, poorest people in the country manage to save enough to send some back to the old country. The US Ambassador from El Salvador says that the two million Salvadorians in the U.S. sent enough money home to account for 13 percent
of the GDP of his country.
At the same time, nearly two-thirds of American households are in debt. Many of them in serious debt. If the housing market falters, all those triple mortgages and home equity loans go under water, which means that people will have to sell their houses to get the money to pay off the loans, and the cycle starts.
Several people have pointed us to the rich calculator, that reminds you just how insanely rich your indebted best customers are. There are millions of Americans who make more than $200,000 a year. That’s 2 million dollars a decade, five or ten million dollars over the course of a career. Add it up, then look at the number. All you can do is shake your head and say, "where did it all go…"