The glitter of the Brooklyn Bridge and the Manhattan skyline turns gritty for the immigrant communities that live and work in the Big Apple. They send significant amounts of their paychecks back to their families in their home countries. (Lucas Jackson/Reuters)
Payback: Remittances in New York City
How a critical global economic phenomenon plays out along New York's Number 2 Subway line.
NEW YORK — It’s the American dream: Immigrants flock to this country to seek a better life.
But while they’re building their new lives, millions of immigrants set aside portions of their paychecks to send to family members in the developing world. These money transfers, known as remittances, are centuries old, but it’s only in the past decade that the practice has been intensively studied.
According to the World Bank, in 2008 global remittances reached a record $305 billion. Most of that flowed into developing countries, where it is often a leading source of foreign income. In Haiti, remittances are 20 percent of the gross domestic product; in Kosovo, they are 30 percent.
So it was cause for alarm in March when the World Bank projected that remittances will decline by 5 to 8 percent in 2009.
The hardship — a direct result of U.S. economic weakness — is already felt in many homes abroad. But in New York City, immigrant workers say that as long as they have jobs, they will keep sending money home. As much as they can spare.
That message is heard throughout “Payback,” this reporting project by The International Newsroom, a class at Columbia University’s Graduate School of Journalism, in association with GlobalPost.
In “Payback,” immigrants in New York City from Ghana, Haiti, Kosovo, Albania, Mexico, Yemen, Pakistan and China describe what it’s like to live in two worlds — often residing in the U.S. illegally and working low-wage jobs, while shouldering responsibilities back home, where economic conditions are worse and the opportunities far more limited.
So take a ride on the Number 2 New York City Subway line — which runs from Brooklyn, through Manhattan, and into the Bronx — but along the way marks the story of the world of remittances.
— Introduction by Jackie Bischof, The International Newsroom, Columbia University Graduate School of Journalism.
Here in San Diego which is more than 50% hispanic remittances are a way of life. On every corner there are stores that send the money for you to Mexico for about $10 or $15 a pop. They also advertise their services in Vietnamese and French.
When the Columbia Journalism School reporters began work on this project, they found New York City is bursting with money exchange outlets -- Western Union windows and regular banks, but also dozens of small storefronts that cater largely to a particular immigrant group living in that neighborhood. With an estimated $305 billion in remittances sent worldwide during 2008, money transfer is a huge global business. Check out this song, 15 Minutes Away, by K'naan. It's dedicated to anyone who's ever had to wait to receive a money transfer. Families all over the world know exactly what he's talking about:
http://www.youtube.com/watch?v=fX3CdNl-7GE
Terrific idea. It's not Mexico only -- an impression the national news media has left. Great job! -- Boyd -- J'77 http://www.visaus.com
This was a wonderful project, and very well done. I found myself interested in each of the stories. Thanks for this!
Recent on Commerce:
Looking sexy to sell nuts in Taiwan
Jonathan Adams - China and its neighbors - February 9, 2010 06:43 ET
Photo essay: In Taiwan, fetching young women in outrageous outfits sell betel nuts. Is this a tourist draw, or national shame?
India: The farmer's unhappy wives
Hanna Ingber Win - India - February 8, 2010 13:30 ET
Indian widows struggle mightily after a rash of farmer suicides.
Chickens: made in Brazil, sold in Iraq
Seth Kugel - Brazil - February 8, 2010 06:51 ET
Brazil's exports to Iraq have exploded in the last year and poultry is leading the charge.
Greek prime minister fights "credibility deficit"
Nicole Itano - Europe - February 8, 2010 06:40 ET
George Papandreou has stuck by his pledge to increase transparency despite economic woes.
Chile safeguards its food export success
Lezak Shallat - Chile - February 7, 2010 09:18 ET
Traveling to Chile? Don't even think about sneaking in an apple and cheese.
Can Toyota Digg its way out of recall crisis?
Thomas Mucha - Commerce - February 7, 2010 09:07 ET
The reeling Japanese automaker turns from old school PR to new media.
Opinion: Africa needs free market economies
Marian Tupy - Worldview - February 6, 2010 11:51 ET
Gates money for vaccines will help Africa's children, but better economic policies will help them more.
On Location: Shoul, Morocco — On the organic food frontier
Solana Pyne and Erik German - Morocco - February 5, 2010 06:55 ET
NYU unveils labor guidelines for Abu Dhabi campus
Tom Hundley - Middle East - February 5, 2010 06:44 ET
Human rights advocates warn that the workers building NYU's new campus could be forced laborers.
Japanese consumers tighten spending
Sonia Narang - Japan - February 5, 2010 06:30 ET
Once a hallmark of Japanese consumer culture, convenience stores are the latest casualty of the worldwide recession.
On Location: Sinaloa — The front lines of Mexico's drug war
Ioan Grillo and John Dickie - Mexico - February 4, 2010 09:13 ET
Video: Moroccan winemaker thrives
Erik German - Morocco - February 4, 2010 09:12 ET
Despite Muslim prohibitions, wine produced and sold from vineyards older than Roman times.
Sierra Leone boosted by World Bank
Kimberly S. Johnson - Africa - February 4, 2010 06:42 ET
Country's economy is still rebuilding after devastating civil war.
Opinion: How did China get double-digit economic growth?
Joel Brinkley - Worldview - February 3, 2010 11:17 ET
By dealing with some of the world's most repugnant regimes. Iran is just the latest on a long, long list.
.jpg)
Nigeria's oil rebels end cease-fire
Shyamantha Asokan - Global Green - February 2, 2010 06:48 ET
Crucial Niger Delta oil production threatened, Nigerians ask where is President Yar'Adua?
No porn, no gore, no sensitive politics: Censored in Indonesia
Peter Gelling - Indonesia - January 31, 2010 08:54 ET
Has Big Brother moved back to Jakarta? Does it matter?
Opinion: Uganda should consult Ghana on oil
Stephanie Hanson - Worldview - January 30, 2010 11:46 ET
Good planning and transparency should help population benefit from new find.
Fordzilla vs. Japan
Thomas Mucha - Commerce - January 30, 2010 09:40 ET
It may not be a giant radioactive lizard, but Ford is stomping all over Japan's auto industry.
Special Report
Thomas Mucha - Commerce - January 28, 2010 17:24 ET
20 correspondents, 20 countries and a world of pain. Meet the ground truth of the global economic crisis.
Top budget retirement destinations abroad
News Desk - Worldview - January 28, 2010 07:33 ET
Looking for a fabulous place to retire on a budget? GlobalPost picked 10 intriguing overseas locales where you can stretch every dollar.
Watch GlobalPost videos:
Reporter's Notebook
To receive the morning chatter by email, let us know at editors@globalpost.com. Need to know: Despite their Digg dialogues and heartfelt television...Read more >
To receive the morning chatter by email, let us know at editors@globalpost.com. Need to know: Sri Lanka's defeated presidential candidate was hauled...Read more >
To receive the morning chatter by email, let us know at editors@globalpost.com. Need to know: Iran says it will start producing higher-grade nuclear...Read more >
Featured: Special Projects
Oceans:
Assessing their health
After the Fall:
20 years since the Berlin Wall came down
Life, Death and the Taliban:
Videos and stories
Study Abroad:
Students report from the road
Living in the Shadows:
An intimate look at China's migrant workers
A World of Trouble:
The global economy in 20 hotspots
Comments:
4 Comments.
Login or Register to post comments