America and its illegal immigrants are tightly interwoven. They've become such a high performing, lowly paid segment of the economy that most American politicians realize they can't do without them.
But how to live with them in the age of the "plastic" society? Bank of America wants their business and has unveiled a credit card for illegals - those who have no Social Security numbers. The LA Times reports that many lenders see money to be made by tapping into this growing market:
"The cards, which critics say will enable illegal immigrants to put down roots more easily in the United States, carry higher than usual interest rates and allow users to charge only $500.
"The cards are designed to be a first step for immigrants trying to build a credit history, bank spokeswoman Alexandra C. Trower said today.
"Charlotte, N.C.-based Bank of America, the nation's largest retail bank, is test-marketing the card program in Los Angeles County. It plans to introduce it nationwide if all goes well, according to the Wall Street Journal, which first reported on the program.
"Bank of America, Wells Fargo Bank, Citibank and other big retail institutions are all intent on establishing relations with Latinos, whose growing numbers and economic muscle make them the largest "unbanked" segment of U.S. society."
2 comments:
strongly disagree that the US needs the illegals to function.
They fulfil largely menial jobs that would have been filled by Americans if the wage paid decent rates, and although these illegals are happy to do the jobs for now, that won't last for ever.
Eventually, and naturally, they will be demanding wages in line with Americans (indeed their offspring will become Americans) and either the cheap labour will dry up; or more will be imported that will go through the same process.
The natural conclusion to all of this that there will be millions of people who no longer wish to work for the paltry sums offered and will either go onto higher paid employment, thus competing directly with Americans in their millions, or will go onto benefits thus costing Americans in billions.
That certainly is the flipside of the debate. Of course the merits, pro and con, are largely overwhelmed by the fact that they're a reality America has to accept. It would be impossible to arrest and deport them, at least according to the best advocates on both sides of the argument. The American economy has also adapted to having this group as an integral part of the economy, notably in light manufacturing, agriculture, construction and in a variety of bottom-rung, service jobs.
The opportunity to effectively deal with this problem was probably lost by the late 60s. Today we can see the struggle the US is having just to come up with a policy to deal with illegal immigration much less do anything tangible about it.
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