Greyhound's Value Drops by $156M Due to Less Illegal Immigration to U.S.
The value of Greyhound Lines Inc., the intercity bus service company, has seen a drop in its value as a result of reductions to illegal immigration at the United States-Mexico border.
Executives with Greyhound’s parent company, FirstGroup, told MarketWatch their value has dropped by about $156 million because of less migration across the southern border.
As Breitbart News has reported, President Trump’s administration released tens of thousands of border crossers and illegal aliens into the U.S. every month. Those foreign nationals would board Greyhound buses to travel to the interior of the country.
Today, though, thanks to the Remain in Mexico policy, other agreements with Central America, and the Center for Disease Control’s Title 42 order, the mass catch and release of border crossers and illegal aliens has been drastically reduced.
FirstGroup’s Ryan Mangold said that reduction in mass migration into the U.S. has cut Greyhound’s value:
“At the back end of 2019 into the start of 2020, the immigration flows coming out of Mexico into the U.S. were incredibly strong,” said Ryan Mangold. FirstGroup’s financial year ends in March.
“Donald Trump’s rhetoric then on anti-immigration and the wall that he wants to build across the across the border of Mexico had meant that a huge number of those immigration flows…coming out of the south and going into the U.S. almost evaporated over a very short period of time based on U.S. policy,” he said.
“This principally reflects the decline in immigration-related flows on the Southern U.S. border states in the second quarter,” it said, also citing increased competition on some routes.
Greyhound officials said border crossers and illegal aliens arriving at the U.S.-Mexico border tend to use their bus service because it is much cheaper than taking flights to the interior of the country.
Aside from business benefiting from the cheap labor that illegal aliens often provide, companies such as Greyhound and Western Union directly profit from illegal immigration because their customer base widens as more illegal aliens enter the U.S.
Western Union, for instance, is effectively reliant on mass immigration across the world — needing illegal aliens and legal immigrants in the U.S. to use their financial transfer service to send remittances home to their families.
Migrants in the U.S. last year sent home about $103 billion in mostly untaxed remittances. This is money that leaves the American economy and mostly ends up in Central America, Mexico, China, and India.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.