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The Great Escape – the Barron’s article
28 Nov 2011 by Bob Adams in Commentaries, Slider / 17 Comments
I have had the privilege of writing on several occasions for Barron’s, a highly respected financial journal published weekly by Dow Jones & Company, also publisher of the daily Wall Street Journal. As briefly mentioned in the text below, one of my earlier articles in 2007 described the results of our seventh survey of the American people on the subject of relocation. This article could be considered an “update”. It provides a warning. In my experience, it will be ignored until the damage is done, but such is life in the 21st century, or so it seems. To use the jargon of the day, this is being read by the 1%, but it needs to be read by the 99% as well. Barron’s has been kind enough to allow me to republish it here. The emphasis at the end is mine.
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Barron’s
Other Voices
SATURDAY, NOVEMBER 26, 2011The Great Escape
By BOB ADAMSThe U.S. could suffer greater economic stress if the number of young adults emigrating continues to rise. We can’t afford to lose their skill set, which includes the risk-taking ambitions of their forebears who immigrated here.
This is a dangerous time for the United States, and not just because of the lingering Great Recession. Young adult Americans are packing their bags and heading out of the country in astonishing numbers. Many more are turning their minds in that direction.
We’re not losing a generation yet, but we are losing many among the most likely to innovate, experiment and create: They’re the descendants of risk-takers who arrived in the U.S. in centuries past and built this incredible nation.
Our firm, AmericaWave, has been tracking the trend of Americans considering relocation overseas since 2005 using the IBOPE-Zogby opinion survey firm. (I summarized some prior findings in a Barron’s Other Voices piece, “A New Life in Panama,” Sept. 24, 2007).
As with any opinion survey, you have to know the question asked: “Are you planning to relocate to another nation for more than two years for reasons other than the requirements of the military, the government, or your job?”
(art - Dan Picasso for Barron’s)
Despite large amounts of ink spilled over the issues of immigration, Americans should be very concerned about emigration. Nearly 40% of young Americans 18 to 24 are thinking about leaving the U.S. to seek opportunity abroad.The wording was meant to focus attention on those Americans voluntarily relocating. Had we not approached respondents in this manner, we have no doubt our numbers would have been far higher and more dramatic, but we were not interested in drama.
We offered a set of responses to choose from, the most serious being simply, “Yes, I plan to relocate outside the U.S.”
WE RAN OUR EIGHTH national survey in March 2009. The collapse of the U.S. housing market, high unemployment and the global financial crisis were then common knowledge, and the Dow Jones Industrial Average swooned, closing at 6547.05 on March 9.
Risk-taking was out of fashion. There was a sharp drop-off in the number of people who had made their decision to relocate overseas, but a steady number remained interested. Our ninth survey followed in March 2011. We expected to see some recovery in the numbers, but nothing substantial. In our baseline surveys between 2005-07, an average of 1.4% of U.S. households planned to relocate (about 1.6 million households, representing well over 3 million people). In 2009, it fell to 0.8% of households planning relocation.
The 2011 total was 2.5% of households planning to leave these shores, closing in on three million households and six million people. What changed?
The key was found in the breakdown by age group. Those from 25 to 34 years of age are young adults, some 42,000,000 of them. They are among the most energetic, innovative and creative Americans. They go where they feel the jobs and excitement are. Our wider research indicates a growing interest in Asia and Latin America, less so in Europe.
In 2009, less than 1% of this age group was actually into the planning stage of relocation. In 2011, it is 5.1%. While the 35-to-54 and 55-to-69 age groups also set new highs, it is those aged 25 to 34 who are the major factor in the increase of interest. In all our surveys, we have never seen a shift of this magnitude of those actually planning to relocate in any age group.
Behind them, the 18-to-24 age group includes many still in school or unable to find jobs. They are likely demoralized in these hard economic times, and the number planning relocation has collapsed. However, those “seriously interested and likely to relocate” and those “somewhat interested and may relocate” rose to 39.6%. In other words, nearly 40% of that age group have turned their minds toward leaving the U.S., whether or not they can afford it right now. In 2007, that total was just over 15%.
OUR SURVEYS ARE UNIQUE, but there is one other survey that should be noted. The Gallup organization has polled in well over 100 nations since 2007 on a similar question with a striking difference. “Ideally, if you have the opportunity, would you like to move permanently to another country, or would you prefer to continue living in this country?”
“Permanently” is a powerful word that indicates a level of intensity beyond any of our responses. Gallup breaks the results into eight global regions, including “Northern America” (here, the U.S. and Canada). The percentage saying they wish to migrate permanently is down in all but two regions– Northern America and the European Union. The result for Northern America is 10%, and Gallup tells us that it is the same result for the U.S. and Canada, taken separately. Two regions, South Asia and Southeast Asia, now show lower percentages than the U.S.
My generation (I’m 66) has more than a financial burden to carry. We have a guilt burden, too, that’s obvious to young adults. Our children and grandchildren apparently believe we’ve made a mess of our futures and theirs. Worse yet, we outnumber and outvote them. In 2011, there are more Americans 50 to 54 than in every younger five-year cohort.
BRING UP THE SUBJECT of national debt, and you will invariably hear that this is a terrible burden we’re leaving for future generations. Well, the future generations are alive and well, and capable of reading the news. They know. The secret is out. These Americans can help the U.S. succeed in the global economy if they leave with that as a goal. There are no better ambassadors. But what if many of those now wishing to relocate are not leaving for that reason, but rather to flee a nation that offers them a mountain of debt instead of opportunity. The most industrious people don’t always hit the streets to demonstrate; they hit the road.
The U.S. has been the Land of Opportunity throughout its history. If there is one entitlement that all Americans deserve, especially the young, it is opportunity. We can, we must and we will find the courage to face the mess we have made and clean it up.
But a reputation built over decades, even centuries, can be lost in only a few years. Our young builders and business people will not wait. The older generation must not wait.
BOB ADAMS is CEO of AmericaWave.com in Panama and of New Global Initiatives in the U.S., which provide marketing services for clients interested in reaching the emerging global community.
Copyright © 2011 Dow Jones & Company, Inc. All Rights Reserved. Republished with permission.
About the Author: Bob Adams
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17 Comments
tom smart
lots of good information but it leaves lots of unanswered questions.
a few of which are: (1) how many of the young people who said they wanted to leave are legally able to work in another country much less have the second language skills? from that perspective, it leads me to believe that most of the younger group who indicated they wanted to leave were more emotional about their selection than realistic. they certainly aren’t all bohemians are they? and (2) those who are in their retirement or pre-retirement years, might certainly have a more realistic ability to leave because they can take their savings and live a very good life elsewhere, notwithstanding their loss of friends, family, cultural surroundings, benefits, etc. that they enjoy here. there are lots of questions that would require being answered to really understand any of the statistics provided however interesting they seem at first blush. and alternatively, there are still more people who want to come to the USA than want to leave it. but none of this really addresses the economic problems that we face here. it’s a simple case of unsustainable budget deficits year after year, mounting debt and a plethora of bad government policies as well as some good government policies that aren’t enforced. anyway, not to be too critical, a survey of this type would have to have so many questions, secondary questions, etc. to make it make any sense of the information but I thank you for it regardless.
30 Nov 2011 10:11 pm (@Twitter)
Bob Adams
I can't answer all your questions in detail here, but I can offer a few comments. Regarding your first point, they learn and they learn more quickly, as a rule, than older adults. Many move to nations where English is a widely-spoken second language (especially, an international language of business). Many teach English to support themselves. They relate especially well with their age-counterparts who very frequently are English-speakers from training. In effect, they teach each other. It's not a major problem for anyone, of any age, willing to do what they need to do. As for your second point, older adults offer find they have more to enjoy in another nation than you might expect.
In any case, we have done a lot of research on the profiles of those who relocate as opposed to those who do not. The relocators are a very different group on average. They are more globally-oriented and adventuresome. They are more independently motivated and more willing to take risks then those who stay at home. They are more willing to adapt to changed circumstances and typically understand the need for that when they move. When faced with the difficulty of finding employment in established businesses, they are more likely to set up their own. In many nations, getting a work visa to accept a job is very difficult, but creating a new business is much easier on the grounds that the first means "taking" a job from a citizen, but the second means "making" a job that otherwise would not exist and potentially employing citizens, if the business succeeds. There are many other factors as well, but is important to realize that the profile of a relocator of 30 or 60 is not the same as the profile of their age counterpart who never considers relocation or who considers it, but does not move on it.
We have a mass of data from our nine surveys conducted over seven years and we will share more here from time to time. We have no financial interest in this, so the purpose is simply to serve as notice to Americans that they are losing more people than most of them imagine, many of them among the most entrepreneurial and adaptable. In short, people very much like those who arrived in the "colonies" and eventually created the US. That spirit has not disappeared among Americans, it is just being carried elsewhere to a greater degree than ever before.
Thank you for your comments.
01 Dec 2011 08:12 am
Tom Rowley
As a US licensed CPA working with expats, I see young, middle aged and retirees who live comfortably overseas.
Those contemplating moving, however, should be aware that the comfort levels are dropping due to some onerous new banking rules of the US that make life complicated for US citizens living outside the USA. Rules that were intended to put the brakes on financial resources fleeing the USA have made it difficult for many legitimate folks to simply have a bank account — the foreign banks don’t want to deal with US citizens because of all the new paperwork the banks have to file with the US govt. It is also going to cost the US citizens the banks do retain much more in fees to cover these new compliance costs.
But to the issue of migration, a question that I would suggest as a point of interest is to look at the legal expatriation statistics to see how many have officially renounced their USA birth-right. Then to compare the numbers of those ‘escaping’ to the new citizens who have joined. Then to compare the demographics and educational backgrounds of both groups to get a real sense of the effects of the im- and em-migration.
It is one thing to move to another country, but a more dramatic step to seek a new ‘nationality’ and to disconnect from the country of your birth.
01 Dec 2011 08:12 am (@Twitter)
Bob Adams
It is possible that the new regulations will take effect as planned and continue indefinitely, but ways will be found around them, as has always been the case, assuming they are not lightened or reversed by a future Congress. Whatever, the issue we discuss is not migration (defined as those who seek citizenship in another nation), but relocation (those who maintain their current citizenship, but move). It is an on-going challenge to get the "migration research community" to understand the difference and use more appropriate language, so this is a constant problem.
The potential migrants (who rapidly discover just how difficult and expensive that process can be) are vastly out-numbered by the relocators. As just one example at RetirementWave.com, perhaps one of every 300 members who write me express an interest in migration. The other 299 are thinking only in terms of relocation. The number attempting to migrate may have risen in recent years, but they are still a tiny minority globally from our research and thus finding a statistically-valid sample of them is extremely difficult, to say nothing of being extremely expensive.. We focus on the millions who are relocating. Should migrants grow to at least the level of hundreds of thousands, then getting a valid sample will not only be much easier, but also more relevant.
Thank you for you comments!
Bob
01 Dec 2011 08:12 am
Richard Marques
Having both lived and visited other countries I find that Mr. Bob knows what he is talking about.
From my experience, Language, culture and convenience are not the blocking factors. Risk takers need opportunity for growth. Give them that and they will jump.
What would you contemplate if your were 20?
01 Dec 2011 09:12 am (@Twitter)
tom smart
Hi Bob,
Respectfully, can you email me the questionnaire that was used for your article?
I don’t think the millions that you mention are going to other countries to teach english, do you? And as far as creating new businesses, yes some might do this, but it takes financial resources to do this. Are you suggesting that most in this age group are so financially well off that they can do that? I must travel in a different social group because I don’t know anyone who talks about moving overseas, especially in the group that you speak of, and for lots of reasons. But let’s explore your supposition, and your country of choice, Panama. Where can a hypothetical american obtain a job there legally, other than teaching english or having the finances required to open a business under their laws that would allow them to remain there. So rather than speak in generalities, give me a step by step process were I to step off the plane in Panama to obtain a job there that makes any financial sense. You can assume that I have a graduate degree in business, am currently making 6 figures, married with 2 kids and am 40 years of age and my wife is also employed with a great job making just under 6 figures and you can decide if we speak spanish in your analysis. Let’s assume this family wants to relocate regardless of how great a lifestyle they have here because they see the country heading down the path of financial destruction. I can understand if someone has nothing, absolutely nothing here, that they might consider doing anything. But generally speaking, people who have nothing don’t have that option to do much of anything except perhaps teach english and or other menial paying jobs. And unless you have a specific degree in teaching english, you’re not going to garner the higher wages, albeit not very attractive, that are offered by the better schools overseas. The wages for people who can get a teaching job in other countries just because they are native english speakers are abysmal in general. those types of jobs are more suited for those who wish to live a bohemian lifestyle at best. Most people want to better their lifestyle when they move from one place to another. Isn’t that the reason for leaving? And of course “better” can mean different things to different people. But once the reality of making $5.00/hour as an english teacher in another country sets in, and the excitement of living in another country wears thin, then most will experience that epiphany of “what am I doing with my life?” Of course I’m generalizing, but I have enough international experience to do that. I’m a former Foreign Service Officer, Peace Corps Volunteer, successful consultant, etc. who is fortunate enough to be a 1%. But I have looked overseas for “professional employment” and it’s not an easy task for anyone, notwithstanding the anomalies that might present themselves with those who have the financial resources. Of course if you marry someone from another country, that gives you legal access to the job market, etc. But it doesn’t guarantee a good job. In fact, I’ve been to Panama, and recently to explore job opportunities. And having spoke with headhunters there, it’s next to impossible to get a job there legally short of creating your own company, etc. And your response would be that the younger crowd are the more likely people to do that. Yes, maybe. But generally the types of people who do that, as I’ve said, are people who are very young and who have nothing to lose and everything to gain. But they still need financial resources to do this. Do you know how much cash is needed to start a legal business in Panama under their laws? I do. did you ask the same people who said they’d move overseas how much they have in financial resources to start a new business overseas? or if they’d be happy making $5.00/hour as a teacher? as i said earlier, your report is interesting, but it leaves many unanswered questions. In closing Bob, I have immense respect for you, your ethics and what you are doing.
01 Dec 2011 09:12 am (@Twitter)
Bob Adams
I hear your respectful request, but I must just as respectfully decline. We have spent a great deal of money, well into six figures, from the MPI study through our many polls to climb the learning curve as to how to structure questions and answers to get the most accurate responses. I might add that we have not made a single penny on any of this, although we have shared some of the results in my various articles and, at the moment, through this website, but at our own expense. I can assure you that there are many commercial outfits who would love to have the details of our work, but as far as we are concerned, they can climb the learning curve for themselves. We have thus made a firm decision not to share any more than selected results for free with anyone else and that is final. If we ever find a responsible corporate partner whom we believe has something sufficiently global and worthwhile to add to a joint effort (and we have been approached), we are open to that, but it has yet to happen and it is not expected, nor do we seek it. You won’t see an advertisement for that on this site, or any other ad. If they’re out there and that interested, they’ll find us. Otherwise, we take the “public service” route and leave it at that.
As for Panama, this is a global site, not a Panama site, so I will be brief. First, there is no single path to either employment (the hardest) or to setting up a business. There are many and, by the way, they are legal. There are more expat-owned businesses in Panama than I could count, if I wanted to waste the time. Their owners come from many different nations, not just the US, including Germany, Italy, France, Belgium, Spain, Britain and others, as well as a flood of new businesses created by Latin American expats, particularly from Venezuela and Colombia, but including small, but growing Ecuador, Bolivia, Nicaragua, Argentina and others.
Second, should you ever visit Panama or another nation in search of opportunities, leave the lawyers for later. Begin by reaching out to expats who already operate businesses or are employed there and ask them how they did and do it. How to find them? Ask expats who live there. With a little thought, they can usually come up with a couple names or more. For a few examples, you can read Jay Tolson’s article at US News and World Report of three years ago. I was with him through much of his visit and several of the expats he interviewed are people I know. Of those, all are still here and steaming along. You may find Jon Hurst’s story in the article of particular interest. He, too, is a former Peace Corps Volunteer. I don’t know Jon’s age, but he was surely in the 25-34 age group when he started and may still be. I had lunch at his place last Sunday and spoke with him, as I always do when he’s there. Since that article was published, Jon has doubled the size of his restaurant, added a bakery, expanded his Panamanian staff, and he has plenty of clients. This is the print version of his article to avoid the annoying ads.
In addition, Panama is growing rapidly, unemployment is at an all-time low, and we are especially facing a severe shortage of trained, experienced professionals. Old laws make it difficult to deal with, but the government is doing what it can to responsibly open opportunities. One small, but important, step is summarized in English at this site. As in much of the “emerging” world, practice changing, sometimes even before the laws have been changed.
The emerging economies of the 21st century are seeing more change in a year than most saw in a decade or more in the 20th. You have to keep your mind and your eyes and your ears open at all times to keep track of it all.
01 Dec 2011 11:12 am (@Twitter)
tom smart
Bob,
To whom are the surveys sent? It certainly can't be your membership alone since you speak of millions of responses. I for one subscribe to a long list of international reports, magazines, news sources, etc. and I've never been asked to respond to this sort of survey, nor have any of my friends, some who happen to be expats. And I'm one who is going to move overseas but with the finances to do it with. I'd just like to be able to work overseas without a need for investing a huge sum of cash, employing lots of people, etc. and in my particular field of expertise. So your survey missed me as well as others over the last umpteen years. I'm not sure why you wouldn't share the survey questions since it's being sent out to the public at large, or is it? Or perhaps your farming information from surveys done by other firms, governments, etc? and of course that's fine.
i don't question the fact that there are lots of expats with businesses in Panama, or elsewhere for that matter. but the generalities about the enormous quantity of businesses in Panama doesn't really address my inquiry...it's just more generalities. In fact, I really didn't receive a response to any of my specific questions or thoughts on your original letter in Barons... just more generalities. And by the way, I did speak with quite a number of expats during my visit to Panama. And the stories are varied but they are all typical . Some came after university with an idea, some with an idea and a handful of cash, some came with two hands full of cash, some were independently wealthy, others married into businesses, other's were older and had considerable cash and started a business, some knew someone, etc. etc.. and the article that you referred me to only serves to support my opinion about how difficult it is to find jobs in a foreign country because of the labor laws. but then maybe they'll change in panama soon. in fact, I'd give you $5,000 if you were to send me some solid leads that turned into a good job in panama.
The only point I was trying to make is that I think your findings are flawed and full of gross assumptions, just like most surveys. Any survey worth it's gold is one that most people wouldn't have the time to take. Do you know why? Because you couldn't get people to respond to a well written survey because it would take them hours or days to respond to a comprehensive survey. Do you know how many surveys I've seen where you sit there and say, "where are the 10 follow up questions to this 1st question on the survey?" Just like old chestnut, lies, damned lies and statistics. who said that anyway? i don't think it's ever been traced although many erroneously attribute it to Twain, probably because he used the phrase in semi recent ancient history, but i'm certain he wasn't its author.
Frankly, I think your survey at the very best reflects respondents' frustration with government grid lock, fiscal irresponsibility and malfeasance, and at its worse, is nothing more than a representation of people who like to whine and aren't intellectually capable of picking themselves up by their bootstraps, just like the "occupiers." parenthetically, no one ever promised me a job when i was born. i graduated from a non-ivy league university, came to washington in a $200 car with my belongings therein and the interest rates on mortgages were almost 20% with Carter's departure paying $325/month for a room in a house on a $10k/year job. the economy was in shambles with the savings and loan debacle, high unemployment, etc. (worse today for sure) but even so, i didn't expect anyone to give me a job just because I was breathing. and i've had to re-invent myself several times in my career. If i could become a 1%ter with all the economic crisis our country has gone through, so can others. and i suspect you didn't get where you are today without being imminently capable and resourceful and a bit lucky as well.
Notwithstanding, did you watch the news reports on the various occupier events? there was no single thread of thought for their purpose other than a whining sense of frustration with everything. And people love to generalize when they don't want to think about their own specific reasons of how they got where they are today through no fault of their own. hmmm And although I can sympathize to some degree, in general, it would be interesting to survey each person there to find out the real reason behind their current situation. even the signs that the people were carrying were as incongruent as those who expressed thoughts on why they were there. people love to whine and then do nothing about it. they want their government or someone to hand them everything on a silver platter. that's one of things that's wrong with our country; we've raised a bunch of whiners. and perhaps it would be good for them to leave. who needs a bunch of whiners? and of course we have the wall street barons and bankers who have raped our society of its wealth for every nickel and dime it can get away with. so much for Gov. oversight and ethical and moral behavior.
but for those who have the wherewithal, this is still a great country and it will continue to be so. we will find our way out of this financial mess somehow. we are too smart to throw away a 200+ year old institution. and even though we may look like a pig internationally, we're still the best looking pig of the litter.
So, in short, and IMHO, I really don't buy the survey as being a realistic reflection on what is really going on in our country. because when you get down to the specifics, it makes little sense. but then again I could be wrong. and if i am, i'll be the first to send you a public apology.
as an aside, quite a number of months ago I told a well established local washington politician that Newt Gingrich was going to be the Republican nominee, and I said this right after his staff quit. and he asked me why i thought this. and i said, because people want someone who knows how washington operates, notwithstanding his personal failings and notwithstanding the very few other candidates who can put a sentence together without having to use the expression "er" a few dozen times. and he said, no way, he's had too many divorces and then there's the huge tiffany account, etc. but i told him, people can accept divorce as it's part of our culture, 50% of it, and they can accept the fact that he's wealthy, but they can't accept someone who can't speak publicly and without some sense of intellect and command of world events, confidence, etc. Now, months later, he laughs every time we have drinks and dinner, as do I. I'd also like to add that I predicted Obama early on that he would be the Democratic nominee when he ran against the powerful Clinton machine. my political friend didn't believe that would happen either. "oh, clinton's nomination was tied up years before the nomination process with all her political machinery, etc. the only point in telling you this is that nothing ever seems what it is, even to those who have been around for years like you and I. so i will respectfully disagree with your article. stay well but keep writing as i enjoy your style and I respect the fact that you don't make a dime on any of what you do with your panamanian site. let's hear it for transparency. wasn't that obama's mantra when he was running? best wishes.
01 Dec 2011 10:12 pm (@Twitter)
Bob Adams
Tom, I don’t have time to respond to everything in detail. Simply put, the results here at the site are the answers used in the survey. The questions are obvious. Regarding age results, respondents were asked their age. Regarding income results, respondents were asked for their income level. Regarding whether they had received a college degree, that is precisely what they were asked. And so forth. Of the many other questions we have asked over the years, should we present the results of any where the question is not obvious, we will provide it in full.
As to the implementation of the surveys, if you read The Question, the Answers, and the Reasons Why…, the introductory essay highlighted on our home page, you will see that the surveys were independently conducted by IBOPE-Zogby, formerly Zogby International, a professional opinion survey firm with decades of experience. Those surveyed, as is frequently referred to at the site, were of a statistically-valid sample of the total US population as is true of all professional nationwide surveys, including those of the Gallup organization whose related survey is mentioned in that same introductory essay.
As for Panama, this is not a site dedicated to any one nation receiving relocators. I am sorry you encountered disappointments. It works for some people, but not for others.
Good luck to you.
07 Dec 2011 09:12 am (@Twitter)
Mark Brophy
Many people in the USA and Europe are dismayed with their governments and are seeking alternatives. I think the best country to move to is Chile, but Panama is a close contender. Both have strong economies, natural beauty, and a large exciting city, but have different attractions and annoyances.
09 Dec 2011 01:12 am (@BrophyWorld)
Bob Adams
Mark, thank you for your comments, but as you will notice, only the first paragraph is here. The remainder was largely a comparison of Panama and Chile with a link to your site. We have decided to keep this site focused on its primary purpose, a presentation of survey results and a discussion of the basic topic - the relocation of Americans to other nations. Discussion of specific nations for relocation is not the purpose. We appreciate your positive comments on both these other nations and certainly do not mean to offend you, but we have chosen this route.
09 Dec 2011 09:12 am
Daniel Nebdal
As a foreigner (I'm Norwegian), I see some interest in moving to the nordic countries. Much of it seems to have a simpler, more pressing, explanation than that they want more challenges and opportunities: The outlook students and the freshly educated see in the US is so bleak that leaving for a country with better social security and a less depressed economy seems like a safer choice than staying.
The combination of massively increased education costs and student loans being bankrupcy-protected means that they almost have to get a decent job to keep up on the interest, and the same holds if they want decent health insurance. Obviously, it this becomes a problem when the amount of decently paid jobs they can get is as low as it is now; it's an entirely realistic fear to be stuck working two full time jobs at McD-style wages with next to no health coverage, one medical or economical emergency away from bankrupcy. With that in mind, who wouldn't be thinking about trying their luck in a better-off country?
03 Jan 2012 01:01 pm
Planck Brandt
Great article. It is a sorry state of affairs. The Baby Boom allowed themselves to be divided and ruled into two halves that supported nobody but the 1%. Now their grandchildren are leaving. Perhaps they will have broken hearts as has often been said about the fathers in Iran who lost their sons and daughters after 1979. The heart attacks and early deaths evidently skyrocketed!
Let’s just be very clear about this debt situation. That topic is loaded and the owners at Barron’s have an agenda about it. Mr. Adams and Mr. Zogby had better be level on that. That debt comes from one thing. It is the basis of our overseas war military industrial complex economy and has been since 1913! And, yes that is an unfair burden on the next generation when the profits from the thus obtained new mines and refineries, etc. only accrue to 1% who pay hardly any tax on capital gains! http://www.nytimes.com/2000/12/29/us/10-year-estimate-of-budget-surplus-surges-once-more.html?pagewanted=all&src=pm
02 Jan 2012 03:01 pm (@Twitter)
Rick Cannone
Let me start by saying that all of the posts on this page were interesting reads but as a real living breathing low income expat that living internationally is MUCH better and attractive than living in the U.S. for myriad of reasons.
Yes it is not always easy with things such as regulations, work/visa rights, lower salaries and other issues (like U.S. regulations) but these can mostly be overcome or compensated for by various means.
Benefits by category:
Financial/less taxation
Lower Cost of Living,
The Pursuit of Happiness and Enjoyment of Freedom (like of movement, person and privacy, walking your dog at the park it goes on and on and on).
On financial benefits less taxation and more just taxation are my biggies. Working in the U.S. it is widely acknowledged by most that anyone under 50 is paying for Social Security and Medicare taxes that are going broke and will not be around to compensate them in return when they are older.
Firstly, even for the person’s making 6 figures say $100,000 20% or more is gone with the wind in taxes you will not get anything back because those retirement funds are gone for ever. A quick note in some countries like Singapore and Chile retirement taxes go into accounts with your name, its your money not Uncle Sam’s. Further if you live internationally you are exempt up to about $90,000-to $100,000 of income from paying U.S. income taxes. So a job for what I call a high roller working in a country with say 15% income taxes saves on that front even with U.S. policy of taxing citizens on worldwide income even if they don’t live in the U.S. (most countries don’t tax their citizens living abroad).
I am living internationally on peanuts by U.S. standards but with a high middle class standard of living in northern Thailand. I all do is teach English online to other Asians (Taiwanese/Chinese) and simultaneously I am doing my Master’s degree online at a U.S. university.
On Cost of Living Freedom: I make 20 to 30 times U.S. citizens in relation to the cost of health expenses! I can go to the doctor to where I live in northern Thailand (in a large city) and pay between $6 to $15 for a doctor, even a specialist that speaks English, may be U.S. or European educated, gives better service and in a faster amount of time! As we all know a doctor’s visit in the U.S. with will cost $100 to $500 often with horrible waits, horrible service from a demigod obnoxious doctor. An example: Neurologist visit for migraine headache arranged in 2 hours or so no intermediary doctor cost about $16 paid CASH no insurance, no paperwork, no MIB insurance and government information bureau. Say in the U.S. it would cost $320 a 20x difference and with all the U.S. benefits (mean negatives). We just had a baby, C section /hospital complete charges: $1150 USD (it’d gone up to $1350 think), paid in CASH no insurance needed. And yearly insurance would run about $1,800 to $2,000 with pregnancy coverage or $1,200 without pregnancy coverage a YEAR! So I am saving they say now $500 per month per person on insurance in my family by not living in the U.S. unless I worked for a very large company or the government that provided good insurance benefits.
And this in not an anomaly! A great majority of the countries of the world have drastically lower medical services and medicine costs than in the U.S. You name it, Costa Rica, Panama, Thailand and on and on everything is drastically cheaper. In Costa Rica I remember they had unemployed dentists! The medical market in the U.S. is at a great disequilibrium and it won’t be resolved in my humble opinion without an substantial increase in the number of doctors and medical personnel along with legal and other reforms to make doctor and medical services, medical care, and medicines less dear. Obamacare is not going to do it and doctors don’t have to make millions per year either (in most of the world they don’t) but the market today again is skewed, too many patients (like old people) and too few doctors). To be fair neither should doctors have to pay so dearly for their education as right now, I would state, more doctors which would help to lower the costs of medical care are a matter of national (financial) security.
On the pursuit of happiness and Freedom! Guess what, rarely will you ever get groped at the airport in most countries of the world outside of the U.S., Europe (I’m guessing), and India. Rather you are usually treated with respect and politeness. Even in countries that are let’s say developed but stricter like Singapore they practice smart security not random acts of personal violation and in the few countries like Singapore and Chile they, the government, tries not to waste taxpayer money, cough cough.
In Miami Dade County, FL you cannot walk your (small) dog in the park nowadays! (I was told I could not by a teenage worker). I could go on and on the number of unfair or freedom infringing regulations and laws that have or are being imposed on U.S. citizenry.
I hope these comments have helped the posters and new readers to this article.
Best Regards,
Rick C.
03 Jul 2012 10:07 pm (@Twitter)
Kevin
Excellent article, although it’s unfortunate it has required a serious recession to compel young Americans to seek their future abroad. I’m surprised the numbers aren’t higher. Why are millions of Americans wasting the best years of your life sitting at home with Mom while waiting for an e-mail reply from your last job offer that isn’t going to come? I lived in Russia for two years and South Korea for four, where I was able to become financially secure by saving much of my income. Living here in the US that would have been impossible–most of which would have been drained by health care costs and my credit would have been ruined forever. And I have a Masters. I can’t imagine how high-school grads are making ends meet.
Other things have bothered me about the US: a poisonous political culture, the loss of simple freedoms (having a beer or a smoke or walking your dog in a park, protesting), police brutality, criminalization of poverty, corrupt justice system, declining wages, lack of responsibility of those in power) that have made the country less and less livable, if not downright oppressive. I’m back in the US with an excellent job with health care. But that job is the ONLY reason I’m back here. If that should change, I’m on the first flight back to Seoul.
11 Jul 2012 02:07 pm (@Twitter)
insetto
It’s good that you took the opportunity to write this, as it’s a matter that is very really important to me.
Where are your contact information though? My name’s Anton Yost and I’d love to discuss this more.
02 May 2013 07:05 pm (@Twitter)
Bob Adams
Please feel free to use our Contact page for any messages.
02 May 2013 08:05 pm
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