In light of the sequestration, it is crucial that the government realizes the importance of foreign aid spending and its impact on the economy. Money spent on foreign development is not simply aid; it’s investment.
Ninety-five percent of potential consumers for U.S. products live outside of the country. This translates to enormous untapped potential for an increase in consumption of U.S. products and subsequent economic boost. However, to create these markets, we must first help these people transition out of poverty, through our International Affairs budget and USAID programs, so that they evolve into consumers.
In June 2011, more than 50 companies urged Congress to protect the International Affairs budget in order to protect their growing markets. In light of the recent budget cuts, this plea is even more pertinent.
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Rachel Bergsieker
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