Impact of “extreme vetting” on tourism

The height of the tourism season is fast approaching.  The economic impact on tourism resulting from “extreme vetting” is now raising some questions regarding global travel.

In an effort to secure the U.S. borders, the President has attempted to ban visitors from seven Muslim-majority countries, and is meanwhile quietly instituting “extreme vetting” of visitors from other nations—asking them to turn over their phones, social media passwords and financial records.  Even U.S. citizens are experiencing more scrutiny when they attempt to return to their home country.

America may be safer today than it was three months ago, but at what cost?  One predictable consequence of increased border vigilance has been a drop in tourism to the U.S., not just from the nations listed in the travel ban, but China (down 40% this year) Ireland and New Zealand (35%), and reportedly also from Mexico, Canada and the European Union.  In all, Tourism Economics has estimated that 4.3 million fewer people will visit the U.S. this year, resulting in $7.4 billion of lost tourist revenue.  Next year, if the trend continues, the U.S. economy could experience a 6.3 million drop in tourists and a $10.8 billion reduction in tourist revenue.

 

 

Source:

 

https://www.washingtonpost.com/business/capitalbusiness/after-trumps-travel-ban-tourism-outfits-say-that-brand-usa-has-taken-a-hit/2017/04/14/d0eebf4e-158e-11e7-833c-503e1f6394c9_story.html?tid=ss_tw&utm_term=.05f2b1f60a2a

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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