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06-01-2009, 02:15 PM #1
Mexico remittances plunge in worst fall on record
Mexico remittances plunge in worst fall on record
The Associated Press
8:18 a.m. June 1, 2009
MEXICO CITY — Money sent home by Mexicans living abroad plunged in April by more than 18 percent compared to the same period last year, the biggest monthly fall on record, the central bank said Monday.
Remittances fell to $1.7 billion in April 2009 compared to $2.1 billion in April 2008, according to the bank. It said the U.S. recession has hurt migrants in the United States, while fewer Mexicans are heading north because of a lack of jobs and a crackdown on illegal immigration.
Last year was the first time remittances have dropped year-to-year since the bank started tracking the money 13 years ago. Mexico's second largest legal source of foreign income after oil, remittances plunged 3.6 percent to $25 billion in 2008 compared to $26 billion in 2007.
Remittances for the first four months of 2009 have dropped more than 8 percent, totaling $7.2 billion compared to $7.9 billion for the same period last year.
The global financial crisis has caused remittances to fall worldwide. Mexico is the world's third largest receptor of remittances, after India and China. Nearly 12 million Mexicans live in the United States.
http://www3.signonsandiego.com/stories/ ... dex=109044NO AMNESTY
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06-01-2009, 02:22 PM #2
And we should be taxing the living daylights of out remittances.
"A Nation of sheep will beget a government of Wolves" -Edward R. Murrow
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06-01-2009, 03:07 PM #3
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every dollar out ain't coming back in, that's for sure
Big Business wants cheap labor,
Politicians want more votes.
Americans just want a job that pays a living wage.
Uncle Samchez
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06-01-2009, 03:12 PM #4Originally Posted by ReggieMay
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06-01-2009, 03:33 PM #5
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Great idea, ReggieMay. On CNBC earlier today they were talking about the responsibility for debt interest has risen to $2,800+ plus for Americans annually. With billions in remittances sent out of the country every year, these aliens are not involved in our debt repayment.
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06-01-2009, 04:17 PM #6
What do you suppose they are using money to buy. A lot of it actually does come back.
I see this as a good time to encourage Victory Gardens among the remittance recipients. They should be learning not to depend on remittances and we should make clear illegal immigration is not an option either.I support enforcement and see its lack as bad for the 3rd World as well. Remittances are now mostly spent on consumption not production assets. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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06-01-2009, 04:31 PM #7
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Originally Posted by Richard
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06-02-2009, 02:46 AM #8
H-E-B and Wal-Mex for example for food and clothing also there is a large trade in other second hand consumer goods only some of which is stolen.
I support enforcement and see its lack as bad for the 3rd World as well. Remittances are now mostly spent on consumption not production assets. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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