Thread: Mexico Sees Record 15.7 Pct Drop in Remittances

Mexico Sees Record 15.7 Pct Drop in Remittances

By E. EDUARDO CASTILLO Associated Press Writer
MEXICO CITY January 27, 2010 (AP)
The Associated Press

Money sent home by Mexicans abroad plunged a record 15.7 percent in 2009 as migrants worldwide struggled to find work during the global economic slowdown, the central bank reported Wednesday.

Remittances — Mexico's No. 2 source of foreign income after oil exports — totaled $21.2 billion in 2009, compared with $25.1 billion in 2008, the bank said.

Since the bank began tracking remittances in 1996, they have recorded just one other annual decline — a 3.6 percent slide in 2008, as the world financial crisis exploded.

Central bank president Agustin Carstens attributed the drop to a weak economy in the United States and the increased difficulty Mexicans are having securing employment there. More than 11.8 million Mexicans live in the United States.

Carstens said a 1.3 percent uptick in remittances in December 2009, compared to the previous month, gives some hope for a recovery.

"It is just one figure, but it could indicate the beginning of a relative stabilization in the drop in remittances, and it would be congruent with the fact that economic activity in the United States is about to go from negative to positive," Carstens said.

http://oneoldvet.com/

http://abcnews.go.com/Business/wireStory?id=9678227

Good. Now let's tax the remaining remittances equal to what the illegals would have paid in income tax.

A drop in remittances would only mean that more will be trying to cross the border illegally, as well as encouraging words like our economy is going to recover. Best thing we can do is tax the pudding out of any remittances leaving this country.
Another best thing we can do is deport the illegals here.

Too many mayors, city officials, and others seem to ignore, or overlook that this is money that will not be there to benefit the city or the residents. It is gone, but the illegal aliens are still there to use free services and benefits, and to take jobs.

Psalm 91

My heart bleeds … Poor-poor Mexico! So does this mean that remittances from America is no longer it’s second most profitable industry, right after its oil industry? What country would pride themselves on having their second major revenue source being Exporting Your People! This is a win-win for Mexico because not only do they get money imported, they also export their welfare cases here. And Correct, this also makes this a lose-lose deal for America for the same reasons, only in reverse. Why don’t they just shut up, and stop their whining, because even one US dollar imported into that cesspool is one more then they should get. They make me sick!