Thread: 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=109044

And we should be taxing the living daylights of out remittances.

every dollar out ain't coming back in, that's for sure

Originally Posted by ReggieMay

And we should be taxing the living daylights of out remittances.

I agree! 50% tax and minimal for the abettors helping them send it out of the country.

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.

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.

Originally Posted by Richard

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.

how does it come back?? when they pay the "coyote"????

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.