Thread: Worker Remittances Back To Mexico Slow To A Trickle

Growth of worker remittances back to Mexico slows to trickle
By Stephen Dinan


September 13, 2007

Remittances to Mexico — the money Mexican workers in the U.S. send back home — barely rose in the first half of this year, breaking a streak of phenomenal growth and raising the prospect that Mexico's second-largest source of foreign income is stagnating.



From 2003 to 2006, remittances averaged nearly 20 percent growth per year. That fell to less than 1 percent for the first six months of this year, compared with the first half of last year, according to a Migration Policy Institute report that based its data on Bank of Mexico figures.



Remittances fell 4 percent in June this year, compared with June 2006, though July's numbers rebounded at 4 percent more than July 2006.



The cause of the drop is not clear, and could range from more accurate accounting methods to a decline in housing construction, which means fewer jobs for both legal immigrants and illegal aliens.



Remittances are second only to oil sales as a source of foreign income for Mexico, and because they usually go directly from workers to families at the low end of the economic scale, a slowdown could become a pressing issue for Mexican officials, said Aaron Terrazas, the report's author.



"Remittances are clearly important for the Mexican economy, but more important, they're important for Mexican families," he said. "Remittances are not something that goes to governments; they're not something that goes to big development projects. They traditionally go to families to pay for education and pay for necessities."



Mr. Terrazas' study found that the change varied across Mexico. Five Mexican states still recorded big jumps in remittances, while another five states reported drops of 5 percent or more.



Remittances account for more than 10 percent of gross domestic product in two states: Guerrero and Michoacan. Guerrero's remittances increased in the first six months of this year, while Michoacan's dropped substantially.
A report last week from Bear Stearns, a financial consultancy, said the sluggish numbers are probably the result of a slowdown in home building. In a report on investment in Mexico, the analysts said the slowdown in growth of remittances began in late 2005 or early 2006, about the time U.S. construction began to slow.


Bear Stearns said the immigration debate this year also could have played a role, with some illegal aliens saving their money for the prospect of gaining legal status and a path to citizenship in exchange for paying a fine totaling thousands of dollars.


Statistics from the Department of Homeland Security show that visits under the usual rules for tourists and students to the U.S. are on the rise. That runs counter to anecdotal stories that the country is losing visitors because its procedures are a burden and the country is seen as unwelcoming.


In 2006, there were 33.7 million admissions that required an I-94 form, which grants entry for business, education or tourism. That was up from 32 million in 2005 and 30.8 million in 2004.


http://www.washingtontimes.com/article/ ... 30075/1002

In 2006, there were 33.7 million admissions

And we really don't know how many returned home or stayed, which is unbelievable to say the least. Who knows how many are really in this country????

Seems the rooster is coming home to rest. The globalist plans are becoming more and more transparent and it ain't gonna work! They are destroying Countries all over the globe and the people are getting pissed off! Remember there are a lot more of us then there are of them!

I keep thinking about the movie Dune. "Fear is the mind killer"

Good News! We'd like to get those remittances down to about $10,000.

When remittances are gained illegally by illegal Aliens thats called THEIVERY!

Let's not forget the multiple felonies of fake/stolen ID's and fake/stolen social security numbers to get their stolen money.

Mexico should not get this money, it should be made to flail in its mess and choke and implode if necessary so that it will learn to fix its corruption of exporting crime, drugs, illegal Aliens worldwide.

This is the game Mexico plays - they are dependent on the U.S. money, the U.S. has to float Mexico or chaos will erupt, illegal Employers get their slaves just as they like.....

I hope it's not because they are all here now! Calderon might have to order a few million of them to come back! Now wouldn't that be a hoot!

Yeah, dont they need their low paid jobs filled?

Ever wonder why the typical illegal family here in the US has at least 6 kids...

RonLaw wrote:

Mexico should not get this money, it should be made to flail in its mess and choke and implode if necessary so that it will learn to fix its corruption of exporting crime, drugs, illegal Aliens worldwide.

You're right, all we're doing is feeding the problem. This is a situation were we need to starve the problem, not feed it! The patient (Mexico) will not improve if we keep gorging it.

so cut back on the black beans and rice already

I can only Imagine the uproar this will cause in the Mexican Congress ... we might have to rename our TACO Bell's to keep from being sued by the Mexicans to get remitenses back up

"Run for the Border" will be the reply from the middle class

Well they better start thinking of a plan because we are going to send at least 12 million home, I think there is more like 30 milllion here, then whacta gonna do!!



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