Thread: S.D. County Remittances to Mexico hit $1.1 Billion

S.D. County remittances to Mexico hit $1.1 billion


By James Giannini
COPLEY NEWS SERVICE

October 19, 2007

WASHINGTON – The amount of money that workers in San Diego County send to Mexico has ballooned – reaching $1.1 billion last year from $800 million in 2004, according to a new estimate by the World Bank.



SEAN M. HAFFEY / Union-Tribune
Elliott Giles wired money yesterday to Mexico from Murphy's Market in City Heights. Migrants sent $24.2 billion to Mexico last year.
In most cases, the money was sent to help relatives.
Experts expressed surprise at the magnitude of the money transfers, but they said the amount still represents a fraction of both economies. San Diego's economy is estimated at $120 billion and Mexico's at $840 billion.

The bulk of the $24.2 billion in remittances sent to Mexico last year came from the United States. Roughly $13 billion came from California.

Migrants worldwide sent more than $300 billion to their home countries last year, according to a study released this week by the International Fund for Agricultural Development and the Inter-American Development Bank. That sum surpassed foreign development aid and foreign direct investment and carries major development potential for poor nations if properly channeled.

India took in more remittance money last year than any other nation, $24.5 billion, with Mexico a close second.

In the estimate of formal and informal money transfers worldwide, researchers found that 150 million migrants dispatching a few hundred dollars each sustained millions of families in 162 developing nations. But little of the bounty has fueled economic growth in those nations, because most of it is used for small-scale consumer purchases, the study found.




SEAN M. HAFFEY / Union-Tribune
Jaouad Khadim, manager of Murphy's Market in City Heights, helped Carmen Pavon send money yesterday to family in Veracruz state.
More money goes from San Diego to Baja California than to any other Mexican state. Because of the size and diversity of its economy, Baja California is less dependent on remittances than less-developed Mexican states, said Jeffrey Davidow, president of the Institute of the Americas in San Diego and former U.S. ambassador to Mexico.
“They're much less important to the economy of Baja than they are to the economy in states like Michoacan or Zacatecas,â€

We pay for their welfare benefits, hospital bills, their children going to school. We pay for higher insurance rates, deadly diseases.
They take our jobs, rob us blind, commit crimes, act like they are superior to us.
They don't pay taxes and exploit welfare.
They breed like rabbits in hopes to stay here.

The money that they make the send to Mexico? It is true that we are the largest contributor that Mexico has besides taking care of 40 million illegals.

We need to stop Bush before it is too late. The plan is to let us soak up this population. We have a problem of two Presidencies. The Clinton and Bush Presidencies. Both of Globalization and SPP on there minds. There is no difference in the way Hillary would run this country and what Bush is doing now.

It is just my opinion, but I wonder how much kickback Spitzer is getting from financial institutions for passing driver's licenses for illegals. If illegals had drivers licenses it would be much easier to start bank accounts to do wire transfers back home. "So much to wonder so many truths untold"

The big winner in Spitzer's diabolical plan is the insurance industry. I dont' know how many illegal immigrants are estimated to be in New York. But I expect the number of insurance policies generated by the new drivers licenses would be staggering.

Vehicle and Traffic Law § 313 VAT Title 3 Article 6 § 312.

Registration of motor vehicles. * 1. (a) No motor vehicle shall
be registered in this state unless the application for such registration
is accompanied by proof of financial security which shall be evidenced
by proof of insurance or evidence of a financial security bond, a
financial security deposit or qualification as a self-insurer under
section three hundred sixteen; provided that, if directed by regulation
of the commissioner, upon renewal of registration an application
accompanied by a certificate of registration or renewal stub in force
immediately preceding the date of application for renewal, together with
a statement in a form prescribed by the commissioner certifying that
there is in effect proof of financial security, shall meet the
requirements of this section. Upon the issuance or renewal of a private
passenger automobile insurance policy subject to the provisions of
section one hundred sixty-seven-aa of the insurance law, the insurance
company shall provide the insured with an informational statement
outlining the legal and financial consequences of convictions under
section one thousand one hundred ninety-two of this chapter, pertaining
to operating a motor vehicle while under the influence of alcohol or
drugs. Such information shall be supplied to the company by the state
insurance department in consultation with the commissioner.

http://public.leginfo.state.ny.us/menug ... QUERY=LAWS

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