Thread: Remittances Down...Is that Why Calderon Blasts U.S. Policy?

The below article is from May; however, I think it sheds light on one of the major reasons Mexican President Calderon is blasting the U.S. for beginning to enforce immigration laws. A large part of the Mexican economy depends on remittances from Mexicans living abroad. As construction slows in the residential market, and the U.S. begins to crack down on illegal immigration (workplace raids, no-match letter initiative), President Calderon is worried, in part, that this will lead to further decreases in remittances. If Calderon is blasting the U.S. for enforcing its immigration laws, we must be starting to do something right.


Mexico remittance growth to slow in 2007 - cenbank
Mon May 7, 2007 7:28PM EDT
MEXICO CITY, May 7 (Reuters) - The flow of remittances from Mexicans living abroad will grow as little as 5 percent this year due to tougher migration controls and an economic slowdown in the United States, a top central bank official said.

After years of spectacular growth, remittances from Mexicans living in the United States make up Mexico's second-biggest source of foreign currency, and surged more than 15 percent last year to a record $23 billion.

But the flow of dollars is in danger as the U.S. economy slows, particularly in the construction sector where many Mexican immigrants work, and as U.S. authorities make it harder for would-be illegal workers to get across the border.

Jesus Cervantes, a top statistician at the country's central bank, told Reuters remittances would probably only grow by about 5 or 6 percent this year and not likely exceed $24.5 billion.

With the economy cooling, remittances grew at an annual rate of 3 percent in the first three months of 2007, down from a 28 percent rise during the same period last year.

"Migrating (to the United States) is already much more difficult and that is evident in the remittance income," said Cervantes.

Some economists fear remittances could even decline this year and worry that a diminished flow could have a negative effect on economic growth, which the government already sees slowing from 4.8 percent last year to 3.3 percent this year.



http://www.reuters.com/article/economic ... 07?sp=true

A slow-down in housing construction is a big cause of the slow down in money going to Mexico. I'm beginning to wonder if that if why Jorge Boosh wants to prop up the mortgage companies. He's worried about his Mexican illegals and afraid of Calderon.

Has anyone heard anything more about the suit Calderon threatened to lodge with the International Court against the U.S. for our awful treatment of his illegals?

More than likely as it is always about money isn't it!! Well I think one of the reasons Bush lets this man get away with so much is he is the 3rd largest oil source for the United States!! MONEY OR OIL it always comes down to!!


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Why would you send money to Mexico when your entire family is in the U.S.

Calderon has nothing to worry about!

His most loyal supporter and partner in crime, Antonio Villaraigosa, has grandiose plans for LA and Mexico. Villaraigosa is planning to add 6M MORE residents, aka illegals, to the 10M already here! There are 20 MAJOR DEVELOPMENT PROJECTS going on now - $40 BILLION dollars worth!

By 2010, 160 NEW SCHOOLS (19 BILLION DOLLARS) will have been completed in LA County alone! And the population of LAUSD is 78% HISPANIC!!! This is OUTRAGEOUS!!!

The latest buzz word in LA is SHARED HOUSING!

Mexico's biggest and most lucrative export, illegals, will get a huge boost starting Thursday when the Mexican trucks start rolling in with hundreds of illegal human cargo coming in daily. Calderon is still in charge! He's still running the US!